Eligible the 1st of the quarter after 1 year of service and age 21. Noncontributory plan allocates shares of Northern Trust Corporation stock to eligible partners. The formula is based on length of service and salary. Retirement Plan Changes - Beginning in 2002, coverage under Northern's retirement plans will begin on the 1st of the month after 6 months of service, with no minimum age requirement. A percentage of your pay will accrue for each year of service.
Annual accruals increase with service.
The benefit you will receive is expressed as a lump sum, which is the sum of all of your annual accruals times the average of your highest consecutive five years of pay. You are vested after completing 5 years of service. A Broad-Based Stock Option plan will be introduced. Starts the 1st of the month after hire date. Optional contributory coverage is available up to 5x covered pay.