Benefits FAQs for Vaccine Mandate

Vaccine Mandate - FAQs regarding benefits

1. What happens to my medical benefits if I am separated from employment due to not being fully vaccinated by December 8^th? If you are represented, your active coverage will continue to the end of the month.  If you are non-represented, your active coverage will end the day of separation from the company.  For non-represented employees who separate prior to December 8^th as a retirement, coverage will continue to the end of the month.  Employees and dependents covered by the medical plan will be eligible for COBRA continuation.
2. What happens to my Huntington Ingalls Savings Plan (HISP) if I am separated from employment due to not being fully vaccinated by December 8^th?  Participants in the HISP will be eligible to request a distribution of the vested portion of the savings plan.  If the account balance exceeds $1,000, you may choose to 1) Leave your vested balance in the HISP until you reach the required minimum distribution age; 2) Receive payment of the entire vested account balance; 3) Receive payment of a portion of your account balance; or 4) Roll over your account balance, directly or indirectly to an IRA or another employer’s qualified retirement plan.  Contact the Huntington Ingalls Benefits Center (HIBC) at 877-216-3222 or go online to UPoint to request a distribution.
3. What happens to my Financial Security and Savings Program (FSSP) if I am separated from employment due to not being fully vaccinated by December 8^th?  If your vested account balance (Retirement and Savings Accounts combined) is greater than $1,000, the FSSP allows you to make independent deferral and/or distribution elections for your Retirement Account and Savings Account. You can elect to 1) Leave your vested FSSP Retirement Account and/or Savings Account balance, until the commencement of your minimum required distributions; 2) Receive a single lump-sum distribution equal to your Retirement Account and/or Savings Account balance; 3) Roll over your total Retirement Account balance and/or your vested Savings Account balance directly to another qualified retirement plan or IRA; or 4) Only at the time you retire, elect a tax-deferred rollover of your Retirement Account balance to the pension trust.  Contact the HIBC at 877-216-3222 or go online to UPoint to request a distribution.
4. Do I lose my pension if I am separated from employment due to not being fully vaccinated by December 8th?  Both the FSSP and the Cash Balance Pension Plan have a 3 year vesting schedule.  Vesting means you have earned a non-forfeitable right to your benefit.  Once you become vested, you are always vested.
5. What do I do if I want to retire in January and do not plan to get vaccinated? Contact the HIBC at 877-216-3222.  It is recommended that you make a request for a retirement package as early as possible but no later than November 1^st if you plan to commence your retirement in January and notify your supervision of your intent to retire.  To commence your retirement in January, you must clear out/separate by December 7^th if you do not plan to become vaccinated.
6. What is the minimum notification period to request retirement?  Retirement commencement dates are always on the 1^st of the month and you can choose a date at least 2 months and up to 180 days from the date of the call to the HIBC.   Example:

Employee calls 10/25:------------earliest retirement date is 1/1/22

Employee calls 11/1:--------------earliest retirement date is 1/1/22

Employee calls 11/2: -------------earliest retirement date is 2/1/22

Employee calls 12/1: -------------earliest retirement date is 2/1/22

Employee calls 12/8: -------------earliest retirement date is 3/1/22

If you have additional benefits questions, contact the Huntington Ingalls Benefits Center (HIBC) by calling 877-216-3222 or visiting https://hiibenefits.com.