Part A Supplement to the Northrop Grumman ... - Benefits Online

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Northrop Grumman Retirement PlanPart A Benefit DescriptionJanuary 2008Applying for Your BenefitIn order to retire (i.e., to have benefit payments begin), you must:• Terminate from the Company (special rules apply in the case of divestitures)• Be alive on your retirement date• Follow the instructions provided in the “Applying for Your Retirement Benefit” section ofthe Pension Program SPD.If you have a qualified domestic relations order (QDRO) that awards any part of your pensionbenefit to a former spouse, such order should be submitted to the NGBC well in advance ofyour retirement date in order to avoid a delay in processing your retirement. You may obtaina copy of the Plan’s procedures regarding QDROs free of charge by contacting the DomesticRelations Matters Group at 1-888-887-5078.13
Northrop Grumman Retirement PlanPart A Benefit DescriptionJanuary 2008Normal RetirementEligibility for Normal RetirementYou are eligible for a normal retirement benefit if your Northrop Grumman employment endson or after your normal retirement age, or if you terminate prior to normal retirement age witha vested benefit and defer payment until you reach normal retirement age. Your normalretirement date is the first day of the month coincident with or following your normalretirement age.Normal Retirement Age for Your BenefitYour normal retirement age for your benefit is age 65.Part A Benefit Amount for Normal RetirementThe annual Part A normal retirement benefit amount is equal to the greater of:1. 1.6667% of your annual final average earningsmultiplied byYears of Part A benefit service through June 30, 2003, up to 30 yearsOR2. 1.5% of your annual final average earningsmultiplied byYears of benefit service as of December 31, 1994, up to 20 yearsplus2.0% of your annual final average earningsmultiplied byYears of benefit service as of December 31, 1994, in excess of 20 yearsNote: The minimum benefit you can receive under this second formula is equal to your monthlyaccrued benefit as of December 31, 1989 multiplied by 12.Your Part A benefit is based on your benefit service through June 30, 2003, or yourtermination date if earlier.* In addition, if you are eligible for cash balance transition benefits,your Part A benefit is based on your final average earnings (FAE) up to the time youremployment ends.* If you were on a leave of absence on June 30, 2003, your Part A benefit is based on benefit servicethrough the date you return to work or terminate your employment if that date is after July 1, 2003.30-Year Benefit Service MaximumEffective January 1, 1995, the maximum number of years of benefit service you can receivecredit for under the Plan is 30 years. This includes service credited under the following plans:• Benefit service credited under the Northrop Grumman Retirement Plan ⎯ RollingMeadows Site beginning in 198914
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Part A Supplement to the Northrop Grumman ... - Benefits Online

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