How do I calculate my NAF retirement?
How do I calculate my NAF retirement?
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.
When can I retire as a NAF employee?
65 years of age
Normal Retirement. If you are 65 years of age, regardless of your years of credited service, you may retire with an unreduced annuity.
What is Naf pension plan?
Nonappropriated Fund Retirement Plans To help attract and retain qualified and productive employees, each Nonappropriated Fund (NAF) employer provides eligible employees with an opportunity to participate in a retirement program consisting of a defined benefit (pension) plan and a defined contribution (401(K)) plan.
Do NAF employees get FERS retirement?
First, all Federal employees moving to a NAF instrumentality, not just those from the Department of Defense and U.S. Coast Guard, are eligible to continue their CSRS or FERS retirement coverage after their move.
Does NAF match 401k?
Your NAF Employer matches your contributions up to 3%, it makes financial sense to take full advantage of it. To ignore it is to miss out on money you are being offered as part of your benefits package.
What is the difference between NAF and GS?
GS is more “restrictive” on pay setting. NAF likes to mirror GS scale and jobs are normally posted at GS equivalence spread, for example GS12 step 1 $70,000 to GS 10 $89,000 made up these numbers), if posted as GS then GS pay setting rules apply and very limited when doing lateral move (usually pay just stays same).
Is NAF considered federal employment?
NAF employees are Federal employees, but excluded from most laws administered by OPM (title 5, U.S.C., Section 2105(c)). Unless specifically provided by law, NAF employment is not subject to civil service provisions or restrictions.
Does NAF count as federal service?
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 come from a different source. Civil service positions are paid for by money appropriated by Congress.
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. This distinction does not apply to appropriated fund employees.
What is the military 401 K called?
The Thrift Savings Plan (TSP)
The Thrift Savings Plan (TSP) is a Federal Government-sponsored retirement savings and investment plan.
Do NAF employees get 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.
Is GS better than NAF?
Is NAF considered DoD?
Nonappropriated Fund Employment NAF white-collar pay, employee benefits, performance pay, and employee grievances are among the personnel functions regulated by DOD. The Secretary of Defense has administrative authority for most functional areas of the NAF personnel system.
Is TSP better than 401k?
While they may not have as many funds to choose from, TSP participants do have one big advantage over most 401(k) investors: lower fees. The total expense ratio, which covers both investment and administrative fees, is 0.055% for individual TSP funds.
What happens to my TSP after I leave the military?
Once you leave the uniformed services, you’ll no longer be able to make contributions. However, you can still change your investment mix, transfer eligible money into your account, and enjoy our low costs—all while your account continues to accrue earnings.
What is the DoD NAF health benefits program?
The DOD NAF HBP, implemented on January 1, 2000, provides medical and dental insurance to more than 87,000 eligible NAF employees, retirees, and dependents.
What is the CNIC NAF retirement plan?
Your Retirement Plan INTRODUCTION The CNIC NAF Retirement Plan (the Retirement Plan) is a voluntary, contributory defined benefit plan designed to provide you with a source of income when your career with CNIC ends. Together with the income you receive from Social Security benefits, your 401k Savings Plan, and any
What is the formula used to calculate retirement benefits?
The formula(s) used to calculate the Retirement Plan benefits for NAF employees is as follows: BASIC FORMULA: (A. plus B. plus C.) minus D. A. 1.5% times the highest three year average earnings times Credited Service for the first five (5) years of Credited Service Plus B. 1.75% times the highest three year average earnings
How are NAF medical insurance plans funded?
PPOs, indemnity policies, and dental plans that are linked to NAF medical plans are self-funded by NAF employers; claims and administrative costs are funded by employee premiums and employer nonappropriated funds.