Northrop Grumman Savings Plan
| Immediate Participation |
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Eligible employees are automatically enrolled after start date
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| Benefit Growth |
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Your benefit grows through:
- Your contributions +
- Company matching contributions (as applicable) +
- Company basic contributions (as applicable) +
- Company contributions to the Retirement Account (if eligible) +
- Any investment earnings on all contributions
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| Your Contributions |
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You can contribute a percentage of your eligible compensation on a tax-deferred and/or after-tax basis, up to annual IRS limits. If you are age 50 or older you can make additional contributions on a tax-deferred basis, up to IRS limits.
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| Company Contributions |
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Northrop Grumman provides a company match, (depending on your business unit), based on a percentage of your eligible compensation and your contribution to the Plan. In certain cases, Northrop Grumman provides a company basic contribution in lieu of matching contributions, or a combination of both company basic and matching contributions.
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| Vesting |
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You are always 100% vested in your contributions, and any company basic and/or matching contributions (eligibilty for which depends upon your business unit).
You will be vested in the company's contributions to the Retirement Account (see below) after three years of service.
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| Investment Options |
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You can choose from:
- A variety of core proprietary investment funds offering different levels of risk and return
- A single Retirement Path portfolio (an investment option that is professionally managed for you and geared to a specific target retirement date)
- A self-directed brokerage account that allows you to invest in many mutual funds and individual securities
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| Loans |
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You may request a general purpose or primary residence loan.
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| Rollovers |
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You can roll over an existing account balance from another employer's qualified plan or individual retirement account (IRA), into the Northrop Grumman Savings Plan.
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| Retirement Account Contrbutions |
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Northrop Grumman will make a contribution to the Retirement Account each pay period, which is based on a percentage of your eligible compensation and your age on December 31 (eligibility depends on your business unit). You will be vested in the company's contributions to the Retirement Account after three years of service.
If you are:
- Under age 35 you receive a 3% Retirement Account Contribution
- Age 35 to 49 you receive a 4% Retirement Account Contribution
- 50 and older you receive a 5% Retirement Account Contribution
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Return to Benefits Overview page
Disclaimer: The benefits described above are applicable to most eligible non-union represented Northrop Grumman employees, effectibe July 1, 2009 through June 30, 2010.