These are features of the Army NAF Retirement Plan: 5 years participation > You will receive monthly benefit at retirement for life. Your contributions are returned within 1-3 years of receiving a monthly benefit, thereafter your benefit is paid from the retirement trust fund.

How does NAF retirement work?

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.

When can a NAF employee retire?

If you are at least 52 years of age and have completed at least five years of credited service, you may retire with an annuity that will be reduced by four percent for each full year that your annuity commencement date precedes age 62.

Do NAF employees get a pension?

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.

Does my Naf time 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.

FERS Retirement Benefits Explained (A quick guide for busy employees)

Is NAF retirement good?

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. It is a valuable asset to help you achieve financial security in retirement.

Can NAF employees apply for GS positions?

Eligible DoD NAF employees may apply for positions at any grade level (e.g., eligible NAF employees may apply for Army APF civilian career program positions filled through the Army Civilian Career Evaluation System by registering in that system).

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 a NAF job a federal job?

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 TSP?

104-106, 110 Stat. 186, 434-439, provides that certain employees who move from Federal service to NAF instrumentalities are eligible to participate in the TSP by virtue of their election to be covered by the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS).

How do I estimate my FERS retirement?

FERS (Immediate or Early)

FERS annuities are based on high-3 average pay. Generally, the benefit is calculated as 1 percent of high-3 average pay multiplied by years of creditable service. For those retiring at age 62 or later with at least 20 years of service, a factor of 1.1 percent is used rather than 1 percent.

What is Army NAF?

Nonappropriated Fund Positions

The NAF positions are government positions funded through self-generated revenue from military exchanges and business activities such as clubs, bowling centers or golf courses in each service. These positions are highly portable and have lots of room for growth.

What is a nonappropriated fund instrumentality?

A nonappropriated fund instrumentality (NAFI) is an entity to which Congress has appropriated no funds, and for which it assumes no financial obligation.

Are NAF employees competitive services?

NAF employees are eligible to apply for competitive civil service positions under the Interchange Agreement if the position vacancy announcement's area of consideration includes Federal employees outside the agency, individuals eligible for selection priority in hiring under the Veterans Employment Opportunities Act ( ...

Are Aafes employees federal employees?

Yes AAFES is federal employment. Yes It is part of the Department of Defense. It is not considered a Federal job although it caters for the military and their family.

Does Army have 401 K?

Only 29% of Soldiers in the United States Army participate in the Thrift Savings Plan (TSP), federal government's version of a 401k retirement plan. The numbers are not much better for the other branches of service either.

Do NAF employees get pay raises?

NAF does not offer pay raises, For the work you do and the hours you put in there you would be paid $2 - $5 more per hour somewhere else.

Do NAF flex employees get holiday pay?

C. If you are a flexible employee, you are not entitled to observe the holiday or receive holiday pay if required to work. 4. SUNDAY PREMIUM PAY: All employees regularly scheduled on a Sunday, are entitled to Sunday premium pay.

Are NAF employees DOD employees?

NAF employees are federal employees of the Department of Defense. Unlike their civil service counterparts, who are paid from funds appropriated by Congress, NAF employees' salaries are paid for from the funds generated by the Force Support activities on the base (Clubs, Golf Course, Bowling Center, etc).

Are NAF employees GS?

Also, would I be able to count my military service towards a GS retirement? Milt Replies: NAF employees are federal employees, but not civil service. However, most of the benefits and rights are similar.

Can you go from NAF to GS?

When an employee is moved involuntarily from a NAFI position in DOD or the Coast Guard to a GS position in DOD or the Coast Guard, respectively, with substantially the same duties and without a break in service of more than 3 days, the employee is entitled to an initial payable rate of basic pay (including any locality ...

Do NAF employees get sick leave?

NAF employees do not accrue annual or sick leave while in a non-pay status.

Are NAF employees excepted service?

NAFI employees are excluded from the operation of civil service laws and regulations which govern the employment, removal, classification, pay, retirement, leave, and disability and death compensation of federal officers and employees, except under special circumstances where employees serve in excepted civil service ...

What does non-appropriated mean?

Non-Appropriated Funds refer to revenue earned by government departments, organizations or agencies by means other than taxation. For instance, the State Department charges for passports and then uses the earnings for other purposes. These funds are known as non-appropriated.