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.
In respect to this, how does NAF retirement work?
With the NAF Retirement Plan, you contribute 2% of your gross salary each pay period. You may purchase up to 5 years of military service (provided the military service is not already providing you a retirement benefit, or you have not used the military service in another company’s retirement plan). …
Secondly, does my Naf time count towards GS retirement?
Credit for NAF Service towards CSRS or FERS Immediate Retirement: Employees moving between APF and DoD NAF positions may not transfer service credit from the losing retirement system to the gaining retirement system. … Credit for NAF service will not result in higher CSRS or FERS annuity benefits.
Do NAF employees get FERS?
Generally, NAF employees are not covered by the Government’s Civil Service or Federal Employees Retirement Systems (CSRS and FERS) and Thrift Savings Plan (TSP).
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, …
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.
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.
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 Air Force retirement plan requires no payroll deductions. Those who’d like to save a little extra each month can take part in the Thrift Savings Plan (TSP)*, which allows participants to place a portion of their monthly pay into an account similar to a 401(k) investment 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.