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.
Note that Alight was formerly part of Aon Hewitt.
You are eligible to participate in the 401(k) Plan if you are:
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.
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 $19,000 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.
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.
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 myRewards 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), visit myRewards 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:
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.
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.
For resources and tools, including fund performance and fees, log in to myRewards.
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.
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.