Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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Huntington Ingalls Industries Savings Plan SPD March 2011 Huntington Ingalls Industries Retirement Account Contributions .............................. 34 DEFINITION OF ELIGIBLE COMPENSATION .............................................................. 35 HOW YOUR ACCOUNT IS VALUED: UNITS AND UNIT VALUES .............................. 38 TRACKING AND MANAGING YOUR ACCOUNT BALANCE ....................................... 39 VESTING ....................................................................................................................... 40 LOANS .......................................................................................................................... 41 Overview .................................................................................................................. 41 Loans Transferred from NGSP ................................................................................. 41 If You Are Considering a Loan ................................................................................. 41 How to Request a Loan ............................................................................................ 42 Required Documentation .......................................................................................... 42 How Much You Can Borrow ..................................................................................... 42 Order in Which Your Account Dollars Will Be Borrowed ........................................... 43 Terms of Your Loan.................................................................................................. 44 Interest Rate and Fees ............................................................................................. 44 Repaying Your Loan................................................................................................. 44 If You Have an Outstanding Loan While on a Leave of Absence .............................. 45 If You Default on Your Loan ..................................................................................... 45 If You Have an Outstanding Loan and You Transfer ................................................ 46 If You Have an Outstanding Loan When Your Employment Ends ............................ 46 WITHDRAWALS ........................................................................................................... 47 Overview .................................................................................................................. 47 How To Request a Withdrawal ................................................................................. 47 Order in Which Account Dollars Are Withdrawn ....................................................... 47 Qualified Roth 401(k) Withdrawals ........................................................................... 49 Partial Withdrawals of Roth 401(k), Roth 401(k) Rollover, After-Tax, Other Rollover, and Company Matching Contributions and Earnings ................................................ 49 Age 59½ Withdrawals .............................................................................................. 50 Withdrawals at Age 70½ .......................................................................................... 50 Hardship Withdrawals .............................................................................................. 50 Qualified Reservist Withdrawals ............................................................................... 53 Military Withdrawals ................................................................................................. 53 RECEIVING YOUR SAVINGS PLAN BENEFITS .......................................................... 54 4
Huntington Ingalls Industries Savings Plan SPD March 2011 When Benefits Are Paid to You ................................................................................ 54 Options for Receiving Your Benefits ......................................................................... 54 Age 70½ Distributions .............................................................................................. 55 How to Request a Distribution of Your Benefits ........................................................ 55 How to Request a Rollover Out of the Plan .............................................................. 56 How to Request an Annuity ...................................................................................... 56 WHAT HAPPENS TO YOUR BENEFIT WHEN YOU DIE ............................................. 57 TAXES AND YOUR SAVINGS PLAN BENEFITS ......................................................... 59 Paying Taxes on Your Savings Plan Benefits ........................................................... 59 Taxes on Withdrawals While You Are Working ......................................................... 60 Taxes on Distributions after Your Employment Ends ................................................ 60 Rollovers .................................................................................................................. 61 Ten-Year Averaging Rules ....................................................................................... 62 Important Note about Taxes ..................................................................................... 62 INVESTING IN THE SAVINGS PLAN ........................................................................... 64 Your Investment Choices ......................................................................................... 64 Allocating Your Investments ..................................................................................... 64 Changing Your Investment Elections ........................................................................ 66 Fiduciary Investment Responsibility ......................................................................... 66 BASICS OF INVESTING ............................................................................................... 70 Overview .................................................................................................................. 70 Diversification ........................................................................................................... 70 Saving Regularly ...................................................................................................... 70 Tax-Deferred Compounding ..................................................................................... 70 Risk and Return ....................................................................................................... 70 Asset Classes .......................................................................................................... 70 Bonds ....................................................................................................................... 71 Stocks ...................................................................................................................... 72 Passively Managed vs. Actively Managed Funds ..................................................... 73 THE RETIREMENT PATH PORTFOLIO INVESTMENT OPTIONS ............................... 74 Your Retirement Path Portfolio Options at a Glance ................................................. 75 Is a Retirement Path Portfolio Right for You ........................................................... 75 THE CORE INVESTMENT FUND OPTIONS ................................................................. 76 5
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