Huntington Ingalls Industries Savings Plan ... - Benefits Connect

Huntington Ingalls Industries
Savings Plan SPD
March 2011
Naming Your Beneficiary
When you enroll in the Savings Plan, you need to designate a primary beneficiary(ies) —
the individual(s), estate, or trust that will receive your Savings Plan benefits in the event
of your death. You can also name other beneficiaries — called contingent beneficiaries —
who will receive your account balance if you and your primary beneficiary(ies) die before
receiving your Savings Plan benefits.
If your account balance was transferred to this Plan from the Northrop Grumman Savings
Plan (NGSP) within 45 days of the Spin-Off, your beneficiary designation under the
NGSP will be effective under this Plan. You are encouraged to periodically review your
beneficiary designation.
Primary beneficiary — Anyone listed as a primary beneficiary receives your plan
benefits first upon your death. If you name more than one primary beneficiary when you
enroll, you must indicate the percentage of your Savings Plan account balance that each
beneficiary will receive in the event of your death. If any primary beneficiary dies before
you, his or her percentage is divided equally among the surviving primary beneficiaries (if
any). If all primary beneficiaries die before you, then your plan benefits are paid to your
contingent beneficiaries who survive you. If no contingent beneficiaries are named, or
they die before you, your benefits will be paid to your surviving spouse, if any, or to your
estate.
Contingent beneficiary — Anyone listed as a contingent beneficiary receives your plan
benefits only if all of your primary beneficiaries are deceased at the time of your death. If
more than one person is designated as a contingent beneficiary, then each one receives
the percentage you designate. If any contingent beneficiary dies before you, his or her
percentage is divided equally and paid to the surviving contingent beneficiaries. If there
are no surviving contingent beneficiaries, your benefit is paid to your surviving spouse, if
any, or to your estate.
Estate or trust as beneficiary — If an estate or trust is designated as beneficiary, the
Plan Administrator and its agents have no obligation to determine the validity or
sufficiency of any executed estate or trust agreement, or to pass judgment on its legality.
In making any payment to a trustee, the Plan Administrator and its agents have the right
to assume that the trustee is acting in a fiduciary capacity until notice to the contrary is
received. The Plan Administrator and its agents are not liable for any payments made to
the trustee prior to their receipt of such notice.
If you are single, you must complete a form that indicates your single status. You can
name any individual(s) or trust as a beneficiary. If you do not choose a beneficiary, your
beneficiary is your estate.
If you are married, your beneficiary automatically is your spouse. However, if you want
to designate someone other than your spouse as your primary beneficiary, your spouse
must sign the Plan’s beneficiary designation form (which will be mailed to you at your
request), and his or her signature must be notarized.
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