Severance and Grumman Heritage Retirement ... - Benefits Online

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Northrop Grumman Savings Plan• If your account balance is greater than $1,000 and you decideto leave your account balance in the Savings Plan, you maycontinue to transfer and reallocate your existing fund balances,request eligible withdrawals and continue to make anyoutstanding loan payments• If you have an outstanding loan and do not continue makingpayments, the remaining loan amount will be defaulted and willbe considered a distribution and will be subject to any applicabletaxes and penalties.• Once you have terminated from the company, you can no longercontribute to your account• Review the Northrop Grumman Savings Plan Summary PlanDescription (SPD) accessible at Benefits OnLine for more details18
Northrop Grumman Savings Plan – Taxes• If you elect to receive a distribution, your tax-deferredcontributions, company contributions and all investment earningsare taxed as ordinary income. Unless you elect to directly roll overyour account balance to an IRA or other qualified plan, current lawrequires:- 20% Federal Income Tax withholding on the taxable portion of thedistribution- Distribution may be subject to an additional 10% Federal penalty- State penalties may also apply in some cases• Your Savings Plan account distribution will not be assessed a 10%Federal Penalty Tax if you are age 59 ½ or older or:- You are age 55 or older when you terminate employment or- You roll over your distribution to an IRA or another employer’s qualifiedplan within 60 days of the date you receive it• Special provisions may apply if you have Roth 401(k) or Roth401(k) Rollover money in the Savings Plan.19
Page 1 and 2: The Northrop GrummanSeverance Plana
Page 3 and 4: Severance PlanEligibility
Page 5 and 6: Health Benefitsand Savings Plan
Page 7 and 8: Employee Cost for Benefits Continua
Page 9 and 10: Employee Cost for BenefitsContinuat
Page 11 and 12: Paying for your Benefits• You wil
Page 13 and 14: Miscellaneous Information• If you
Page 15 and 16: Life and Accidental Death & Dismemb
Page 17: Northrop Grumman Savings Plan• Yo
Page 21 and 22: Retiree Medical - Heritage Eligibil
Page 23 and 24: Retiree Medical - Special Layoff Pr
Page 25 and 26: Retirement Plan OverviewFor Grumman
Page 27 and 28: Heritage Grumman Retirement Benefit
Page 29 and 30: Retirement Eligibility - Grumman He
Page 31 and 32: Northrop Grumman Pension Plan -Earl
Page 33 and 34: Special Layoff Provision*• If you
Page 35 and 36: Northrop Grumman Benefits Center (N

Severance and Grumman Heritage Retirement ... - Benefits Online

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