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Benefits Online > Benefits Overview > Northrop Grumman Savings Plan



 
 
 
 
 
 
Northrop Grumman Savings Plan 
 
Immediate Participation    Eligible employees are automatically enrolled after start date 


Benefit Growth   Your benefit grows through:
  • Your contributions  +
  • Company Matching Contributions (if eligible)  +
  • Company Basic Contributions (if eligible)  +
  • Company Retirement Account Contributions (if eligible) +
  • Any investment earnings on all contributions
Your Contributions   You can contribute a percentage of your eligible compensation as tax-deferred contributions, traditional after-tax contributions, Roth 401(k) contributions, or any combination of the three, up to plan/annual IRS limits. If you are age 50 or older you can make catch-up contributions, up to IRS limits.

Company Contributions   Depending on your business unit, Northrop Grumman may provide a Company Matching Contribution based on a percentage of your eligible compensation and your contribution to the Plan. In certain cases, Northrop Grumman may provide a Company Basic Contribution regardless of your election to contribute to the Plan.

Vesting  

You are always 100% vested in your contributions, and any Company Basic Contributions.

Generally, you will be vested in any Company Matching Contributions* and Company Retirement Account Contributions (see below) after three years of service.

Investment Options   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
Access to online investment advice and professional management services are available from Financial Engines
.
Loans   You may request a general purpose or primary residence loan.

Rollovers   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.

Retirement Account Contributions   If eligible, Northrop Grumman will make Retirement Account Contributions each pay period. The contributions are based on a percentage of your eligible compensation and your age on December 31 (eligibility depends on your business unit and hire date); you contribute nothing.

Generally, you will be vested in the Company's Retirement Account Contributions 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
*The 3 year vesting requirement for Company Matching Contributions generally applies to employees hired after April 30, 2012

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Disclaimer: The benefits described above are applicable to most eligible non-represented Northrop Grumman employees, effective July 1, 2013 through June 30, 2014. Complete details about the plans are contained in the legal plan documents that govern plan operation and administration. If there is a discrepancy between the information presented here and the provisions of the plan documents, the plan documents will govern.