Severance and Grumman Heritage Retirement ... - Benefits Online

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Northrop GrummanPension Program• Effective 7/1/03 most historical pension plans wereamended to incorporate a cash balance feature.• Your benefit at retirement may consist of up to 3 partsdepending on your historical plan (if any) and when youbecame eligible to participate.– Part A: the historical benefit earned prior to the Programeffective date– Parts B or C: transition benefits– Part D: the benefit earned under the cash balance featureonly26
Heritage Grumman Retirement BenefitsPart APart B5-Year TransitionBenefitPart DYour benefitunder yourhistoricalplanformulathrough6/30/03Your benefitunder thecash balanceformulabeginning07/01/08Your benefit based on a+formula similar to the+ =one under your historicalplan from07/01/03 – 06/30/08orWhichever is greaterPart C5-Year Transition BenefitYour benefit underthe cash balanceformula from07/01/03 – 06/30/08Yourpensionbenefit27
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 and 18: Northrop Grumman Savings Plan• Yo
Page 19 and 20: Northrop Grumman Savings Plan - Tax
Page 21 and 22: Retiree Medical - Heritage Eligibil
Page 23 and 24: Retiree Medical - Special Layoff Pr
Page 25: Retirement Plan OverviewFor Grumman
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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