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Benefits Online > Savings > About Your Savings Plan



 
 
 
 
 
 
About the Northrop Grumman Savings Plan 
It's important for you to know that...
    • New and rehired eligible employees are automatically enrolled in the Northrop Grumman Savings Plan
    • 2% of your pay will automatically be deducted on a pre-tax basis beginning approximately 45 days after your hire date
You can...
    • Begin your contributions sooner
    • Increase your contribution rate
    • Decline enrollment in the Northrop Grumman Savings Plan by logging on to My Benefits Access or by calling the Northrop Grumman Benefits Center (NGBC) at 1-800-894-4194
Your Contributions

You can save from 1% to 75% of your eligible compensation in increments of 1%. Highly compensated employees are limited to contributing 35%. The IRS limits the amount that can be contributed to any savings plan.

You can make contributions as follows:

    • Tax-deferred (before taxes are withheld from your paycheck)
    • Roth 401(k) (after taxes are withheld from your paycheck, but earnings are tax-free on qualified distributions).  
    • After-tax (after taxes are withheld from your paycheck)
    • Any combination of the three
Company Match

Northrop Grumman may make a matching contribution based on the sub-plan in which you participate. To determine your sub-plan, log on to My Benefits Access.

Company Retirement Account Contributions

If you are hired on or after July 1, 2008 and not actively accruing a pension benefit, you may be eligible for company Retirement Account contributions.  For more information, please see Northrop Grumman Savings Plan - Retirement Account Contributions

Investment Options

The Northrop Grumman Savings Plan offers two different investment approaches to help you reach your savings goals:

    • Path 1: Let a professional investment manager design and manage an investment portfolio based on your target retirement age
    • Path 2: Build and monitor your own investment portfolio with several core investment fund options and the Schwab PCRA

Note: Trading restrictions apply to the core funds. See the SPD for details.

Vesting

You are immediately 100% vested in your contributions. You are 100% vested in any company matching contributions* and in company Retirement Account contributions after 3 years of service,

*The 3 year vesting requirement for company matching contributions applies to employees hired after April 30, 2012

 Investment Fund Managers

To view the Northrop Grumman Savings Plan Performance Updates and Fund Managers, please click here.

 Fast Fact

Among Americans who have access to a 401(k) plan, about 25% do not participate.

Source: AARP
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.