My annuity is with neap it is worth apprx 10 800 neap says it cannot be withdrawn unless the amount is below 10 000 and been out of the trade for three years or am disabled if the amount is over 10 000 ill have to wait until age 55 i am haveing a financial hardship and neap says they dont have hardship withdrawal policies. Your balance will continue to reflect neap s investment performance as long as it remains in neap.
Usually you cannot cancel an annuity and when you can there are heavy penalties.
How to get my money out of neap. Neap s goal is to process an application within 30 days from the date it is received. Federal laws governing neap allow 90 days to process an application for a withdrawal benefit retirement benefit or a death benefit and 45 days to process an application for a disability benefit. Federal laws governing neap allow 90 days to process an application for a withdrawal benefit retirement benefit or a death benefit and 45 days to process an application for a disability benefit.
The only way to take money out of the neap account before retirement is by withdrawing the entire amount and closing the account. Covered employers are required to contribute at least twenty five cents 25 per hour for each hour worked in covered employment. Neap s goal is to process an application within 30 days from the date it is received.
The collective bargaining agreement or participation agreement signed by the employer determines the amount the employer contributes to neap on a covered employee s. Remember that once you are vested you have a right to a benefit from neap. You cannot lose that right once you have earned it.
I do not understand why you are losing money with it when the whole point of an annuity is that the income from it. To download a withdrawal benefit application package click here. Neap s regulations do not permit employees to make partial withdrawals even in cases of documented hardship.
In addition to contributions made by an employer neap may also accept other contributions in the form of rollover contributions asset transfers and reciprocal transfers from other qualified plans.