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.
Then, 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 (.
Regarding this, do NAF employees have TSP?
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).
What is NAF retirement?
With the NAF Retirement Plan, you contribute 2% of your gross salary each pay period. Your employer contributes another 7.6% to the Army NAF Retirement Trust, which pays your retirement benefits when you retire. … After contributing for five years participation, you’re guaranteed a monthly benefit at retirement for life.
Are NAF employees federal employees?
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.
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.
Do NAF employees get COLA?
Department of Defense (DOD) guidelines state that U.S. citizens recruited in the United States for NAF employment overseas are entitled to COLA, but NAF employees hired locally in an overseas area are not eligible. … NAF employees are excluded by law from participation in the U.S. civil service retirement system.
What are NAF 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, …