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

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HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan Summary Plan Description March 2011 Table of Contents Introduction ..................................................................................................................... 3 Your Benefit at Retirement .............................................................................................. 4 Overview of the Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan.............. 5 Eligibility ........................................................................................................................ 5 Participation ................................................................................................................... 5 Contributions ................................................................................................................... 6 Your Contributions to the Plan ........................................................................................ 6 Interest Earnings on Your Contributions .......................................................................... 6 Contribution Decisions and Your Benefit Amount............................................................. 6 Important Pension Concepts ........................................................................................... 7 Vesting and Vesting Service ........................................................................................... 7 Benefit Service ............................................................................................................... 8 Points Service ................................................................................................................ 8 Union Leave of Absence ................................................................................................ 8 Breaks in Service and Restoration of Service .................................................................. 8 Pension-Eligible Compensation .................................................................................... 10 Non-Duplication of Benefits .......................................................................................... 10 Applying for Your Benefit .............................................................................................. 11 Normal Retirement ......................................................................................................... 13 Eligibility for Normal Retirement .................................................................................... 13 Benefit Amount for Normal Retirement .......................................................................... 13 Normal Retirement Benefit Examples............................................................................ 14 Early Retirement ............................................................................................................ 19 Eligibility for Early Retirement ....................................................................................... 19 Early Retirement Benefit ............................................................................................... 19 Early Retirement Benefit Examples ............................................................................... 19 Deferred Vested Benefits ............................................................................................... 25 Eligibility for Deferred Vested Benefits .......................................................................... 25 Benefit Amount for Deferred Vested Benefits ................................................................ 25 Disability Benefits .......................................................................................................... 26 Benefit Amount ............................................................................................................ 26 Commencement Date .................................................................................................. 26 13048086v.6 1
HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan Summary Plan Description March 2011 If You Die Before Benefit Payments Begin .................................................................... 27 Married Participants ..................................................................................................... 27 Unmarried Participants ................................................................................................. 28 If You Die After Payments Begin: Supplemental Post-Retirement Death Benefit ........ 29 Eligibility ...................................................................................................................... 29 Benefit Amount ............................................................................................................ 29 Payment Options ........................................................................................................... 30 Spousal Consent.......................................................................................................... 30 Forms of Payment ........................................................................................................ 30 Refund of Your After-Tax Contributions ......................................................................... 35 Tax Considerations........................................................................................................ 36 Maximum Benefits for Tax Purposes ............................................................................. 36 When You Pay Taxes ................................................................................................... 36 General Plan Information ............................................................................................... 37 Facility of Payment ....................................................................................................... 37 Payment of Benefits to Alternate Payees ...................................................................... 37 Top Heavy Rules ......................................................................................................... 37 Loss of Benefits ........................................................................................................... 37 Your ERISA Rights....................................................................................................... 38 Prudent Actions by Plan Fiduciaries .............................................................................. 38 Enforcing Your ERISA Rights ....................................................................................... 39 Assistance with Your Questions .................................................................................... 39 Discretionary Authority of Plan Administrator ................................................................. 40 Incorrect Payment of Benefits ....................................................................................... 40 Claims and Appeals Processes .................................................................................... 40 Pension Benefit Guaranty Corporation (PBGC) ............................................................. 42 Funding and Plan Assets .............................................................................................. 42 About this Guide and the Plan Documents .................................................................... 42 Future of the Program .................................................................................................. 44 Contact Information ...................................................................................................... 44 13048086v.6 2
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HII Ingalls Shipbuilding Inc. Hourly Employees ... - Benefits Connect

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