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Benefits Connect > Benefits Overview > Huntington Ingalls Savings Plan



 
Huntington Ingalls Savings Plan 
    
Immediate Participation  Eligible employees are automatically enrolled after start date 


Benefit Growth Your benefit grows through:
  • Your contributions  +
  • Company matching contributions (as applicable)  +
  • Company basic contributions (as applicable)  +
  • Company contributions to the Retirement Account (if eligible) +
  • Any investment earnings on all contributions
Your Contributions You can contribute a percentage of your eligible compensation as tax-deferred contributions, traditional after-tax contributions, Roth 401(k) contributions, or any combination of the three, up to annual IRS limits. If you are age 50 or older you can make additional contributions, up to IRS limits.

Company Contributions Huntington Ingalls provides a company match, (depending on your business unit), based on a percentage of your eligible compensation and your contribution to the Plan. In certain cases, Huntington Ingalls provides a company basic contribution in lieu of matching contributions, or a combination of both company basic and matching contributions.

Vesting You are always 100% vested in your contributions, and any company basic and/or matching contributions (eligibility for which depends upon your business unit). 

You will be vested in the company's contributions to the Retirement Account (see below) after three years of service.

Investment Options You can choose from:
  • A variety of core proprietary investment funds offering different levels of risk and return
  • A single Retirement Path portfolio (an investment option that is professionally managed for you and geared to a specific target retirement date)
  • A self-directed brokerage account that allows you to invest in many mutual funds and individual securities
Loans You may request a general purpose or primary residence loan.

Rollovers You can roll over an existing account balance from another employer's qualified plan or individual retirement account (IRA), into the Huntington Ingalls Savings Plan.

Retirement Account Contributions Huntington Ingalls will make a contribution to the Retirement Account each pay period, which is based on a percentage of your eligible compensation and your age on December 31 (eligibility depends on your business unit); you contribute nothing.

You will be vested in the company's contributions to the Retirement Account after three years of service.

If you are:
  • Under age 35 you receive a 3% Retirement Account Contribution
  • Age 35 to 49 you receive a 4% Retirement Account Contribution
  • 50 and older you receive a 5% Retirement Account Contribution


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Disclaimer: The benefits described above are applicable to most eligible non-represented Huntington Ingalls employees, effective July 1, 2013 through June 30, 2014.