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401(k) Plan

401(k) Plan

Live the life you want in retirement.

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, visit myRewards or call the Baker Hughes Benefits Center at 1-866-244-3539. Please refer to the Summary Plan Description (SPD) for additional details.

Note that Alight was formerly part of Aon Hewitt.

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:                
  1. ‍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;
  2. ‍A Canadian citizen on an international assignment to the U.S. and not eligible for the International Retirement Plan;
  3. A participant in the Plan since December 31, 1998; or  
  4. 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).  

401(k) Changes in January 2020

There are two changes to your 401(k) Plan as of January 2020. First, Empower will be the new 401(k) Plan recordkeeper. Second, we’re introducing new Target Date Funds, which will replace the three Style Funds (Conservative, Moderate, and Aggressive), and the Balanced Inflation Plus Fund.

To learn more about the changes, read this brochure and review the Investment Fund Overview chart. For additional information, read the FAQs. If you are eligible for the Baker Hughes Pension Plan, you can read about those changes here.

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 $19,000 in 2019 and $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 myRewards for more information.

Employee Catch-up Contributions

If you are age 50 or over on January 1, 2019, or will be turning age 50 in 2019, you are eligible to make additional pre-tax and/or Roth contributions (unmatched) into your 401(k) Plan account up to a maximum of $6,000 in 2019 and $6,500 in 2020.

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 myRewards 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), visit myRewards 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

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 Moderate Style Fund.

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 myRewards 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.

Style Funds
  • Style Funds are pre-mixed, diversified funds that provide a quick and easy method for diversifying your investments with a single selection.
  • A Style Fund may be the right choice for you if you want a simplified investment strategy because each fund allows you to choose a specific investment objective and risk tolerance.
  • Each Style Fund is constructed from Core Fund options. Style Funds are rebalanced periodically to maintain appropriate asset allocations. Since Style Funds are pre-mixed and diversified, there’s generally no need to invest in additional Style or Core Funds.
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.

For resources and tools, including fund performance and fees, log in to myRewards.

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, visit myRewards 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
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Alight

Plan Overview Chart

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Related Benefits

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