HII Newport News Operations Summary Plan ... - Benefits Connect

• 8 x your annual base pay up to a maximum of $1 million
• No optional life insurance.
If the amount of your annual base pay is not an even $1,000 multiple, the amount of
your coverage is rounded up to the next-higher thousand-dollar amount. For example,
if your annual base pay amount is $42,100 and you select the three times your annual
base pay, your benefit will be: $42,100 x 3 = $126,300, rounded up to $127,000.
Optional Life Insurance for Your Spouse
The optional spouse life insurance options are:
• $25,000
• $50,000
• 1 x your annual base pay
• 2 x your annual base pay
• 3 x your annual base pay
• 4 x your annual base pay.
The amount of your spouse’s life insurance cannot be more than the lesser of:
• 50% of the total amount of your own basic and/or optional life insurance
combined amount
• $500,000.
For example, if your annual base pay amount is $40,000, and you select optional life
insurance equal to one times this amount, the total of your basic and optional life
insurance is $75,000 (basic life insurance of $35,000 + optional life insurance of
$40,000). You could choose optional life insurance for your spouse of $25,000.
However, you could not choose any of the other options.
You do not have to purchase optional life insurance for yourself in order to buy
spouse life insurance. If both you and your spouse work for Huntington Ingalls
Industries, Inc., you may select optional life insurance for one another.
Federal tax law requires that you pay imputed income taxes on the value of your
employer-provided life insurance in excess of $50,000 and on all spouse life
insurance. See “Imputed Income” for details.
Optional Life Insurance for Your Children
The optional child life insurance options are:
• $10,000 per child
• $20,000 per child
• $30,000 per child.
Life Insurance Plan
April 2011
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