Savings Plan Limits
2013 Savings Contribution Limits
Part of planning for retirement includes contributing to one of Northrop Grumman's savings plans. Below are the 2013 savings plan contribution limits as defined by the IRS. The following chart contains the maximum contribution rates (the percentage of your pay that you can contribute) to your plan and the date in which you will need changes to your contribution elections to be effective with your first paycheck in January.
| 2013 IRS Savings Plan Contribution Rates |
| |
If you are Under Age 50 |
If you are age 50 or Older* |
| Your Tax-Deferred and/or Roth 401 (k) Contribution Limit |
Maximum of $17,500 |
Additional $5,500 in catch-up contributions, for a maximum of up to $23,000 |
| Limit on total contributions (your tax-deferred, after-tax and Roth 401(k) contributions plus Northrop Grumman's contributions and/or matching contributions) |
100% of annual pay or $51,000, whichever is less |
100% of annual pay or $56,500 ($51,000 + $5,500 in catch-up contributions), whichever is less |
*You must be at least 50 years old by the end of 2013 to be eligible to make catch-up contributions in 2013.
Note: In 2013, the total annual amount of eligible compensation on which your savings plan contributions may be based is the first $255,000 of a person's earnings. Pay above this limit cannot be deferred into the plan.
| Plan |
Plan Limits |
Date to change contribution rate for first paycheck in January |
| Northrop Grumman Savings Plan |
1% - 75% for non-HCEs |
12/21 - 12/26 |
| Financial Security & Savings Program |
1% - 75% for non-HCEs |
12/21 - 12/26 |