Defined Benefit Retirement Plan

These are features of the Army NAF Retirement Plan.

• Effective 1 Jan 01, participation mandatory for new hires, re-hires and newly eligibles for the first 6 months of eligibility.
  
• Costs you 2% of Gross Wages
  
• 5 years participation > You will receive monthly benefit at retirement for life
  
• Provides 55% Survivor Benefit
  
• Provides only form of disability pay other than sick leave
  
• Provides Supplemental Early Retirement Benefit
  
• Eligible for free Life Insurance if you meet the minimum participation requirements.
  
• Eligible for Retiree Medical Insurance if you meet minimum participation requirements. You pay only 30% of the retiree medical premium.
  
• Annual Cost of Living adjustments (COLA)
  
• Your contributions normally are returned within 1-3 years of monthly retirement benefits, then for the rest of your life, you will receive all NAF money. And your spouse will receive a benefit for the rest of his/her life too if you pre-decease your spouse.
  
• 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) - Military Service Purchase Program
  
• Credit for service of non-redeposit of retirement plan refunds

• Retirement Booklet
• Retirement Plan Documents
• Retirement Projections (updated Apr 2009)
• 
  John Hancock
  
  
• Valuation Oct 2003
  
• Valuation Oct 2004
  
• Valuation Oct 2005