To help attract and retain qualified and productive employees, each NAF employer provides eligible employees an opportunity to participate in a retirement program consisting of a defined benefit (pension) plan and a defined contribution (401(K)) plan.
In this regard, how does NAF retirement work?
How does the plan work? Your cost to participate in the Retirement Plan is 2% of your salary, which is deducted from your pay each pay period. Additionally, your employer contributes 7.6% of your salary to fund your retirement.
Just so, when can I retire from NAF?
You must have 25 years of Service at any age or age 50 with 20 years of Service when you are involuntarily terminated or retire because of a reduction in force (RIF) or business-based action (BBA). Special early retirement benefits are reduced by one-sixth of one percent (.
Is NAF a government job?
What is NAF Employment? NAF employment is considered Federal employment. It is, however, different from Federal civil service employment because the monies used to pay the salaries of NAF employees are not appropriated by Congress. Civil service positions are paid with funds appropriated by Congress.
Do NAF employees get benefits?
Employees with regular appointments are eligible for the following benefits and compensation: Health and life insurance, awards, retirement plan, 401(k), annual leave, sick leave, military leave, administrative leave, maternity leave, paternity leave, and court leave, overtime pay, holiday pay, Sunday premium pay, …
Are NAF employees competitive services?
The agreement provides for NAF employees to be considered for appointment to positions in the competitive civil service in the same manner as employees in the competitive service may be considered for transfer to such positions.
What are NAF benefits?
DoD nonappropriated fund (NAF) employees work in military exchanges and morale, welfare, and recreation programs. They are paid from funds generated by those activities. NAF employees work all over the world, supporting our Military Services.
Can NAF employees apply for GS positions?
Eligible DoD NAF employees may apply for positions at any grade level (e.g., eligible NAF employees may apply for Army APF civilian career program positions filled through the Army Civilian Career Evaluation System by registering in that system).
How many years do you have to work for the federal government to get a pension?
What does NAF mean in insurance?
Does Aafes have a retirement plan?
About This Booklet – Your Retirement Plan provides substantial benefits in the event of your retirement, death or disability. These benefits have a potential value far in excess of the value of your own contributions to the Plan.
How do I estimate my FERS retirement?
FERS (Immediate or Early) FERS annuities are based on high-3 average pay. Generally, the benefit is calculated as 1 percent of high-3 average pay multiplied by years of creditable service. For those retiring at age 62 or later with at least 20 years of service, a factor of 1.1 percent is used rather than 1 percent.
What does non appropriated funds mean?
Nonappropriated Funds – Monies derived from sources other than congressional appropriations and commissary surcharge funds, primarily from the sale of goods and services to DoD military and civilian personnel and their family members that are used to support or provide Morale, Welfare, and Recreation programs. (
Are exchange employees federal employees?
The position of AAFES commander rotates between the Army and Air Force. The Navy operates the equivalent Navy Exchange (NEX), while the Marine Corps operates the Marine Corps Exchange (MCX) and the United States Coast Guard operates the Coast Guard Exchange (CGX). They are federal employees but are NAF.