Navy Federal Credit Union
Headquarters:
820 Follin Lane
Vienna, VA 22180
Employees: 7,300
CEO: Cutler Dawson
Member-owned credit union
Website:
http://www.navyfcu.org
Career Site
Navy Federal is the world's largest credit
union serving the armed forces with over 3 million members. Originally
founded to serve the Navy and its families, the Credit Union
announced in May it will expand to serve all members of the Armed
Forces including the Army, Air Force and Marines, guard personnel
and all Department of Defense civilian employees.
Since 1933, Navy Federal has grown from
seven members to over 3 million members by offering checking
and savings accounts, mortgages, insurance and credit cards.
It has over 150 branch offices and 40,000 ATMs.
During 2007, Navy Federal increased its
worldwide network of branches by 25% and hired 2,600 new employees.
As a financial leader, the credit union found it essential to
enhance its world class member service by opening more branch
offices to provide greater convenience to its growing membership.
Plans are underway to more than double the number of full service
branches by 2012.
The Credit Union was named one of the Best
Companies to Work For by Fortune Magazine.
Navy Federal Credit Union reported over
$35.1 billion in assets as of April 30, 2008.
History
In 1933, during the Great Depression, seven
civilian Navy personnel formed a self-help club. Each pledged
$10-two weeks' wages-into a savings pool so that funds would
be available for emergency loans.
Savings clubs, like this one, became credit
unions. Formed during rough financial times, the benefits of
these organizations remained when good times returned. As democratic
cooperatives, they serve only the interest of their members,
not stockholders or presidents.
From those original seven members to over
3 million members today - Navy Federal is now the largest credit
union in the world.
Benefits
Paid Leave/Vacation
* Vacation/Personal Leave
(Accruals based on years of service)
Full-time-Accrue 13-26 days per year
Part-time-Accrue 6.5-13 days per year
* Sick Leave
Full-time-Accrue 10 days per year
Part-time-Accrue 5 days per year
* 10 paid holidays per year
* Other Paid Leave
(full-time & part-time) Paid leave for specific types of
military training and court leave
* Employee Leave Donation Program
The Annual Leave Donation Program permits employees to donate
annual leave to assist a fellow employee who has exhausted leave
and is facing serious illness/injury or catastrophic event.
Health/Vision/Dental Insurance
* Health Insurance -
Comprehensive medical coverage including preventive care, catastrophic
coverage, prescription drugs and mental health/substance abuse
care.
Choice of 3 plans-a PPO plan, an HMO plan
and a TRICARE supplemental plan, depending on location. Navy
Federal pays 75% of the health insurance premium.
* Vision Insurance -
Routine vision care coverage offered through an extensive provider
network.
* Dental Insurance -
Comprehensive dental coverage including orthodontia.
Choice of 2 plans-a PPO plan or an Indemnity
plan with basic coverage. Navy Federal pays 60% of the dental
insurance premium.
Flexible Spending Accounts (FSA)
* Medical FSA -
You can contribute up to $5,000 a year on a pre-tax basis to
pay for eligible health care expenses.
Disability
* Short-Term Disability -
Salary continuation and benefits if you experience an illness
or injury (after 14 consecutive days).
o 75% continuation of pay for your first 30 days of disability.
o 60% continuation of pay for days 4590.
o Continuation of elected benefits.
* Long-Term Disability -
o Salary continuation and benefits if you experience an illness
or injury (after 90 consecutive days).
o 60% continuation of pay.
Wellness Program
(at headquarters except where noted)
* Fitness center staffed by two full-time
wellness professionals
* On-site exercise classes
* Wellness seminars
* Wellness incentive programs
* Wellness program for non-headquarters' employees
* Discounted 12-week weight loss program, "Weight Watchers
at Work," for headquarters' employees
Employee Health Services
* On-site health unit at headquarters has
three registered nurses who provide basic medical care for employee
illnesses and injuries, routine screenings, over-the-counter
medications, Mother's Room and doctor referral assistance
* Registered nurses available to field employees by telephone,
fax and e-mail
* Assistance with substance abuse treatment programs
* First Aid and CPR training
* Free annual flu shots
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 -
o Free coverage equal to 2 times your annual salary
o Free coverage for your spouse equal to $5,000]
o 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
Retired employees can also receive:
* Retiree health care coverage
* Retiree medical supplement
Optional Programs
* Group Universal Life -
You can purchase additional life insurance coverage for you and
your family.
o Self-up to $750,000
o Spouse-up to $250,000
o 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
Work/Life
* The Employee Assistance Plan offers access
to professional counseling services as well as work/life resource
and referral services.
* Social and recreational activities for employees and their
families.
* Discount entertainment tickets on amusement parks, movies and
local events.
* Mini-fairs, classes and seminars on a wide range of topics
related to health and family issues.
* Annual "Bring Your Kids to Work Day"
* Business casual dress code
* Reimbursement for child adoption expenses. Navy Federal will
provide up to a $2,500 reimbursement per successful adoption.
* Drug- and smoke-free work environment
* Full service cafeteria at headquarters
Updated June 7, 2008
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