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 Table of Contents Introduction ..................................................................................................................... 3 Overview .......................................................................................................................... 5 Eligibility ........................................................................................................................ 5 Participation ................................................................................................................... 5 Important Pension Concepts ........................................................................................... 6 Vesting and Vesting Service ........................................................................................... 6 Benefit Service ............................................................................................................... 6 Severance Date for Service through January 8, 1996 ...................................................... 7 Breaks in Service ........................................................................................................... 7 Suspension of Benefits Upon Re-employment ................................................................. 9 Applying for Your Benefit .............................................................................................. 10 Normal Retirement ......................................................................................................... 12 Eligibility for Normal Retirement .................................................................................... 12 Benefit Amount for Normal Retirement .......................................................................... 12 Normal Retirement Benefit Example ............................................................................. 12 Early Retirement ............................................................................................................ 14 Eligibility for Early Retirement ....................................................................................... 14 Benefit Amount for Early Retirement ............................................................................. 14 Early Retirement Benefit Examples ............................................................................... 14 Deferred Vested Benefits ............................................................................................... 16 Eligibility for Deferred Vested Benefits .......................................................................... 16 Benefit Amount for Deferred Vested Benefits ................................................................ 16 Deferred Vested Benefit Examples ............................................................................... 16 Disability Retirement Benefits ....................................................................................... 19 Benefit Amount ............................................................................................................ 19 Commencement Date .................................................................................................. 19 Duration of Benefit ....................................................................................................... 19 If You Die Before Benefit Payments Begin .................................................................... 20 Married Participants ..................................................................................................... 20 Unmarried Participants ................................................................................................. 20 13173549v.4 1
Hourly Rated Pension Plan of Northrop Grumman Corporation, Electronics Systems Division — Norwood Site Summary Plan Description March 2011 Payment Options ........................................................................................................... 22 Spousal Consent.......................................................................................................... 22 Forms of Payment ........................................................................................................ 22 Tax Considerations........................................................................................................ 26 Maximum Benefits for Tax Purposes ............................................................................. 26 When You Pay Taxes ................................................................................................... 26 General Plan Information ............................................................................................... 27 Facility of Payment ....................................................................................................... 27 Payment of Benefits to Alternate Payees ...................................................................... 27 Top Heavy Rules ......................................................................................................... 27 Loss of Benefits ........................................................................................................... 27 Your ERISA Rights....................................................................................................... 28 Prudent Actions by Plan Fiduciaries .............................................................................. 28 Enforcing Your ERISA Rights ....................................................................................... 29 Assistance with Your Questions .................................................................................... 29 Discretionary Authority of Plan Administrator ................................................................. 30 Incorrect Payment of Benefits ....................................................................................... 30 Claims and Appeals Processes .................................................................................... 30 Pension Benefit Guaranty Corporation (PBGC) ............................................................. 32 Funding and Plan Assets .............................................................................................. 32 About this Guide and the Plan Documents .................................................................... 32 Future of the Program .................................................................................................. 33 Contact Information ...................................................................................................... 33 13173549v.4 2
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Hourly Rated Pension Plan of Northrop ... - Benefits Connect

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