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.
Moreover, 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.
Subsequently, is NAF considered a federal employee?
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.
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 (.
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, …
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.
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.
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).
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.
To apply for a NAF Job, you need to visit www.usajobs.gov then follow the instructions through the USA Jobs website. You will be required to create a profile and complete ALL the area’s listed under the profile section. One ALL the areas are completed; you will be able to apply for the positions you are interested in.
NAF Compensation covers pay policy for White-collar, Crafts and Trades, and Child and Youth paybands. NAF employees working in white-collar (non-Crafts & Trades) positions are covered by a payband system. … The minimum and maximum pay rates for CY-I and CY-II are linked to GS-2 through GS-5 pay rates.