The Baker Hughes 401(k) Plan ("the 401(k) Plan") offers the opportunity to build financial security and retirement income for you and your family through a combination of your own and company contributions.
To access your account, go here or call the Baker Hughes Benefits Center at 1-866-244-3539. Please refer to the Summary Plan Description (SPD) for additional details.
Watch the 401(k) overview, target fund investment, and Roth contributions videos to quickly learn about the 401(k) plan features.
Eligibility
You are eligible to participate in the 401(k) Plan if you are:
- Employed by Baker Hughes or an affiliate that has adopted the 401(k) Plan;
- Covered by a collective bargaining agreement, your agreement must provide for participation;
- Paid on a Baker Hughes U.S. dollar payroll;
- 18 years of age or older; and
- One of the following:
- A U.S. citizen, legal permanent resident or a non-U.S. citizen whose employment is based in the United States on local terms and conditions;
- A Canadian citizen on an international assignment to the U.S. and not eligible for the International Retirement Plan;
- A participant in the Plan since December 31, 1998; or
- A participant in the Plan since your transfer of employment from the Western Geophysical division of Western Atlas International, Inc. between January 1, 1999, and December 31, 2000 (but only if you were a participant in the Western Atlas International, Inc. Retirement/Profit Sharing Plan on December 31, 1998).
Your contributions
You make contributions to the 401(k) Plan through convenient payroll deductions. You choose:
- How much to save, from 1% to 50% of total eligible pay, up to the IRS limits.
- If you want to save on a pre-tax, Roth or after-tax basis or a combination of all three.
Eligible pay includes all of your pay listed below that is paid up through the last payroll period in which termination occurs:
- Your regular base pay
- Overtime pay
- Shift differentials
- Commissions
- Eligible bonuses paid during the year
The Internal Revenue Service (IRS) limits the combination of your before-tax and Roth contributions to $23,000 in 2024. This includes any before-tax and Roth contributions you made to another employer plan within the same year.
You may change your contribution rate at any time. Visit your 401(k) Plan account for more information.
Employee catch-up contributions
If you are age 50 or over on January 1, 2024, or will be turning age 50 in 2024, you are eligible to make additional pre-tax and/or Roth contributions (unmatched) into your 401(k) Plan account up to a maximum of $7,500 in 2024.
These contributions are separate election options and are not subject to employer matching contributions.
Company contributions
The company helps you save for your future by making the following contributions:
- Company base: The company will automatically contribute an amount equal to 4% of your eligible pay to your account each pay period, whether or not you contribute.
- Company matching: For every dollar you save each pay period up to 5% of your eligible pay, the company will provide matching contributions of a dollar.
Rolling over a 401(k) or an IRA
You can roll over your account from a previous employer’s qualified plan or certain IRAs into the 401(k) Plan. For details, see the Summary Plan Description (SPD), visit your 401(k) Plan account or call the Baker Hughes Benefits Center at 1-866-244-3539.
Withdrawals/loans
While the purpose of the 401(k) Plan is to meet long-term financial and retirement goals, the 401(k) Plan does offer in-service withdrawal and loan features. For details, see the Summary Plan Description (SPD), go here or call the Baker Hughes Benefits Center at 1-866-244-3539.
Vesting
You are always fully vested in your own contributions, the company’s matching contributions and the investment earnings on those contributions. Being “fully” vested means the money is yours to keep, even if you leave the company. You become 100% vested in the company base contributions and any related earnings when you:
- Complete three years of vesting service, or
- Retire from the company, or
- Reach age 65 while still an active employee of the company or
- Become permanently disabled or die while an active employee of the company
Automatic enrollment and auto escalation
If you don't enroll or if you decline enrollment, you’ll automatically be enrolled in the plan at a before-tax rate of 3% with a 3% company matching contribution. Amounts contributed through automatic enrollment will be invested in the 401(k) Plan’s default fund—the Target Date Fund based on your estimated retirement age.
Your contribution election will automatically increase annually by 1% until it reaches 10%. These auto escalation increases typically occur during the first quarter of each year.
Remember, you may change your contribution rate and investment elections at any time. Visit your 401(k) Plan account for more information.
Investment options
Whether you’re a savvy investor or want a simplified approach to making investment decisions, the 401(k) Plan has got you covered with two distinct types of investment funds. Whichever approach you choose will depend on your comfort level with making investment decisions and how much time you want to devote to managing your account. You can learn more about your investment options by watching this video.
Target Date Funds
- Target date funds are designed to simplify your investment decisions by providing an investment option with an asset allocation that is appropriate for your age.
- The year in the Baker Hughes Target Date Funds refers to the approximate year (the target year) when you would retire and leave the workforce.
- You choose the Target Date Fund with the date closest to the year of your target retirement date (for many people, this may be age 65).
- The asset allocation for the Target Date Funds gradually changes over time to more conservative (income) investments, such as bonds and cash, which provide more stability as you get closer to your retirement date and your investment horizon shortens.
- To learn more about the Target Date Funds, watch this video.
Core Funds
- If you want more involvement in choosing and managing your investment mix, the 401(k) Plan offers six Core Funds from which you can choose to build your own portfolio.
- In choosing your own portfolio from the Core Funds, you should consider your retirement financial goals, risk tolerance and time horizon.
The Company intends for this plan to be compliant with section 404(c) of the Employee Retirement Income Security Act, and 29 CFR 2550.404c-1. Fiduciaries of the Plan may be relieved of liability for any losses which are the direct result of investment instructions given by participants or beneficiaries. Remember that you may change your investment election at any time. However, if you do not affirmatively communicate your Plan investment elections, you will be deemed to have affirmatively elected to invest your before-tax contribution, any related Company matching contributions, and any future Company base contributions into the default fund.
For resources and tools, including fund performance and fees, log in here.
Naming a beneficiary
When you become a participant, you will have the ability to name a beneficiary. A beneficiary is the person you choose to receive your 401(k) Plan benefit in the event of your death. To designate a beneficiary go here or call the Baker Hughes Benefits Center at 1-866-244-3539.
Disclaimer
This site describes the Baker Hughes 401(k) Plan. The information presented is only a summary. The actual eligibility requirements, benefits, terms, conditions, limitations and provisions that govern the plan are contained in the official plan document. If any of the plan’s provisions have been omitted or misstated, the official plan document must remain the final authority.
Levels of Coverage
