Huntington Ingalls Industries Savings Plan ... - Benefits Connect
Huntington Ingalls Industries Savings Plan ... - Benefits Connect
Huntington Ingalls Industries Savings Plan ... - Benefits Connect
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<strong>Huntington</strong> <strong>Ingalls</strong> <strong>Industries</strong><br />
<strong>Savings</strong> <strong>Plan</strong> SPD<br />
March 2011<br />
CC<br />
100% of the first 2% and 50% of the next 2% of your tax-deferred, Roth<br />
401(k) and after-tax contributions<br />
* For details, see the following section, ―Company Matching Contributions in Sub-<strong>Plan</strong> A.‖<br />
To receive the maximum available company matching contribution, you must<br />
contribute enough to qualify each pay period. If you reduce your contributions below<br />
that percentage or stop your contributions during the year, you cannot ―catch up‖ by<br />
contributing a higher percentage later in the year.<br />
For example, assume you are in sub-plan A. In sub-plan A, you must contribute 8% of<br />
your eligible compensation each pay period to receive the maximum company matching<br />
contribution. If you contribute 4% during the first six months of the year and then increase<br />
your contribution to 12% for the last six months, you do not receive the maximum<br />
company matching contribution for the year because you did not contribute 8% (the full<br />
percentage required) each pay period.<br />
Consult your tax advisor to make the most of your company matching contribution,<br />
particularly if you are a highly compensated employee and subject to certain contribution<br />
limits (see ―2011 IRS <strong>Plan</strong> Contribution Limits‖).<br />
In certain cases, federal law limits the amount of contributions <strong>Huntington</strong> <strong>Ingalls</strong><br />
<strong>Industries</strong> can make, as explained in the section ―2011 IRS <strong>Plan</strong> Contribution<br />
Limits.‖<br />
Company Matching Contributions in Sub-<strong>Plan</strong> A<br />
In sub-plan A, you receive a company matching contribution based on the first 8% of your<br />
tax-deferred, Roth 401(k) and after-tax contributions. <strong>Huntington</strong> <strong>Ingalls</strong> <strong>Industries</strong><br />
matches:<br />
• 100% of the first 2% of your contribution ($1 for $1 on the first 2%)<br />
• 50% of the next 2% of your contribution ($.50 on the $1 on the next 2%)<br />
• 25% of the next 4% of your contribution ($.25 on the $1 on the next 4%).<br />
The chart below describes how the company matching contribution works, based on how<br />
much you contribute.<br />
Company Matching Contribution<br />
Your<br />
Contribution<br />
As a Percentage of<br />
Your Contribution<br />
On the Dollar<br />
As a Percentage of<br />
Your Eligible<br />
Compensation<br />
1.0% 100% $1 for $1 1.00%<br />
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