Navy Federal Employee Benefits Review: Are Their Careers Worth It?

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Navy Federal Employee Benefits Review: Are Their Careers Worth It?

Navy Federal Credit Union is the largest credit union in the world. It serves the United States armed forces and offers them financial and investment services. The corporation currently has more than eight million members. Navy Federal employee benefits are almost second to none and make it one of the best workplaces in America.

Navy Federal was founded in 1933 and is headquartered in Vienna. It has 336 locations and about 18,000 employees. Navy Federal is regulated by the National Credit Union Administration.

Navy Federal Employee Benefits Team

Angela Culbertson – Senior Vice President, Human Resources Department

Angela Culbertson – Senior Vice President, Human Resources Department

Angela Culbertson became a part of Navy Federal about 36 years ago. She joined the company as the Employee Development Specialist. She was promoted to her current position in 2016.

Culbertson’s responsibilities include benefits and compensation, talent acquisition, employee relations, consecutive compensation, employee programs, HR automated systems and wellness programs.

Angela Culbertson received her MA and BSA from the University of Maryland.

Find her on:

LinkedIn

What are Navy Federal’s Employee Benefits?

Here is a complete overview of Navy Federal employee benefits.

Employee BenefitsDescription
Medical PlanEmployees get comprehensive medical insurance. You can choose between PPO and HMO plans.
Dental CoverageEmployees are offered dental coverage that includes orthodontia services.
Vision CoverageYou get coverage for routine vision care through an extensive network provider.
Flexible Spending Accounts (FSA)FSA is available for both healthcare and dependent care.
Life and AD&D InsuranceThe plan is 100% paid for by Navy Federal. Your eligible beneficiaries will get two years’ salary for Basic Life Insurance and AD&D.
Disability CoverageBoth short-term and long-term disability coverage is fully paid.
Employee Assistance ProgramThis program helps you with your day-to-day personal and professional challenges.
401 (k) PlanThe 401 (k) match is up to 7% of your eligible salary.
Pension PlanThe company offers Cash Balance Defined Pension Plan. This retirement plan is provided by the employer.
Education AssistanceYou get tuition assistance.
Adoption AssistanceA sizable portion of your adoption costs is covered by Navy Federal.
Employee DiscountsYou can get employee discounts on items like tickets for various entertainment events.
Paid Time-offPaid time-off includes holidays and leaves for events such as jury duty and military service.
Maternity LeaveAccording to a third-party website, Navy Federal offers 6 paid weeks of maternity leave.
Employee BonusesYou get yearly bonuses and Christmas bonuses.
On-sight BenefitsOn-sight benefits include a mother’s room, CPR and first aid training, mammograms, substance abuse treatment programs assistance and yearly flu shots for free.

What Employee Benefits is Navy Federal Known for?

Navy Federal’s employee benefits are the best in the industry. The corporation offers excellent coverage plans at the most affordable rates to its employees. These cost-effective perks ensure maximum financial, professional and personal support for its employees. This support keeps the employee morale high, which results in increased employee retention by the corporation.

Some of the best-known Navy federal employee benefits are:

  • A comprehensive healthcare plan.
  • 401(k) match up to 7% of an employee’s salary.
  • Adoption assistance is available.
  • Flexible Spending Accounts (FSA).
  • Disability coverage.
  • Employee discounts.
  • A generous PTO policy.

Navy Federal also offers a Cash Balance Defined Pension plan to its employees. This is a non-contribution account and is paid by the employer. You are fully vested in the account after two years. Retired officers also get Retiree Medical Supplement and Retiree Healthcare Coverage.

The 401(k) plan is an optional retirement plan for employees. It can be used to supplement their pension plan for more financial stability after retirement. The money you contribute is tax-free and employees choose their own investment options. Navy Federal gives you a 100% match for up to 7% of your eligible salary.

Medical coverage is offered at affordable rates to all Navy Federal employees. The plan includes coverage for catastrophes, mental health, substance abuse treatment, and prescription drugs. Employees have the option to choose between PPO and HMO plans. Before you make a decision, it is better to understand the difference between a PPO and HMO.

Depending on their years of service, full-time employees get 13 to 26 days and half-time employees can get 6.5 to 13 days off. Sick leave for full-time employees is 10 days and for half-time employees is 5 days. You can also get time off for jury and military duty.

