Financial Planning/Retirement

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.

Life Insurance

• Group Term Life Insurance —
  • Free coverage equal to 2 times your annual salary
  • Free coverage for your spouse equal to $5,000
  • Free coverage for each dependent child equal to $5,000 (or $500 if under 6 months)

Retirement

• The Cash Balance defined benefit 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 where you wish to invest your money. Navy Federal will match 100% on every dollar of the first 6% of pay you contribute.
• Eligible retired employees may qualify for pre-medicare coverage.

Optional Programs

• Group Universal Life —
  You can 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