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 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 13048086v.6 27
HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan Summary Plan Description March 2011 (because these contributions did not remain in the Plan after the commencement of your spouse’s benefit). Unmarried Participants If you are not married and you die before your retirement benefit commences, your after-tax contributions (with interest) will be paid as a lump sum to your designated beneficiary on file. If you have no designated beneficiary, the lump sum distribution will be paid to your estate. Heroes Earnings Assistance and Relief Tax Act of 2008 To the extent permitted under the Heroes Earnings Assistance and Relief Tax Act of 2008, if you die during a period of qualifying military service, your beneficiary will be entitled to any additional benefits, other than benefit accruals, as if you were reemployed on the date immediately preceding your death and then terminated employment on the date of your death. Further, if you become totally and permanently disabled or die during a period of qualifying military service, your benefit will include the service for benefit accrual purposes that you would have received if you were reemployed by the Company on the date immediately preceding your disability or death, as applicable, and terminated employment on the date of your disability or death. 13048086v.6 28
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HII Ingalls Shipbuilding Inc. Hourly Employees ... - Benefits Connect

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