Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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Huntington Ingalls Industries Savings Plan SPD March 2011 • Serve on active or inactive duty by a branch of the U.S. uniformed services for training or other reasons • Provide your business unit with advance notice of your leave, in accordance with its procedures • Be released from active service with an honorable discharge • Report back to work in a timely manner (in accordance with federal law) after completing your service. The election period for make-up contributions begins on the date that you return to work at Huntington Ingalls Industries and ends on the earlier of: • Five years after the date you return to work, or • A period that equals three times your military leave of absence period. For example, if your leave of absence lasts six months, your election period is 18 months. There are exceptions to these rules. For purposes of make-up contributions under the Savings Plan, a branch of the U.S. uniformed services means: • U.S. Army, U.S. Air Force, U.S. Navy, U.S. Marine Corps, U.S. Coast Guard, and their reserve units • Army National Guard • Air National Guard • Commissioned corps of the U.S. Public Health Service. If you become disabled or die during a military leave of absence, Huntington Ingalls Industries credits your account with any company matching contributions that you would have been entitled to if you were reemployed on the date immediately preceding your disability or death, and terminated employment on the date of your disability or death. The company matching contributions will be determined based on your average deposits for the 12 months immediately preceding your military leave of absence or, if shorter, your actual continuous period of service with a particular business unit. For more information about eligibility for military leaves of absence, contact Human Resources. If you are interested in make-up contributions, please contact the HIBC at 1- 877-216-3222. Rollover Contributions If you are eligible to participate in the Plan, you can deposit — or roll over — money into the Savings Plan from the following: 28
Huntington Ingalls Industries Savings Plan SPD March 2011 • Former employer’s qualified retirement plan [e.g., 401(k), 403(a), 403(b), and 457 plans] • SIMPLE 401(k) • SIMPLE IRA • SEP IRA • SARSEP IRA • Conduit IRA • Federal Thrift Plan under IRC Section 7701(j). If you retire from Huntington Ingalls Industries, you can also roll over a lump sum pension benefit from eligible sub-plans of the Huntington Ingalls Industries Pension Program. If you participate in an eligible sub-plan, information will be included in your retirement package. To request a rollover into the Savings Plan, simply follow these steps: 1. Log on Your Benefits Resources at http://hiibenefits.com or call the Huntington Ingalls Benefits Center (HIBC) at 1-877-216-3222 to request an incoming rollover form. The form will be mailed to you and includes instructions for submitting a rollover. 2. Complete the rollover form and select the Retirement Path portfolios or Savings Plan investment options for your rollover money. If you do not designate an investment to receive your rollover money, it will be automatically deposited into a Retirement Path portfolio based on your age. 3. Ask the other plan’s administrator for a copy of that plan’s favorable letter of determination from the IRS. Alternatively, you can submit a letter from the other plan administrator certifying that your money accumulated under a qualified retirement plan. If you are rolling money over from an IRA, special certification requirements apply. See the rollover form for instructions. 4. Request a rollover distribution check made payable to ―Huntington Ingalls Industries Savings Plan‖ from the other plan’s administrator. 5. Mail the completed form, check, and supporting documentation to the HIBC. Your distribution check must be made payable to ―Huntington Ingalls Industries Savings Plan‖ and must be deposited into the Savings Plan within 60 days of the date you receive it in order to avoid negative tax consequences. If your distribution check is made payable to you (instead of to ―Huntington Ingalls Industries Savings Plan‖), it will be subject to a mandatory 20% federal income tax withholding. Although you can still roll over your distribution, you must make up the 29
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Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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