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 the time of your retirement. These examples are based on the “straight life annuity” form of payment. 13173549v.4 17
Hourly Rated Pension Plan of Northrop Grumman Corporation, Electronics Systems Division — Norwood Site Summary Plan Description March 2011 Example A ⎯ Deferred Vested Normal Retirement Benefit Let’s assume you elect to begin payments at age 65. Also assume your Plan monthly normal retirement benefit is $629. The Plan deferred vested benefit you receive at age 65 is unreduced, as shown below: • $620 X 100% (deferred vested reduction) = $620 Example B ⎯ Deferred Vested Early Retirement Benefit Let’s assume you elect to begin payments at age 60. Also assume your Plan monthly normal retirement benefit is $620. Your Plan deferred vested benefit is determined as follows: • $620 X 67% (deferred vested reduction) = $415.40 13173549v.4 18
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Hourly Rated Pension Plan of Northrop ... - Benefits Connect

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