The SRP provides the following benefits:
If you are a current employee your prior year’s elections do not carry over.
If you do not make distribution and investment elections during the enrollment period and receive company contributions in a given year, your distribution election will automatically default to a lump sum payment made the year following your separation from service. You will receive your payment the year following your separation from service.
Your investment election will be set to 100% in the Money Market Fund. You can change your investment election at any time.
The first day of the plan year begins January 1 each year. If you are a current participant, you will be able to enroll in the SRP during the Annual Enrollment period prior to January 1 of the year in which you are eligible.
Typically, if you are a new employee of Baker Hughes or are newly eligible for SRP participation, you can enroll in the SRP in the next enrollment period following your date of eligibility. You will be notified when you are able to enroll.
When you enroll you will be asked to: