Current Eligibility for Retiree Medical and RMA
Under the current terms of the Baker Hughes, a GE company Retiree Welfare Benefits Plan (the “Retiree Plan”), you must be at least age 55 with 10 years of service on your date of retirement to participate in the BHI Retiree Plan. In addition, to be eligible you must also be enrolled in a Baker Hughes-sponsored eligible medical plan for active employees at the time of your retirement.
If you meet the above requirements when you retire:
- You may use your RMA balance, if applicable, to help pay your contributions for coverage under the Baker Hughes Pre-65 retiree medical plans.
- If you retire and reach age 65 before January 1, 2020, your RMA balance will be rolled over to a health reimbursement account (HRA) under the Baker Hughes, a GE company Retiree Health Reimbursement Arrangement (the “Retiree HRA”) administered by Via Benefits.
- You may use the Baker Hughes HRA balance, if any, to help pay for a Medicare supplemental plan and/or a prescription drug plan available through Via Benefits.
- Any RMA balance will be forfeited if you decline enrollment, fail to enroll within the specified timeline, terminate your coverage in a retiree medical plan offered under the Baker Hughes Retiree Plan, drop Medicare coverage through Via Benefits, retire on or after January 1, 2020, or upon death.
Effective January 1, 2020
Eligibility requirements for retiree health benefits under the Retiree Plan and the Retiree HRA are changing effective January 1, 2020. Please see the changes below:
- If you retire on or after January 1, 2020, you must be at least 60 years of age and have at least 10 years of continuous service plus be enrolled in a Baker Hughes–sponsored eligible medical plan for active employee at the time of your retirement to be eligible to participate in the Retiree Plan.
- Unless you retire and enroll in a Baker Hughes Pre-65 retiree medical plan or a Medicare supplemental and/or prescription drug plan available through Via Benefits prior to January 1, 2020, your RMA balance, if any, will be forfeited.
In addition, the annual interest credit for the RMA will be reduced from 5% to 2%. The 2% interest rate will first apply to your RMA balance, if any, as of January 1, 2020.
When You Retire
When you retire, you will be informed of any benefits available to you. You may view your current RMA balance by accessing your account via myRewards.
If You Have Questions
If you have any questions regarding your RMA or HRA, read the FAQs or contact the Baker Hughes Benefits Center at 1-866-244-3539.
Baker Hughes, a GE company reserves the right to amend or terminate its benefit plans, including the Retiree Plan, the RMA, and the Retiree HRA, at any time and for any reason, in its sole discretion. If a provision described in this letter differs from the provisions of the applicable official plan document, the applicable plan document prevails.