SIP Summary Plan Description - Vought Aircraft Division

More documents

Recommendations

Info

withdrawals. Necessary and proper expenses of administration of the Plan may be paid from assets of the Plan to the extent legally permitted. Loss of Benefits Even when you are fully vested in your benefits under the SIP, there are circumstances in which you may lose those benefits. Generally, a loss of all or some of your benefits may occur if: Limitations and taxes imposed by the Internal Revenue Code apply to your benefits. You are subject to a Qualified Domestic Relations Order (QDRO). Your account suffers losses as a result of investment performance. Top-Heavy Provisions The Plan currently provides coverage to all employees who meet the eligibility requirements. Although the provisions of the Plan do not discriminate in favor of any class of employees covered under the Plan, federal regulations require that the Plan include special provisions that would take effect in the event the Plan were ever to become “top heavy.” Should the Plan become top heavy, the Committee will notify you if you are affected. Plan Year Plan records are kept on a calendar-year basis (January 1 to December 31). Plan Number and Employer Identification Number The Plan number assigned by the Company is 004. The Company’s employer identification number is 75-2884072. Participant Protections under ERISA As a participant in the Vought Aircraft Industries, Inc. Savings and Investment Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974, as amended (ERISA). ERISA provides that all Plan participants shall be entitled to: Examine, without charge, all documents governing the Plan, including the annual report and summary descriptions, as well as documents filed with the U.S. Department of Labor. Obtain copies of the Plan document and certain other Plan information, by making a written request to the Committee. There may be a charge for copies. Receive a summary of the plan’s annual financial report. You do not have to request a copy of this summary; it will be automatically sent to you each year. Obtain a statement of the current value of their account by making a written request. This statement is not required to be furnished more than once every 12 months. In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries. No one, including the Company or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. 28
If your claim for a benefit is denied, in whole or in part, you will receive a written explanation of the reason for the denial. You also have the right to have your claim reviewed and reconsidered and to obtain copies of documents relating to the decision free of charge. If your claim on appeal is denied, in whole or in part, you may file suit in a state or federal court. Under ERISA, there are steps you can take to enforce the above rights. For instance, if you make a written request for Plan documents and do not receive them within 30 days, you may file suit in federal court. In such a case, the court may require the Committee to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Committee. If you disagree with the Plan’s decision or lack thereof concerning the qualified status of a domestic relations order or a medical child support order, you may file suit in federal court. If you believe that the Plan’s fiduciaries misuse Plan assets, or you believe you have been discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the entity you sued to pay these costs and legal fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. If you have any questions about the Plan, you should contact the Committee. If you have any questions about this statement or about your rights under ERISA, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. 29
Page 1 and 2: Summary Plan Description for the Vo
Page 3 and 4: Rollovers .........................
Page 5 and 6: Summary Plan Description This docum
Page 7 and 8: The default contribution level of t
Page 9 and 10: Name or change your beneficiary or
Page 11 and 12: If you contribute to another 401(k)
Page 13 and 14: Vesting Rules for Company Matching
Page 15 and 16: If You Leave or Retire If you leave
Page 17 and 18: different loan amounts and repaymen
Page 19 and 20: 2007 and earnings on your pretax co
Page 21 and 22: Disputes about Payee In the event t
Page 23 and 24: - Vought 2040 Fund Vought Core Fund
Page 25 and 26: though this fund aims to grow your
Page 27 and 28: Beneficiary Designations In the eve
Page 29 and 30: You will now have $50.00 in Fund A
Page 31: terminate the SIP at any time and f

SIP Summary Plan Description - Vought Aircraft Division

Create successful ePaper yourself

Delete template?

Save as template?