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 (if eligible) +
- Company Basic Contributions (if eligible) +
- Company Retirement Account Contributions (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 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.
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| Company Contributions |
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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.
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| Vesting |
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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.
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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
Access to online investment advice and professional management services are available from Financial Engines
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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 Contributions |
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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
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*The 3 year vesting requirement for Company Matching Contributions generally applies to employees hired after April 30, 2012 |
Return to Benefits Overview page
Disclaimer: The benefits described above are applicable to most eligible non-represented Northrop Grumman employees, effective July 1, 2012 through June 30, 2013.