There are two changes to the 401(k) plan. First, the plan name is changing from the Baker Hughes Incorporated Thrift Plan to the Baker Hughes, a GE company 401(k) Plan. This new name will also be referred to as the BHGE 401(k) Plan.
The second change is that we are adding a Roth contribution feature to the plan in 2019. More information will be available in November about this new feature. The ability to elect Roth contributions will begin in December.
The Roth feature means you can contribute to your 401(k) with after-tax contributions and when you take distributions during retirement your withdrawals are tax-free. With traditional 401(k) contributions, your contributions are made pre-tax, which means in retirement you pay taxes on your withdrawals. More information will be made available in November about this new feature. The ability to elect Roth contributions will begin in December.