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.
You are eligible to participate in the 401(k) Plan if you are:
You make contributions to the 401(k) Plan through convenient payroll deductions. You choose:
Eligible pay includes all of your pay listed below that is paid up through the last payroll period in which termination occurs:
The Internal Revenue Service (IRS) limits the combination of your before-tax and Roth contributions to $19,500 in 2020. 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.
If you are age 50 or over on January 1, 2020, or will be turning age 50 in 2020, you are eligible to make additional pre-tax and/or Roth contributions (unmatched) into your 401(k) Plan account up to a maximum of $6,500 in 2020. These contributions are separate election options and are not subject to employer matching contributions.
The company helps you save for your future by making the following contributions:
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.
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.
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:
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.
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.
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.
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.
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.