Pension Program Changes
Changes to the Northrop Grumman Pension Program
As announced on January 16, 2012, Northrop Grumman will make some changes to the Northrop Grumman Pension Program. It's important to note that these changes do not impact any benefit you have already accrued.
Briefings on the Pension Program Changes for Employees Hired Prior to July 1, 2008
Overview of Changes
Who Will Be Affected By These Changes
- January 1, 2013 – Discontinue the supplemental 4% pay-based credit
- December 31, 2014 – Freeze final average earnings in heritage plans
- Most employees who were hired prior to July 1, 2008 and participate in a pension plan
Who Will Not Be Affected By These Changes
- Employees who were hired on or after July 1, 2008
- Certain union employees and other employees who have never participated in a pension plan
- Current retirees and employees retiring in 2012
Please review the following for additional information regarding the changes to the Northrop Grumman Pension Program:
These materials do not contain all the details of all aspects of the Northrop Grumman Program. Complete details about the Program are contained in the legal plan documents that govern plan operation and administration. If there is a discrepancy between the information provided in these Q&As and the provisions of the plan documents, the plan documents will govern. Northrop Grumman reserves the right in its sole discretion to suspend and/or reduce future benefit accruals under the Northrop Grumman Pension Program. It also may amend, suspend, withdraw, modify or terminate the Program at any time and for any reason. You will be notified of any significant amendments to the Program.