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

HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan
Summary Plan Description
March 2011
Important Pension Concepts
The following basic pension plan concepts are necessary to understand the Plan’s benefit.
Vesting and Vesting Service
Vesting service is used only to determine if you have a right to a vested or deferred vested
benefit (see “Deferred Vested Benefits”). Generally, your vesting service includes
employment with any member of the Company, subject to legal limitations. If you need help
determining if your business unit is part of the Company, call the HIBC.
Your vesting service equals:
• For service before June 1, 1993: One full month for each month (or partial month) in
which you made after-tax contributions to the Plan, and
• For service on or after June 1, 1993: One full month for each month (or partial month),
beginning on your date of hire, for which you are paid (or are entitled to be paid) by the
Company for service performed while covered by the Plan.
If you were absent due to a disability, vacation, medical leave, layoff, or similar reason, and
you returned to work within the 12 calendar months following your first day of absence, you
will earn vesting service for your period of absence. If you were absent due to a military
leave, you will earn vesting service for your period of absence, provided you return
to active employment in a timely manner following an honorable discharge.
You become vested in the portion of your benefit that is provided by the Company based on
a vesting schedule, as determined by your termination date (see “Vesting Schedules” below).
You also become fully vested in your Company-provided benefit when you reach normal
retirement age, regardless of years of service. You are always 100% vested in your own
contributions to the plan.
Vesting Schedules
If you terminate on or after January 1, 2000, your Company-provided benefit* is subject to
the following three-year vesting schedule:
Years of vesting service Percentage of Company-provided benefits in
which you are vested
Less than 2 years 0%
2 years but less than 3 years 50%
3 or more years 100%
If you terminated prior to January 1, 2000, your Company-provided benefit* is subject to the
following seven-year vesting schedule:
Years of vesting service Percentage of Company-provided benefits in
which you are vested
Less than 3 years 0%
3 years but less than 4 years 20%
4 years but less than 5 years 40%
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