|
Text Size: Decrease | Increase
HeaderLogo
Benefits Online > Savings > About Your Savings Plan > Northrop Grumman Savings Plan - Retirement Account Contributions



 
 
 
 
 
 
Northrop Grumman Savings Plan - Retirement Account Contributions 

Eligible new hires (and certain rehires) on and after July 1, 2008, will receive an automatic company contribution of 3%-5% of base pay per pay period, based on age, to a new retirement account in the Northrop Grumman Savings Plan - rather than participating in the Northrop Grumman Pension Program. This company contribution will be subject to the same three-year vesting period that applies to benefits accrued under the the Northrop Grumman Pension Program.

Your eligibility to receive Retirement Account contributions is determined by your business unit.  To determine if you are eligible, log on to My Benefits Access and look under Personal Info tab. The contributions you receive are based on your age on December 31 and your eligible compensation, as shown in the table below.

If You Are This Age:

You Are Eligible To Receive This Retirement Account Contribution (as a Percentage of Your Eligible Compensation): 

Under 35

3% 

35 to 49    

4% 

50 and older  

5% 

Investment Options
You decide how your Retirement Account contributions will be invested.  You may choose to invest these contributions in any of the core investment funds,  Retirement Path portfolios or Schwab PCRA.  Unless you change the investment direction, contributions will be invested in the Retirement Path portfolio that most closely targets the year in which you will reach normal retirement age.

Loans and Withdrawals
Amount is not available for loans. You may only withdraw vested money after separation from employment, when you reach age 59 1/2 or 70 1/2 or become disabled. There are no hardship withdrawals.

Beneficiary Designations
Your beneficiary will be eligible for any vested amount in your account when you die.  Your Retirement Account contribution beneficiary is the same as your Northrop Grumman Savings Plan.

Please review the Northrop Grumman Savings Plan Summary Plan Description for more information.

 Retirement Guide

Employees who are not pension eligible, but are eligible for the Northrop Grumman Savings Plan, should review this Retirement Guide for information about the retirement process.

Questions?
Call the Northrop Grumman Benefits Center (NGBC) at:
 
1-800-894-4194 
International:  718-354-1338
 
Monday - Friday
9:00 a.m. - 6:00 p.m. ET
 
Hearing impaired - please use the relay service
 through your provider.