Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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Huntington Ingalls Industries Savings Plan SPD March 2011 Ability to Contribute Limited by Income Employer Match Huntington Ingalls Industries Savings Plan Contribution Options Roth IRA 1 Tax-deferred After-tax Roth 401(k) No No No Yes, if adjusted gross income exceeds $105,000 (single) or $167,000 (married filing jointly) 3 Roth IRA conversions are no longer limited by income, effectively eliminating the income limits on contributions to Roth IRAs. Eligible for Huntington Ingalls Industries match – based on your sub-plan (match and associated earnings are taxable upon distribution) Eligible for Huntington Ingalls Industries match – based on your sub-plan(match and associated earnings are taxable upon distribution) Eligible for Huntington Ingalls Industries matchbased on your sub-plan (match and associated earnings are taxable upon distribution) Not applicable 3 2011 limitations 22
Huntington Ingalls Industries Savings Plan SPD March 2011 Taxation at Distribution Required Distributions Huntington Ingalls Industries Savings Plan Contribution Options Roth IRA 1 Tax-deferred After-tax Roth 401(k) Contributions and earnings taxable at time of distribution Generally, distributions must begin no later than April 1 st following the later of the year you turn 70½ or retire Only earnings taxable at time of distribution Distributions will come from contribution types and earnings on a prorated basis Generally, distributions must begin no later than April 1 st following the later of the year you turn 70½ or retire If a ―qualified‖ distribution, contributions and associated earnings are not taxable at time of distribution A distribution is ―qualified‖ if Roth account is at least 5 years old and distribution is on account of attainment of age 59½ or older, death, or disability Nonqualified distributions will come from contribution types and earnings on a prorated basis Generally, distributions must begin no later than April 1 st following the later of the year you turn 70½ or retire If a ―qualified‖ distribution, contributions and associated earnings are not taxable at time of distribution A distribution is ―qualified‖ if the oldest Roth account is at least 5 years old and distribution is on account of attainment of age 59½ or older, death, disability, or 1 st time home purchase (up to $10,000) Contributions can be distributed tax free at anytime (i.e., entire basis can be depleted before earnings) None Federal law limits the dollar amount you and Huntington Ingalls Industries may contribute to the Savings Plan. These limits are determined by the Internal Revenue Service (IRS) and may change from year to year. 23
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