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 />
<strong>Huntington</strong> <strong>Ingalls</strong> <strong>Industries</strong> Retirement Account Contributions<br />
Retirement Account contributions are made each pay period to employees who are not<br />
actively accruing a benefit in any qualified pension program of <strong>Huntington</strong> <strong>Ingalls</strong><br />
<strong>Industries</strong> and who are:<br />
Eligible to participate in the <strong>Huntington</strong> <strong>Ingalls</strong> <strong>Industries</strong> <strong>Savings</strong> <strong>Plan</strong>;<br />
Hired or rehired¹ on or after March 31, 2011; and<br />
Employed in a business unit that provides <strong>Huntington</strong> <strong>Ingalls</strong> <strong>Industries</strong><br />
Retirement Account Contributions.<br />
The contributions you receive are a percentage of your eligible compensation, based on<br />
your age on December 31 of the year for which the contributions are made, as shown in<br />
the table below.<br />
Age<br />
Percentage of Your Eligible Compensation<br />
Under 35 3%<br />
35 to 49 4%<br />
50 and older 5%<br />
¹Ineligible rehires include:<br />
Employees laid off and rehired back within 2 years.<br />
Employees terminated after attaining early retirement eligibility in the <strong>Huntington</strong> <strong>Ingalls</strong> <strong>Industries</strong> Cash<br />
Balance Program and rehired within 2 years.<br />
Employees who accrue a benefit under the Officers Supplemental Executive Retirement <strong>Plan</strong> II.<br />
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