Page 7 - Hess Pension 2017

Portability
your cash Accumulation Account is portable, like your Savings Plan account. you can take your cash Accumulation Account with you when you leave Hess in the form of a lump sum or an annuity.
if you are not ready to retire when you leave Hess, you can elect a lump-sum distribution and then roll it over into another employer’s plan or to an individual retirement account (iRA). doing so means you can maintain the tax advantage until you retire. Please note: Before you roll over to another employer’s plan, check to make sure the plan is tax-quali ed and accepts rollover contributions. if not, your distribution will be subject to both income and penalty taxes.
Receiving a Bene t
you cannot take any loans or withdrawals from your cash Accumulation Account. you are fully vested in your bene t when you have been credited with three years of vesting service. Here’s what happens to your account if you are fully vested and:
■ Retire. Bene ts are normally paid when you retire. Because the plan offers you the choice of a lump sum or several monthly annuity options, you can choose the payment method that ts your needs.
■ Become Disabled. interest credits and pay credits will be added while you are disabled until you begin receiving your bene ts from the plan.
■ Leave Hess. you may receive your bene t as a lump sum or as one of several monthly payment options. you may also leave your bene t in the plan, where it will continue to earn interest credits (but not pay credits) until you choose to receive bene ts. if you are under age 55 when you receive your bene t, you will owe ordinary income tax and may be subject to a 10 percent penalty tax. To continue to defer taxes and avoid a 10 percent penalty tax on early payment, you may also choose to roll over your bene t to another quali ed plan or an iRA.
■ Die Before Bene ts Begin. your full bene t will be paid to your spouse or bene ciary. you do not have to be married for a death bene t to be paid.
if you were a Hess employee before January 1, 2017, earned a pension bene t under the Traditional Formula in the Pension Plan and experience one of the events listed above, a portion of your total bene t may be paid based on the Traditional Formula provisions.
TAKE CARE OF YOUR LOVED ONES — NAME YOUR BENEFICIARIES
if you are married, your spouse is automatically your bene ciary for the Pension Plan. However, you may designate another person as your bene ciary if you obtain your spouse’s written, notarized consent.
if you are not married, you can name anyone as your bene ciary.
To name your bene ciary for the Pension Plan and other Hess bene ts:
■ log on to the Hess Bene ts Center at Fidelity (netbene ts.com)
■ call the Hess Bene ts Center at Fidelity at 1-877-511-4377 monday through Friday, 7:30 a.m.–7 p.m. cT
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