As a recruiter a lot of my clients come to me asking about their benefits. My Northrop Grumman clients specifically have been asking me about survivor benefits recently. I can't blame them, were all a little nervous about the Coronavirus and we would like to make sure our loved ones are taken care of after we're gone.
So I did some research and here is what I found in regard to Northrop Grumman Survivor benefits:
What your survivor needs to do
Report your death. Your spouse, a family member or even a friend should call the NGC Benefits Service Center as soon as possible to report your death.
Collect life insurance benefits. Your spouse or other named beneficiary will need to call the NGC Benefits Service Center to collect life insurance benefits.
If you have a joint pension
Start the joint pension payments. The joint pension is not automatic. Your joint pensioner will need to complete and return the paperwork from the NGC Pension Call Center to start receiving joint pension payments.
Be prepared financially to cover living expenses. Your spouse will need to be prepared with enough savings to bridge at least one month between the end of your pension payments and the beginning of his or her own pension payments.
If your survivor has medical coverage through NGC
Decide whether to keep medical coverage.
If your survivor is enrolled as a dependent in NGC-sponsored retiree medical coverage when you die, he or she needs to decide whether to keep it. Survivors have to pay the full monthly premium.
If you have any further questions reach out to us at Techstaffer.
If you want to find out life after NGC, visit https://techstaffer.blog/2020/01/03/life-after-ngc-why-would-i-work/
If you have questions about your NGC benefits, visit https://techstaffer.blog/2020/03/12/ngc-knowing-your-benefits-package/
If you want to learn about borrowing from your 401(k), visit: https://techstaffer.blog/2020/03/09/need-cash-consider-401k-in-service-withdrawals-borrowing-3/
Sources:
The Retirement Group or www.theretirementgroup.com
“Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
“Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.
