Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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Huntington Ingalls Industries Savings Plan SPD March 2011 2011 IRS Plan Contribution Limits • If you are under age 50, you may contribute a maximum of $16,500 in tax-deferred and/or Roth 401(k) contributions combined. If you will be 50 or older by the end of 2011 you may make additional tax-deferred and/or Roth 401(k) catch-up contributions up to a maximum of $5,500 for a total of $22,000 ($16,500 + $5,500) • If you reach the combined tax-deferred and Roth 401(k) contribution limit ($16,500 or $22,000 based on your age as described above), your combined tax-deferred and Roth 401(k) contributions automatically switch to after-tax contributions, and you continue to receive company matching contributions based on your Savings Plan subplan. Your contributions automatically will switch back to your previously elected contribution type (tax-deferred and/or Roth 401(k)) the following year unless you make an affirmative election to continue after-tax deductions. • The total annual amount of eligible compensation on which your Savings Plan contributions may be based is your first $245,000 of compensation. Pay above this limit cannot be considered. • 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 described under Section 415 of the Internal Revenue Code) or $49,000 ($54,500 if you are 50 or older), whichever is less. Your Savings Plan contributions may have to be adjusted if you reach any of these limits or if you participated in another plan during the year. (See ―If You Participated in Another Employer’s Savings Plan‖ or ―If You Participated in Another Huntington Ingalls Industries 401(k) Plan Before Joining the Huntington Ingalls Industries Savings Plan.‖) In addition, if you are a highly compensated employee (HCE), you may receive a refund of contributions if the Plan does not pass IRS-mandated nondiscrimination tests. If you participated in the Northrop Grumman Savings Plan during 2011, your contributions and covered compensation under that plan apply against the dollar amounts described above. Plan limits may change every year. Refer to HII Benefits Connect for the most up-to-date information. 24
Huntington Ingalls Industries Savings Plan SPD March 2011 How Much Are You Allowed To Save in 2011 Under Age 50 Age 50 or Older Your contribution limit (tax-deferred, after-tax and/or Roth 401(k) contributions) 75% of pay 1,2 75% of pay 1,2 + $5,500 in catch-up contributions Your tax-deferred and/or Roth 401(k) contribution limit Limit on total contributions (your taxdeferred, after-tax and Roth 401(k) contributions plus Huntington Ingalls Industries’ contributions) Maximum of $16,500 100% of annual pay or $49,000, whichever is less Additional $5,500 in catch up contributions, for a maximum of $22,000 100% of annual pay or $54,500 ($49,000 + $5,500 in catch-up contributions), whichever is less 1 You are allowed to contribute above the Plan’s contribution limit to reach the catch-up contribution limit (for example, if you are considered a highly compensated employee, you can contribute above the Plan’s 35% contribution limit). If this applies to you, call the HIBC to request a higher contribution limit. 2 If you are a highly compensated employee as defined by the IRS, you can save up to 35% of your pay in the Savings Plan. This contribution rate may change periodically. Catch-Up Contributions for Participants Age 50 and Older If you are at least age 50 by the end of the calendar year, you are eligible to make an additional tax-deferred and/or Roth 401(k) ―catch-up‖ contribution of $5,500 to the Savings Plan. Huntington Ingalls Industries matches your catch-up contributions at the same rate as your regular Savings Plan contributions. If you are eligible to make catch-up contributions, your tax-deferred and/or Roth 401(k) contributions automatically continue until you reach the $22,000 tax-deferred contribution limit for participants age 50 or older ($16,500 + $5,500 in catch-up contributions). Then, your contributions automatically switch to after-tax contributions (and you continue to receive matching contributions from Huntington Ingalls Industries based on your Savings Plan sub-plan). Contributions for Highly Compensated Employees (HCEs) If you are considered a highly compensated employee (HCE) as defined by the IRS, you may contribute between 1% and 35% of your pay to the Huntington Ingalls Industries Savings Plan. You are considered highly compensated in 2011 if your gross compensation was more than $110,000 in 2010. Please keep in mind that this dollar amount (sometimes referred to as the salary threshold) will change periodically. 25
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