Financial Planning/Retirement Plans

Membership

All employees are eligible to become members of the credit union and are entitled to apply for the same affordable loans and credit cards, competitive savings programs and free checking accounts as their fellow members.

Retirement

• The Cash Balance defined pension plan is available to all employees and is an employer-provided non-contributory retirement plan. You earn pay and interest credits each year and are vested after 2 years.
• The 401(k) Savings Plan is an optional defined contribution retirement plan. You contribute pre-tax dollars and choose the fund(s) in which you wish to invest. Navy Federal will match 100% on every dollar of the first 6% of pay you contribute each pay period.

Life Insurance

• Group Term Life Insurance — 100% paid by Navy Federal
  • Coverage equal to 2 times your annual salary
  • Coverage for your spouse equal to $5,000
  • Coverage for each dependent child equal to $5,000 (or $500 if under 6 months)

Optional Programs

• Supplemental Group Life Insurance —
  You may purchase additional life insurance coverage for you and your family.
  • Self—up to $750,000
  • Spouse—up to $250,000
  • Child(ren)—$5,000 or $10,000
• Long Term Care Insurance for yourself and immediate family members available at group discounted rates
• Legal Service Insurance Protection available at group discounted rates
• Pet Health Insurance protection available at group discounted rates