Baker Hughes has established a Retiree Medical Account (RMA) to help you pay the premiums for your retiree medical benefits once you retire from Baker Hughes. It is a notional account. The funds can be used toward a Baker Hughes-sponsored Retiree Medical plan or Via Benefits plan to cover you and your dependents.
The RMA applies to legacy BHI employees only. To check if you have an RMA you may contact the Baker Hughes Benefits Center or log in to myRewards.
No. The RMA can only be used toward premiums for Baker Hughes Retiree Medical Plans or through Via Benefits.
The RMA was established to pay for your retiree medical benefits once you retire from the company. The funds cannot be realized for cash value.
If they are enrolled in a Baker Hughes Medical plan or Via Benefits option, you may use the RMA funds to pay for your dependent(s)' coverage.
If you leave Baker Hughes before your eligible retirement age (55 with 10 years of service), the RMA balance is forfeited.
If you choose to waive coverage under a Baker Hughes Retiree Medical Plan when initially eligible or if you discontinue Retiree Medical benefits at a later date after you retire, the RMA balance will be forfeited.
Even though you may become eligible for Medicare at age 65 or older, you may still use your RMA balance to pay for retiree medical premiums for you and your dependents as long as there is a balance in the account and you enroll through Via Benefits.
If you die while receiving retiree medical coverage from Baker Hughes, your RMA balance will be forfeited. If you have family coverage when you die, your eligible dependents may elect to continue coverage through COBRA for up to 36 months (and pay the applicable COBRA premiums). The RMA cannot be used toward COBRA coverage.
The RMA earns 5% interest annually based on the balance as of December 31. The interest is posted to the account in January each year. You must be actively employed on January 1 each year to receive the interest credit. Effective January 1, 2020, the interest rate applied to the RMA balance will be 2%.
If you are an existing account holder, your RMA balance will appear on myRewards.
If you retire prior to December 31, 2019, you will have access to the RMA funding until your RMA account is depleted. RMA funding will forfeit on December 31, 2019. After December 31, 2019, employees may still be eligible to retire and enroll in Retiree Medical, if eligible, but will not have the RMA funds.
Yes, currently legacy BHI employees must be at least 55 years of age and have at least 10 years of service. Effective January 1, 2020, Baker Hughes employees must be at least 60 years of age and have at least 10 years of continuous service plus be enrolled in a Baker Hughes Active Medical plan to be eligible for the Retiree Medical Plans. After December 31, 2019, employees can enroll in Retiree Medical, if eligible, but will not have the RMA funds.
If you have questions about retiring from Baker Hughes, or if you would like to learn more about your RMA or have questions about an HRA account, call the Baker Hughes Benefits Center at 1-866-244-3539 (within the U.S.). At the main menu, say "representative." If you are calling from outside the U.S., call 1-847-883-0945. Baker Hughes Benefits Center representatives are available Monday through Friday from 7 a.m. to 7 p.m. Central Time.
For additional information about your Retiree Medical plan options, please review your Retiree Benefits Guide. The Guide can be accessed by visiting myRewards. On the Program Library tab, under Benefit Guides, select the Retiree Benefits Guide link.