Page 5 - Hess Pension 2017

At-A-Glance
Here’s a quick overview of your Pension Plan. you’ll nd more details about each topic in this brochure.
WHEN PARTICIPATION BEGINS
you’ll be able to see your cash Accumulation Account grow after your rst full quarter of employment. (Results are posted about six weeks after the close of each quarter.)
CONTRIBUTIONS
VESTING
WHEN YOU RETIRE OR LEAVE
IF YOU DIE
The company makes all contributions to the plan. There’s no need for you to contribute, nor does it cost you anything to participate. At the end of each month, Hess credits you with:
■ A pay credit based on your age
■ An interest credit based on a U.S. Treasury bond rate
you own your pension bene t as soon as you:
■ complete three years of vesting service, or
■ Reach age 65 with one year of vesting service
your bene t is portable, which means you can take your vested bene t with you if you leave the company, regardless of your age.
■ if you are vested and die before receiving plan bene ts, your surviving spouse or bene ciary will receive a bene t.
■ if you die after bene ts begin, your death bene t is based on the form of payment you selected at retirement.
CASH ACCUMULATION ACCOUNT
your pay credits and interest credits stay in your account until you leave or retire.
PAYMENT OPTIONS
When you decide to begin receiving your bene ts, you can choose a lump sum or one of several types of monthly annuities.
IF YOU BECOME DISABLED
you will continue to receive pay credits and interest credits while you are disabled, until you begin receiving your bene ts from the plan.
SEE A TERM YOU
DON’T KNOW?
Review Key Terms beginning on page 13.
AT-A-GlAncE 3