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

HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan
Summary Plan Description
March 2011
If You Die Before Benefit Payments Begin
Married Participants
If you die after your benefit is vested (partially or fully) but before your retirement benefit
commences, your spouse will be eligible for a pre-retirement death benefit from the Plan.
If your death occurred before December 31, 2004, your eligible spouse is the individual to
whom you have been married for at least one year as of the date of your death.
If your death occurs on or after December 31, 2004, your eligible spouse is the individual
to whom you are married at the time of your death — there is no one-year requirement.
Your spouse’s eligibility for the pre-retirement death benefit remains in effect whether or not
you leave the Company, but will end on the earliest of:
• Your retirement date
• The date on which you no longer have a legal eligible spouse.
A former spouse can be deemed an eligible spouse for all or part of any pre-retirement
spouse benefit from the Plan, if provided under a Qualified Domestic Relations Order
(QDRO).
Pre-retirement Death Benefit
If you die before your benefit payments are scheduled to begin, your spouse’s benefit is
equal to the total amount that would have been paid to you had you elected the 100% joint
and survivor annuity form of payment.
If your spouse is your beneficiary for your FSSP Retirement Account and your after-tax
contributions, then your spouse’s benefit will be based on the decision he/she makes with
regard to your after-tax contributions and pre-tax FSSP Retirement Account balance as
outlined under “Benefit Amount for Normal Retirement.”
Generally, the amount of the benefit paid to your spouse will be based on your age, after-tax
contributions, pre-tax deposits, vesting service, points and benefit service at the time of your
death. In addition, if your spouse elects to commence the benefit before the date you would
have attained normal retirement age, the Plan’s early or deferred vested retirement factors
will be applied.
Duration of Benefit
Your spouse’s benefit is payable monthly for the duration of his or her life. When your spouse
dies, if the amount of your after-tax contributions (with interest) and/or pre-tax FSSP
Retirement Account balance remaining in the Plan* is greater than the total benefit paid to
your surviving spouse as an annuity, the excess amount is paid as a lump sum to your
spouse’s estate. No other payments are made from the Plan.
* If you designate someone other than your spouse as your beneficiary for your after-tax contributions
or your pre-tax FSSP Retirement Account, or if your spouse elects to withdraw these contributions
prior to receiving a pre-retirement death benefit, then the provisions in this paragraph will not apply
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