Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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Huntington Ingalls Industries Savings Plan SPD March 2011 Your Contributions to the Savings Plan How Much You Can Contribute As a participant in the Savings Plan, you may contribute between 1% and 75% of your eligible compensation in 1% increments. For exceptions, see ―Contributions for Highly Compensated Employees (HCEs).‖ You may contribute in one of three ways, or any combination of all three options: • Before taxes are withheld from your paycheck, called tax-deferred contributions • After taxes are withheld from your paycheck, through ―regular‖ after-tax contributions • After taxes are withheld from your paycheck, through Roth 401(k) contributions 20
Huntington Ingalls Industries Savings Plan SPD March 2011 Your Contributions at a Glance The chart below and on the following pages provides a comparison of the three contribution options available under the Savings Plan: tax-deferred contributions, after-tax contributions, and Roth 401(k) contributions. For comparative, purposes information about Roth Individual Retirement Account (IRA) contributions is also provided. Contribution Types Contribution Limits Catch-Up Eligible Huntington Ingalls Industries Savings Plan Contribution Options Roth IRA 1 Tax-deferred After-tax Roth 401(k) Contributions are made on a beforetax basis and reduce current taxable income • 1% to 75% 2 of your eligible compensation (combined with after-tax and Roth 401(k) contributions) • $16,500 in 2011 (combined with Roth 401(k) contributions) Yes. May be able to contribute up to an additional $5,500 in 2011 (combined with Roth 401(k)) Contributions are made on an aftertax basis and do not reduce current taxable income • 1% to 75% 2 of your eligible compensation (combined with tax-deferred and Roth 401(k) contributions) Not applicable Contributions are made on an aftertax basis and do not reduce current taxable income • 1% to 75% 2 of your eligible compensation (combined with tax-deferred and after-tax contributions) • $16,500 in 2011(combined with taxdeferred 401(k) contributions) Yes. May be able to contribute up to an additional $5,500 in 2011 (combined with tax-deferred 401(k)) Contributions are made on an aftertax basis and do not reduce current taxable income $5,000 in 2011 (combined with traditional IRA contributions) Up to an additional $1,000 in 2011(combined with traditional IRA contributions) 1 Roth IRA information is provided for comparative purposes only. You cannot contribute to a Roth IRA through the Savings Plan. For more information about the Roth IRA, see your tax advisor. 2 35% if you are considered a highly compensated employee (HCE) under IRS guidelines. Pay above $245,000 cannot be contributed to the Savings Plan. In addition, the maximum combined contribution that can be made to your account by you and Huntington Ingalls Industries during the year is 100% of your compensation (as defined under Section 415 of the Internal Revenue Code) or $49,000 ($54,500 if you are 50 or older), whichever is less. 21
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Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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