Huntington Ingalls Industries Savings Plan ... - Benefits Connect

Huntington Ingalls Industries
Savings Plan SPD
March 2011
How to Request a Loan
To request a loan, log on Your Benefits Resources at http://hiibenefits.com or call the
Huntington Ingalls Benefits Center (HIBC) at 1-877-216-3222.
When your loan is processed before 4:00 p.m. Eastern time — or before the close of the
Stock Exchange, if earlier — your account balance is adjusted that day to reflect the loan
amount.
Generally, loan requests are processed on your date of request, and your loan check
typically is mailed to you within three business days.
In some situations, you may have to submit additional documentation as part of your loan
application, as described below under ―Required Documentation.‖ If additional
documentation is required, your loan request is processed on the date the signed and
completed required documentation is approved, and your loan check typically is mailed to
you within three business days.
Required Documentation
In the following situations, you need to submit additional documentation as part of your
loan application:
• If your loan request is for the purchase of your primary residence, you must submit
documentation of that purchase in the form of the following:
A purchase agreement, sales contract, or builder’s construction contract dated
within 30 days of the plan loan application
A financing agreement signed by both buyer and seller
A good faith estimate of closing costs and down payment.
• Under the Internal Revenue Code, the Savings Plan is required to obtain spousal
consent before participants can borrow money that was accumulated in some of the
plans merged into the Savings Plan. Your spouse’s consent must be in writing and
notarized by a notary public. To determine if you are invested in a plan that requires
spousal consent, call the HIBC at 1-877-216-3222 and speak with a benefits service
representative.
Before requesting a loan, log on Your Benefits Resources at http://hiibenefits.com or call
the HIBC at 1-877-216-3222 regarding the necessary paperwork.
How Much You Can Borrow
Your loan must be in a whole dollar amount at least equal to $1,000. The maximum loan
amount for which you are eligible is the lesser of:
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