Hourly Rated Pension Plan of Northrop ... - Benefits Connect

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Hourly Rated Pension Plan of Northrop Grumman Corporation, Electronics Systems Division — Norwood Site Summary Plan Description March 2011 Suspension of Benefits Upon Re-employment In the event you terminate your employment and commence your benefit under the Plan, then you are reemployed by the Company, payment of your annuity benefits will be suspended if: • You are rehired as an employee, • You are rehired prior to April 1 following the year in which you reach age 70½* • You earn 40 or more hours of service in a calendar month, and • Less than 12 consecutive months has elapsed since you terminated, during which time you performed no services in any capacity (including, for example, service as an independent contractor, leased employee or job shopper; any service with the Company will interrupt the measurement of the 12-consecutive-month period). You will receive a notice of suspension before any benefit payments are suspended. Note that even if 12 or more months elapse between your termination and your rehire as an employee, your benefit payments may still be suspended. When you receive your suspension notice, you will also receive a certification form. If you have been away from the Company in any capacity for 12 or more months, you will need to sign and return the form in order for your payments to resume. When the HIBC receives this certification, your benefit payments will resume and you will receive a make-up payment of any suspended benefit payments. If your annuity benefit is suspended, then the benefit determined upon your subsequent retirement will be reduced to reflect the actuarial equivalent value of any benefits previously received from this Plan. Example: You retire from the Company and commence your annuity benefit. Seven months later, the Company retains you as a “consultant,” and treats you as an independent contractor. You work in this capacity for one month and then do not perform any service for the Company for the next eight months. You are then rehired as an employee ⎯ 16 months after your original termination date and eight months after you performed services as a consultant. Because you were not separated from service for at least 12 consecutive months (your month of service as a consultant interrupted your period of separation), your pension benefit will be suspended upon your return to work. Alternatively, if you were separated from service for at least 12 months following your month of service as a consultant and were rehired as an employee covered by the Plan, your benefits will not be suspended (subject to providing written certification that you did not perform services in any capacity for the Company for 12 consecutive months). * Your benefit will not be suspended if you are rehired after April 1 following the year in which you reach age 70½. 13173549v.4 9
Hourly Rated Pension Plan of Northrop Grumman Corporation, Electronics Systems Division — Norwood Site Summary Plan Description March 2011 Applying for Your Benefit Once you decide on your retirement date, call the HIBC at 1-877-216-3222 or log in to HII Benefits Connect at http://hiibenefits.com to begin the retirement process. In general, you must provide notice of your intent to retire and request your retirement kit at least two months prior to the date you want your retirement to begin (which can be the first day of any month). For example, if you want to begin your retirement on June 1, 2011, you must request your retirement kit by April 1, 2011. This applies to all types of retirement commencements, including early, normal, and postponed retirement. The notice requirement is waived in cases where a Companyorganized layoff specified the applicable retirement date. If you provide a signed and dated note from your treating physician stating that you have a terminal illness and are not expected to survive more than six months, or some longer period of time as deemed acceptable by the Administrative Committee, from the date the written note is executed by the physician, then you will be permitted to provide notice of your intent to retire and request your retirement kit within the two-month period prior to the date you want your retirement to begin. As a participant in the Plan, it is your responsibility (or your surviving spouse’s responsibility, if applicable) to request your retirement kit and start the retirement process. Your retirement date is the date you want to begin your pension benefit payments. Failure to call the HIBC or apply for retirement online through HII Benefits Connect at http://hiibenefits.com as described in this section may result in a delay in payment or even a forfeiture of benefits. Please be prepared to provide the following information when you apply for retirement: • Your name and home address • Your telephone numbers (work and home) • Your Social Security number • Your current marital status • Your spouse’s name, Social Security number, and date of birth (if you are married) • Your anticipated last day of work with the Company • Your benefit commencement date (the date that you would like payments to begin) • Your beneficiary information ⎯ If you would like to designate someone other than your spouse as a beneficiary, please provide the beneficiary’s name, date of birth, and Social Security number; you must also provide your spouse’s information even if you choose to have someone other than your spouse as a beneficiary* ⎯ If you are not married, you can name a beneficiary for some payment options. * Written and notarized spousal consent is required if you elect a beneficiary other than your spouse. To complete the retirement process, you will need to sign a confirmation form with your date of birth, your marital status, your beneficiary’s date of birth (if applicable) and other information relevant to your retirement. 13173549v.4 10
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