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.
Consequently, 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). …
Just so, is nexcom a federal agency?
With the exception of the Ships Store Program, the NEXCOM Enterprise conducts its operations as a federal non-appropriated funded instrumentality. … NEXCOM is a Department of the Navy organization with an established Navy chain of command that oversees and provides direction throughout the NEXCOM Enterprise.
Does NAF employment count towards GS retirement?
NAF service used towards CSRS or FERS retirement cannot be used in a NAF retirement calculation. Credit for NAF service will not result in higher CSRS or FERS annuity benefits.
Are exchange employees federal employees?
Are AAFES employees government employees? – Quora. Yes, AAFES employees are federal employees. They work for the Department of Defense. The DOD is an executive branch department of the federal government.
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.
What are the benefits of NAF?
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, …
Is NAF considered competitive service?
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 does NAF mean in insurance?
SUBJECT- Retirement Coverage Election Under Section 1043, P.L, 104-106. Attached for appropriate action is DoD policy on subject election for eligible employees moving between appropriated fund and nonappropriated fund (NAF) employment systems.
How long can a NAF employee stay overseas?
Civilians working for DOD can be assigned to work overseas for one tour of duty, usually lasting three years. They have a “right to return” to their previous DOD jobs in the United States, at the same grade level and salary they had when they left, if they remain overseas less than five years.