IRP

The Baker Hughes International Retirement Plan ("the IRP") offers the opportunity to build financial security and retirement income for you and your family through a combination of your own and company contributions.

To access your account, visit the RBC website or call RBC at +44 (0) 1534-283-030. Please refer to the Summary Plan Description (SPD) for additional details. You can also send an email to IRP@bakerhughes.com.

Eligibility

You are eligible to participate in the IRP if you are:

A full-time employee of Baker Hughes
On an international assignment or rotation (outside your home country)
Not enrolled or eligible to enroll in any other Baker Hughes retirement or deferred compensation plan
Not a U.S. citizen or permanent resident of the U.S.
Not a U.S. Green Card holder*
Not a resident of and not be domiciled in Guernsey, and
Not exercise functions or duties in Guernsey

*If you change Baker Hughes entities, or if your citizenship changes, you may become ineligible for the plan.

Your Contributions

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 RBC cees website and select My Choices to request this change. The change will take effect from the pay period following your election or as soon as administratively feasible.

Company Contributions

The company helps you save for your future by making the following contributions:

Company base: 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. You can see the company base contributions here.
Company matching: Each pay period, the Company makes a matching contribution based on your contribution and eligible pay, up to 5%. You can see the company matching contributions here.

Rollover Contributions

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.

Withdrawals/Loans

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 RBC website or call RBC at +44 (0) 1534-283-030.

Investment Options

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 by accessing the Investment Information page in the Useful Information section of the RBC website.

Taxation

It is important to note that taxes are not withheld from distributions from the plan. The money you receive from your account may be subject to tax. You are responsible for reporting and paying any tax on your IRP benefit. If you have tax questions, you are responsible for seeking advice from a qualified tax professional.

DISCLAIMER

This site describes the Baker Hughes International Retirement Plan. The information presented is only a summary. The actual eligibility requirements, benefits, terms, conditions, limitations and provisions that govern the plan are contained in the official plan document. If any of the plan’s provisions have been omitted or misstated, the official plan document must remain the final authority.