Page 6 - Hess Pension 2017
P. 6
Plan Basics
Eligibility
Full-time and part-time employees are eligible to participate in the Pension Plan. you will automatically participate in the cash Accumulation Formula if you:
■ Were hired or rehired on or after January 1, 2017
■ Are a full-time or part-time employee
■ complete one year of vesting service (12 consecutive months with at least 1,000 hours worked)
Contributions
you don’t make any contributions to your cash Accumulation Account. Hess pays 100 percent of the cost of your Pension Plan bene t.
Investments
you don’t make any investment decisions for the cash Accumulation Account.
Vesting
Even though you participate in the plan after one year and your pension bene ts are being credited to you, they aren’t 100 percent yours until you become fully vested.
you are vested as soon as you:
■ complete three years of vesting service from your date of hire; or
■ Reach normal retirement (age 65) and have at least one year of vesting service
4 PlAn BASicS
