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 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% 13048086v.6 7
HII Ingalls Shipbuilding Inc. Hourly Employees’ Retirement Plan Summary Plan Description March 2011 5 years but less than 6 years 60% 6 years but less than 7 years 80% 7 or more years 100% * Your Company-provided benefit is the benefit payable to you if you withdraw your after-tax contributions and you do not roll over your pre-tax FSSP Retirement Account balance. Benefit Service Prior to February 1, 1987, benefit service was used to determine the amount of your benefit. You received credit for one full month of benefit service for each month (or partial month) from your date of hire through January 31, 1987, excluding periods during which you made no after-tax contributions to the Plan after July 15, 1967. In addition, you did not receive credit for benefit service during periods of leave and layoff prior to July 15, 1967. No benefit service is credited after January 31, 1987. Points Service Points service is used to determine your eligibility for the early retirement benefits offered under the 80-point rule (see the “Early Retirement” section). Points service is equal to vesting service (after June 1, 1993). For service prior to June 1, 1993, please contact the HIBC. Union Leave of Absence If you are on a Company-approved union leave of absence, you will continue to accrue vesting and points service for each month in which you make contributions to the Plan. Breaks in Service and Restoration of Service A break in service occurs when you are no longer working for the Company for a period of at least 12 consecutive months. Your break in service begins on the: • Day after you terminate your employment with the Company • First anniversary of an absence due to disability, vacation, leave (other than military leave to the extent required by the Plan), layoff or similar reason • Second anniversary of an absence due to: ⎯ Pregnancy ⎯ Birth of a child of the individual ⎯ Placement of a child within your home for adoption ⎯ Caring for a child for a period immediately following birth or placement for adoption ⎯ Any other period of leave recognized under the Family and Medical Leave Act of 1993. Your break in service ends on the day you return to active work and perform an hour of service. Service Forfeited 13048086v.6 8
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