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 Overview of the Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan Eligibility You are eligible for the Plan if you are on the payroll as a common law employee and represented by one of the following unions participating in the Plan: • Metal Trades Department AFL-CIO Pascagoula Metal Trades Council • The Office Employees International Union AFL-CIO Local No. 204 • The International Brotherhood of Electrical Workers Local No. 733 • Mississippi Gulf Coast Independent Union of Guards & Watchmen Local No. 1 • International Association of Machinists and Aerospace Workers, AFL-CIO, Lodge 1133 (Department 33, Non-Destructive Test; Department 29, Hydraulics Pre-Test) • United Federation of Security Officers – Local No. 665. The following types of employees are not eligible to participate in the Plan: • Employees covered by a collective bargaining agreement that does not provide for participation • Leased employees • Nonresident aliens (non-U.S. citizens who reside abroad) • Employees on international payrolls • Individuals not treated as common law employees on payroll records. If you meet the eligibility criteria above, you will become a participant in the Plan when you contribute at least 1% of your pre-tax pay to the FSSP Retirement Account. Your participation in the FSSP Retirement Account may create a pension benefit from the Plan. Participation If eligible, you are a participant in the Plan if: • Prior to June 1, 1993: You contributed after-tax dollars to the Plan (employee contributions were mandatory to accrue a Plan benefit) • June 1, 1993 to Present: You deposit at least 1% of your pre-tax pay to the FSSP Retirement Account. Your maximum annuity benefit from the Plan is based on both your after-tax contributions to the Plan and pre-tax deposits to the FSSP Retirement Account. 13048086v.6 5
HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan Summary Plan Description March 2011 Contributions Your Contributions to the Plan Prior to June 1, 1993, after-tax employee contributions were mandatory to accrue a Plan benefit. Effective June 1, 1993, the Plan was integrated with the FSSP. As a result, in order to participate in the Plan, you must elect to contribute from 1% to 4% of your eligible compensation to the FSSP Retirement Account on a pre-tax basis. After-tax contributions are no longer required or allowed*. * If you are on a Company-approved leave of absence, including union leave, you can make after-tax contributions to the Plan. Interest Earnings on Your Contributions Your after-tax contributions to the Plan are credited with interest in the following amounts: • Through December 31, 1974: 4% interest • January 1, 1975 through December 31, 1987: 5% interest • On or after January 1, 1988: Greater of 5% per year or 120% of each year’s Federal Mid-term Rate on the amount of your contributions plus interest as of December 31, 1987. Earnings on the amount of your pre-tax deposits to the FSSP Retirement Account are equal to the greater of: • Actual earnings on the amount of your deposits • Interest at 5% compounded annually. Contribution Decisions and Your Benefit Amount You will receive the maximum benefit from the Plan when you leave the Company if, at retirement, you: • Leave your after-tax contributions in the Plan, and • Roll over your pre-tax FSSP Retirement Account balance to the Plan. You will receive a reduced benefit (or potentially no benefit) if you: • Withdraw your after-tax contributions from the Plan, and/or • Do not roll over your pre-tax FSSP Retirement Account balance to the Plan upon retirement. Refund of Your Contributions You can receive a refund of your after-tax contributions to the Plan when you leave the Company. For details, see “Refund of Your After-Tax Contributions” at the end of the “Payment Options” section. 13048086v.6 6
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HII Ingalls Shipbuilding Inc. Hourly Employees ... - Benefits Connect

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