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Beginning July 1, 2008, Northrop Grumman is making some changes to the Northrop Grumman Pension Program. Current employees will move to a common schedule of pay-based credits for future cash balance benefit accruals across all business units. The new schedule of pay-based credits will be rolled out in phases. It's important to note that this change does not impact any benefit you have already accrued, either under your historical pension plan or during the 5-year transition period, if eligible.
Please review the following for additional information regarding the changes to the Northrop Grumman Pension Program:
Important Note: The video is only available through the Northrop Grumman Intranet. If you are requesting this link from home or do not have access to the Intranet, you will not be able to view the video. Employees: You will need to use your network ID and password to access the video. Newport News employees will need to go to the HR homepage on Yardnet to view the video.
If you have a question related to your own retirement benefit, please contact the Northrop Grumman Benefits Center at 1-800-894-4194 and speak with a benefits service representative.
Please review the following chart for specific plan information.
Please note: In general, if you are from Northrop (including Grumman and Rolling Meadows), Westinghouse, Newport News and Aerojet, you are on the Heritage schedule. All other employees and hires after June 30, 2003 (December 31, 2003 for Newport News), are on the Standard schedule. If you are still not sure which plan you are in, call the NGBC at 1-800-894-4194.
Historical Plan | Effective Date of New Schedule of Pay-based Credits | Transition Period | Heritage Schedule of Pay-Based Credits
(through effective date of new schedule) | Standard Schedule of Pay-Based Credits
(through effective date of new schedule) | Enhanced Early Retirement Subsidy
(Rule of 9) |
|---|
Northrop Grumman Pension Plan, including only the following sub-plans: Grumman Pension Plan Northrop Grumman Electronic Systems Pension Plan Northrop Grumman Retirement Plan Northrop Grumman Retirement Plan—Rolling Meadows Site |
July 1, 2008 |
July 1, 2003
through
June 30, 2008 |
 Heritage Schedule
|
|
|
Northrop Grumman Retirement Value Plan (RVP) |
July 1, 2008 |
In most cases, transition benefits do not apply1 |
Not applicable in most cases1 |
Not applicable in most cases1 |
Not applicable in most cases1 |
Northrop Grumman Electronic Systems—Space Division Salaried Employees Pension Plan |
July 1, 2008 |
July 1, 2003
through
June 30, 2008 |
Heritage Schedule
|
|
|
Northrop Grumman Retirement Plan "B", including only the following sub-plans: Avondale Industries, Inc. Non-represented Employees’ Pension Plan Ingalls Shipbuilding, Inc. Salaried Employees Retirement Plan Northrop Grumman Retirement Plan “B” (formerly Litton Retirement Plan “B”) |
July 1, 2008 |
July 1, 2003
through
June 30, 2008 |
|
Standard Schedule
|
2 |
Northrop Grumman Norden Systems Employee Retirement Plan (nonunion plan) |
July 1, 2008 |
July 1, 2003
through
June 30, 2008 |
Heritage Schedule
|
|
|
Newport News Shipbuilding, Inc. Retirement Plan |
January 1, 2009 |
January 1, 2004
through
December 31, 2008 |
Heritage Schedule
|
|
|
Northrop Grumman Norden Systems Represented Employees Retirement Plan (union plan) |
January 1, 2009 |
January 1, 2004
through
December 31, 2008 |
|
Standard Schedule
|
|
Northrop Grumman Space & Mission Systems Corp. Salaried Pension Plan |
January 1, 2010 |
January 1, 2005
through
December 31, 2009 |
|
Standard Schedule
|
|
Synoptics employees in Northrop Grumman Retirement Plan “B” 3 |
January 1, 2010 |
January 1, 2005
through
December 31, 2009 |
|
Standard Schedule
|
4 |
Employees who are currently accruing a cash balance benefit and who were hired after the beginning of the transition period for their historical plan (and therefore are not eligible for a transition [Part C] benefit) |
July 1, 2008 |
N/A |
|
Standard Schedule
|
|
Transfers
If you transferred from one participating nonunion Pension Program entity to another between June 30, 2002 and June 30, 2003, special transition rules may apply to you. See "If Your Historical Plan is the Northrop Grumman Retirement Value Plan" and "Certain Transfers Between July 1, 2002 and June 30, 2003" in the Northrop Grumman Pension Program summary plan description for details.
Leave of Absence or Layoff
If you were on leave of absence or layoff before your Program effective date and later return to active employment, please refer to "Transition Rules for Those on Leave or Layoff" in the Northrop Grumman Pension Program summary plan description to determine whether you are eligible for the heritage schedule of pay-based credits, enhanced early retirement subsidy (Rule of 9), or 5-year transition benefit, as provided in the table above.
Voluntary Termination
If you voluntarily terminate your employment with Northrop Grumman before you are eligible for an early retirement benefit and are later rehired, you will receive pay-based credits under the standard schedule during your reemployment period. See "If You Are Rehired" in the Northrop Grumman Pension Program summary plan description for details.