As part of Northrop Grumman’s commitment to help you meet your financial goals, a new Roth in-plan conversion option has been added to the Northrop Grumman Savings Plan effective Nov. 2, 2020.
What is a Roth in-plan conversion? An opportunity to convert non-Roth assets in your Northrop Grumman Savings Plan (NGSP) account into a designated Roth account within the NGSP. Most vested assets, including pre-tax savings, after-tax savings, and most company contributions, as well as related earnings, may be eligible for conversion.
Special tax rules apply to the Roth in-plan conversion option and are an important consideration in determining whether to do such a conversion. You are encouraged to consult your tax advisor for assistance in deciding whether a conversion to Roth is right for you.
To learn more about the benefits of this new offering, you may contact the Northrop Grumman Benefits Center at 800-894-4194 or log into netbenefits.com/northropgrumman. A list of frequently asked questions pertaining to the Roth in-plan conversion feature is also available.