What is NEAP?

The National Electrical Annuity Plan is a multi-employer defined contribution plan that provides retirement and related benefits to employees in the electrical industry. Participants are assigned an Individual Account. The balance of a Participant’s Individual Account is the total of contributions received and adjustments due to NEAP’s investment performance. A Participant’s benefit amount is based upon the balance in the Participant’s Individual Account at the time the application is approved. The Plan is managed and administered at our Rockville, Maryland office.

Why "District 10" before NEAP?

Since the first Transatlantic Telegraph wire was constructed in 1866, IBEW Outside Linemen have been essential to our country. The main job description of these skilled craftsmen is to install and maintain the distribution and transmission lines that move electricity from power plants to our communities.

As the country grew, so did its need for electricity. IBEW members traveled all over to build and maintain our electrical framework. Due to their constant movement, Outside Linemen often forfeited any chance of accumulating retirement benefits. Many craftsmen failed to meet basic vesting requirements for local retirement plans and were unable to transfer credit from one plan to another. When a craftsman did meet eligibility requirements for retirement benefits, the balance of his or her account was usually affected because the number of locally administered plans often resulted in higher administrative costs. IBEW and NECA recognized and acted to remedy these negative consequences.

Members of IBEW and NECA acknowledged that the pension benefit needs of working craftsmen would be best served by retirement benefit plans which had basic uniformity, mobility and portability while reducing administrative cost with centralized administration. Based on these fundamental properties, NEAP's sponsoring organizations, the IBEW and NECA, created the IBEW - District 10 - NECA Individual Equity Retirement Plan for the benefit of their working members. On December 11, 1973 the Trust agreement was adopted and on January 1, 1974, the "District 10" plan became effective.

A Brief Plan History

• NEAP, formerly known as "District 10," was adopted in December 1973 and the plan became effective in January 1974.

• By 1978 there were members from eleven local unions participating in the Plan. This was the first year benefits were distributed in the form of a lump sum payout.

• In 1979 over $33,000.00 was paid to participants who retired, to the spouses of those who became deceased, to those qualified for a disability benefit, or to those who had left covered employment for three years.

• By 1981 the plan was providing coverage for over one-half of all line construction workers with an additional 32 locals coming into the Plan. In this year, the first participant receiving a monthly benefit went on the pension roll.

• In 1984 the Plan was improved to include a spouse benefit for any participant who attained the age of 55 and retired.

• In 1989 another amendment was added incorporating a death payment to beneficiaries.

• The Plan was amended to allow Canadians working in the United States to use NEAP as their "Home Fund" in 1993.

• The name of the Plan changed from IBEW - District 10 - NECA Individual Equity Retirement Plan to National Electrical Annuity Plan in 1994 and participation in the Plan was no longer limited to line construction.

• In January 2005, NEAP amended its definition of disability, which affects all disability applications approved on or after January 1, 2005. The Amendment states a participant who is not receiving a disability benefit from the Social Security Administration may still qualify for a NEAP disability benefit if they are disabled from the trade.