The IRP is administered by JTC Employer Solutions (JTC).
You may contribute between 1% and 50% of your eligible pay into your International Retirement Plan account each pay period. Eligible Pay includes your regular base pay, overtime pay, shift differentials, commissions, and eligible bonuses paid during the year. Eligible bonuses include variable pay for services rendered, such as bonuses paid under incentive compensation plans.
You may change the amount you contribute at any time by going to the JTC website to request this change. The change will take effect from the pay period following your election, or as soon as administratively feasible.
Each payroll period, the Company automatically contributes an amount equal to a percentage of your eligible pay. You do not have to contribute your own money to receive these contributions. The amount you receive depends on your age on the last day of that pay period. See your Benefits Guide for the chart.
You need to contribute 5% of your eligible pay to get the full match.
You are always 100% vested in your own contributions, the Baker Hughes matching contributions, and any related earnings.
Eligible Pay includes your regular base pay, overtime pay, shift differentials, commissions, and eligible bonuses paid during the year. Eligible bonuses include variable pay for services rendered, such as bonuses paid under incentive compensation plans.
You decide how to invest your contributions and the Baker Hughes Company contributions in one or more of the IRP’s investment funds. When making these decisions, you should consider your attitude toward risk, how much time you have until you retire, and your financial objectives. Information on the investment options available to you may be found on the JTC website.
If you participated in a previous employer’s retirement plan, you will not be able to roll over any funds into the IRP. Also, if you remain active with Baker Hughes, but move to an IRP-ineligible company code, you will not be able to roll over your IRP account into another Baker Hughes retirement plan.
While the purpose of the IRP is to meet long-term financial and retirement goals, the IRP does offer in-service withdrawals. For details, see the Summary Plan Description (SPD), visit the JTC website, or call JTC at +44 (0) 1534 702 99.
To access your account, visit the JTC website or call +44 (0) 1534 702 99. Please refer to the Summary Plan Description (SPD) for additional details. You can also send an email to firstname.lastname@example.org.
Contact JTC at +44 1534 283 030 or email@example.com with questions about:
When you are ready to retire and begin taking retirement distributions from the IRP, you should contact JTC by going to the JTC website or emailing firstname.lastname@example.org.
Before you begin the process to take retirement distributions, make sure the following information is correct on the JTC website: