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

More documents

Recommendations

Info

HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan Summary Plan Description March 2011 Example 4 ⎯ FSSP: Not Transferred/After-Tax Deposits: Withdrawn This option assumes you do not roll over your pre-tax FSSP Retirement Account balance to the Plan and you withdraw your after-tax contributions (with interest) from the Plan. Your “FSSP: Not Transferred/After-Tax Deposits: Withdrawn” Plan benefit would be determined as follows. First, we calculate your maximum benefit as the greater of: • 70% x ($7,000) = $4,900.00 annually plus OR $11 x 108 months = $1,188.00 annually • 70% x ($67,000 + $5,000) = $50,400.00 annually equals • Total maximum benefit = $55,300.00 Then, we determine the annuity equivalents of your pre-tax FSSP Retirement Account balance ($125,000 from the “Assumptions”) and your withdrawn after-tax contributions with 5% interest ($28,000 from the “Assumptions”), and subtract them from your total maximum benefit: • Annuity equivalent of pre-tax FSSP Retirement Account balance $125,000 x 0.1007 = $12,587.50 • Annuity equivalent of after-tax contributions with 5% interest $28,000 x factor of 0.0848 = $2,374.40 • Total maximum benefit of $55,300 minus Annuity equivalent of pre-tax Retirement Account balance of $12,587.50 minus Annuity equivalent of withdrawn after-tax contributions of $2,374.40 = $40,338.10 To determine your monthly benefit, divide your annual benefit by 12. Because in this example you are withdrawing your after-tax contributions to the Plan, you will receive two payments ⎯ the benefit shown above and a single lump payment of your after- 13048086v.6 17
HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan Summary Plan Description March 2011 tax contributions with interest. Also, your pre-tax Retirement Account balance of $125,000 will be paid according to the FSSP plan rules and your instructions. 13048086v.6 18
Page 1 and 2: HII Ingalls Shipbuilding Inc. Hourl
Page 17: HII Ingalls Shipbuilding Inc. Hourl
Page 45: HII Ingalls Shipbuilding Inc. Hourl

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?