If you select this option, you will receive a single lump sum payment of your Plan benefit to be paid by the end of September 2023. For example, if your benefit is $20,200, you will receive one payment of $20,200.
Yes. You must complete the forms in the packet sent to your home and return the election kit no later than August 14, 2023.
If you select this option, you will start receiving monthly benefit payments of your Plan benefit in September 2023.
The Plan will pay your monthly benefit until the Plan is transferred to an insurance company through the purchase of a group annuity contract, which will take place sometime after September 2023. At that time, the insurance company will continue paying your benefit amount.
Yes. Call 844‑940‑2038 to request an annuity election kit as soon as possible. Once completed, you must return the election kit no later than August 14, 2023.
If you select this option and wait until later to begin receiving payment of your Plan benefit and do not take advantage of this special election window, your payment will be automatically deferred to a later date.
You may defer your payment as follows:
No action is required if you select this option.
If you choose to wait (Option 3), you will not be eligible for the lump sum option unless the total value of your benefit is less than $10,000 when you start your benefit.
Also, you will need to have terminated employment with Baker Hughes to start your benefit. If you are eligible and elect to begin payments earlier than your normal retirement date, each payment may be reduced.
If you are actively employed, you can continue to earn service towards early retirement eligibility. For more information, refer to the Lufkin Pension Plan Summary Plan Description available here.
If you are no longer an active employee and are not early retirement eligible today, you will not be able to start your benefits until the earliest age allowed under the Plan (generally age 60).
Please refer to the “Your Right to Defer Payment” section of Notice 2 – Important Information in your election kit for more details on how your Plan benefit may change over time.
Yes. If you decide to take the single lump sum payment, you can elect to roll over all or part of the lump sum payment to an IRA or other eligible employer plan, including the Baker Hughes Company 401(k) Plan, if you are employed with Baker Hughes as of August 2023.
If you are rolling over to a new IRA, you may need to set up the IRA before making the lump sum election. Except for a rollover to the Baker Hughes Company 401(k) Plan, the rollover check will be mailed directly to you and made payable to the financial institution that administers your account. You are responsible for delivering the check to the financial institution.
If you are eligible for and elect a rollover to the Baker Hughes Company 401(k) Plan, your benefit will be transferred directly into your account, and you will not receive a physical check.