The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2023, the maximum you can contribute to the Hess Savings Plan using before-tax and/or Roth contributions is $22,500 (or $30,000 with age 50 or older catch-up contributions). In 2023, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $66,000. If you’re age 50 or older, you can contribute an additional $7,500, for a total of $73,500. Your before-tax, Roth after-tax, regular after-tax and company matching contributions all count toward the annual limits.
The table below provides a breakdown of each type of contribution you can make.
|Combined Before-Tax and Roth After-Tax||$22,500||$7,500||$30,000|
|Company Match||Varies depending on eligible pay||Not applicable||Varies depending on eligible pay|
|Regular After-Tax*||$43,500 less company match||Not applicable||$43,500 less company match|