One of the most talked-about perks at Navy Federal is its on-site benefits. Employees can get on-site healthcare, on-site nurses, mothers’ rooms, CPR and first aid training, free of charge yearly flu shots, help with treatment programs for substance abuse as well as EAP counseling.

You can also get many voluntary benefits such as pet insurance, legal services, long-term care coverage, and Supplement Group Life Insurance. All these benefits result in a high level of employee engagement. Due to its generosity, Navy Federal enjoys a very high employee experience rating on all top job websites.

How does Navy Federal Help with Student Loans?

Navy Federal offers federal student loan refinancing to its members or civilians who are in federal employment. The company also pays for student loan consolidation. Signing up with Navy Federal can reduce your interest rates and lower monthly payments. If you are a federal employee, you may also qualify for a student loan forgiveness program after a certain number of years in service.

Navy Federal employees, on the other hand, can qualify for tuition reimbursements.

Student loans are one of the biggest financial concerns for Americans. Their collective debt has now reached a staggering $1.5 trillion. That is why corporations need to implement student loan support programs to help employees get financial relief. One of the most efficient ways is through FutureFuel.

The platform has unique features that allow employers and employees to create their accounts and manage the benefit. FutureFuel also enables transactions such as student loan payments and company contributions.

How do Navy Federal Benefits Change for Different Jobs?

Navy Federal employees get comprehensive benefits packages. However, the nature of these benefits changes for full-time and part-time employees. Some of the plans also vary with employees’ locations.

Here are a few ways Navy Federal employee benefits change for different jobs:

  • You can choose between PPO and HMO plans based on your location.
  • On-site medical services are offered at Navy Federal’s headquarters.
  • The amount of paid leave is different for full-time and part-time employees.
  • The amount of paid leave for all employees depends on their years of service with Navy Federal.

How Has Navy Federal Improved its Benefits Package Over Time?

Navy Federal’s employee benefits are as good as it gets. With a high 401(k) match and a comprehensive medical plan, the corporation is always looking to improve its perks to give financial stability to its employees.

Here are a few ways how Navy Federal has improved its benefits package over time:

  • Navy Federal has not increased the cost of insurance coverage for two years now.
  • The 401(k) match was 6% in 2013, which is now up to 7%.
  • The number of paid days increases with your service years.
  • The corporation keeps adding to its already existing pool of on-site benefits.
  • The company mostly takes care of yearly increases in premium rates.

Are Navy Federal Careers Worth It?

When we talk about employee benefits, Navy Federal hardly has a rival. These comprehensive and generous perks have earned the corporation the highest employer ratings on Glassdoor, which is 4.6. Here are some of the factors why having a career at Navy Federal is the right choice.

  • The company offers a very competitive pension and savings plan. It sets the employees up for a financially stable life after retirement.
  • Employees get yearly and Christmas bonuses that along with their competitive salary keeps them financially strong and independent.
  • Employees are offered tuition reimbursement, which makes it easier for them to continue their education and improve their skillset and knowledge.
  • Most of the coverage packages include family members as well, which further reduces the financial burden.

All these factors make Navy Federal one of the best career options in the industry.

Discover Navy Federal Jobs and Careers

If you want to apply for a job at Navy Federal, you must know where to look. Here are a few places that will keep you updated with all the latest job postings.

Navy Federal Careers

Navy Federal’s official careers page has a user-friendly interface and lists hundreds of jobs. You can use the search feature to look for jobs based on your preferences. Each job posting has additional information such as job descriptions, location, requirements, qualifications and hours. You can use the “Apply Now” button to submit your applications online or the “email” button to contact Navy Federal through email.

Navy Federal Glassdoor

Glassdoor contains less than 300 job postings. You can use the search feature and its filters to further narrow down your search. Each listing has additional details including job descriptions, requirements, location, expected salary and qualifications needed. You can also read hundreds of employee reviews to get a better idea of Navy Federal’s work culture. Glassdoor allows you to submit your application online.

Navy Federal Indeed

Indeed also contains less than 200 jobs. Each job posting features all the necessary information. The search feature of Indeed is quite powerful and offers multiple filters so, you can narrow down your search. Besides employee reviews, the website also has a Q&A section where you can find details about the company’s work culture. You can submit your application online through Indeed.

Navy Federal LinkedIn

You can also find a little over 150 job listings on LinkedIn. You can see all the job-related information as well. The search feature and its filters will make your job search less time-consuming and easy. LinkedIn lets you apply directly on the Navy Federal website.

 

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