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). …
Moreover, do NAF employees get retirement?
Your NAF Employee Retirement Plan is an important and valuable benefit provided by your employer. It is an integral part of your retirement planning, along with Social Security and your 401(k) Savings Plan.
One may also ask, 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. 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, …
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).
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.
Does the Air Force offer 401k?
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.
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.
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.