HII Ingalls Shipbuilding Inc. Hourly Employees ... - Benefits Connect

HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan
Summary Plan Description
March 2011
* If you terminate employment on or before March 4, 2007, 70% is replaced with 65%. However, if you
are rehired on or after March 4, 2007, the 70% will apply to any after-tax contributions repaid to the
Plan subsequent to your rehire, and to any after-tax contributions to the Plan and pre-tax deposits to
the FSSP Retirement Account that you did not withdraw prior to March 4, 2007.
This formula assumes you roll over your pre-tax FSSP Retirement Account deposits to the
Plan and do not withdraw any of your after-tax contributions (with interest) from the Plan
(producing your “FSSP: Transferred In/After-Tax Deposits: Not Withdrawn” benefit). If you do
not roll over your pre-tax FSSP Retirement Account deposits and/or you withdraw your aftertax
contributions, your monthly benefit will be reduced by:
• The annuity equivalent of any withdrawn/distributed after-tax contributions with 5%
interest
• The annuity equivalent of your pre-tax FSSP Retirement Account balance that has not
been rolled over to the Plan.
Normal Retirement Benefit Examples
See the examples that follow. Although these illustrations use full years of age and service,
your retirement benefit will be based on your actual years and months of age and service at
the time of your retirement. These examples are based on the “straight life annuity” form of
payment.
Assumptions
Let’s assume your termination date is January 31, 2008, your retirement date is February 1,
2008, and you retire at age 65 with 30 years of service.
• Benefit service as of January 31, 1987: 9 years (or 9 x 12 = 108 months of benefit
service)
• After-tax contributions:
⎯ Total: $12,000
⎯ As of January 31, 1987: $7,000
⎯ On or after February 1, 1987: $5,000
• After-tax contributions with 5% interest at January 31, 2008: $28,000
• Pre-tax FSSP Retirement Account deposits: $67,000
• Pre-tax FSSP Retirement Account balance at January 31, 2008: $125,000
These examples demonstrate the benefit amount under each of the four formulas described
under “Benefit Amount for Normal Retirement.”
Example 1 ⎯ FSSP: Transferred In/After-Tax Deposits: Not Withdrawn
This option assumes you roll over your pre-tax FSSP Retirement Account balance to the
Plan and do not withdraw your after-tax contributions (with interest) from the Plan. Your
“FSSP: Transferred In/After-Tax Deposits: Not Withdrawn” Plan benefit would be determined
as follows.
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