Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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Huntington Ingalls Industries Savings Plan SPD March 2011 Partial withdrawals are limited to one per quarter. Refer to ―Taxes and Your Savings Plan Benefits‖ for tax consequences of Roth 401(k) withdrawals Age 59½ Withdrawals If you are age 59½ or older, you may withdraw up to the entire vested value of your Savings Plan account (except company basic contributions under the Northrop Grumman Savings Plan transferred to this Plan and their earnings). You may withdraw all Roth 401(k), Roth 401(k) rollover, after-tax, other rollover, taxdeferred, all company matching and Retirement Account contributions, and earnings on these accounts. The minimum withdrawal under this option is $100 – or the available balance in your account, whichever is less. Refer to ―Order in Which Account Dollars Are Withdrawn‖ to determine payment order. Withdrawals at Age 70½ If you are still an active Huntington Ingalls Industries employee when you reach age 70½, you will have a one-time opportunity to elect an age 70½ distribution before your Huntington Ingalls Industries employment ends. If you do not elect to receive a distribution at that time, you will have an opportunity each year to elect an age 59½ withdrawal. Also, if you are age 70½ or older, you cannot participate in the Schwab Personal Choice Retirement Account® (PCRA). Hardship Withdrawals Determination of Hardship: A participant is suffering a hardship only if, based upon the relevant facts and circumstances, the Committee determines the following: 1. the participant is suffering from an immediate and heavy financial need; 2. the need cannot be relieved through other reasonable resources; and 3. the withdrawal is no more than necessary to satisfy the need. The Committee may request information it deems appropriate and necessary to ascertain whether a participant is suffering a hardship. If you meet the requirements for a hardship withdrawal, you may withdraw the following from your Savings Plan account: • Your tax-deferred and Roth 401(k) contributions • Any earnings on tax-deferred contributions accumulated as of December 31, 1988. You may request a hardship withdrawal from the Savings Plan only if you already exhausted all of your other financial resources, including other available withdrawals and 50
Huntington Ingalls Industries Savings Plan SPD March 2011 nontaxable loans through any plan at Huntington Ingalls Industries in which you have an account balance. You may take a hardship withdrawal from your account for any of the following reasons: • You, your spouse, your tax-dependent children, your other tax dependents, or your primary beneficiary(ies) incur medical expenses, or need money to obtain medical care, if the medical care is deductible on your federal tax return. (In general, medical expenses that are covered by insurance are not deductible on your federal tax return.) • You need the down payment to pay costs directly related to the purchase of a principal residence for yourself. (However, you may not take a hardship withdrawal to make mortgage payments.) • You, your spouse, your tax-dependent children, your other tax dependents, or your primary beneficiary(ies), or need the money to pay tuition, related educational fees, or room and board expenses for post-secondary education over the next 12 months. • You are preventing eviction from your principal residence or foreclosure on the mortgage on your principal residence. • You need money to pay burial or funeral expenses for your deceased parent, spouse, tax dependent child, other tax dependent, or primary beneficiary(ies). • You need money to pay for repair of damage to your principal residence that would qualify for the casualty deduction on your federal tax return (but without regard to whether the loss exceeds 10% of your adjusted gross income). For more information about qualifying expenses, call the Huntington Ingalls Benefits Center (HIBC) at 1-877-216-3222 and speak with a benefits service representative. You may withdraw only the amount you need to relieve your financial hardship and cover any related taxes and penalties. In addition, you may request a hardship withdrawal from the Savings Plan only if you have already exhausted all of your other financial resources, including other available withdrawals and non-taxable loans through any plan at Huntington Ingalls Industries in which you have an account balance. If you request a hardship withdrawal, you must submit appropriate documentation to substantiate the need for the withdrawal, including a statement that your financial need cannot be satisfied in any other way. The following chart describes the type of documentation required for various types of hardship withdrawals. You may be required to submit a balance sheet reflecting your assets and liabilities or an income statement reflecting your income and expenses. 51
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Huntington Ingalls Industries Savings Plan ... - Benefits Connect

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