IRS Annual Limits

The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2024, the maximum you can contribute to the Hess Savings Plan using before-tax and/or Roth contributions is $23,000 (or, if you are age 50 or older, $30,500 if you make the full $7,500 catch-up contribution). In 2024, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $69,000 or $76,500 if you make catch-up contributions. 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$23,000$7,500$30,500
Company MatchVaries depending on eligible payNot applicableVaries depending on eligible pay
Regular After-Tax*$46,000 less company matchNot applicable$46,000 less company match
Combined Total$69,000$7,500$76,500
* Assumes maximum before-tax and Roth after-tax contributions. It’s possible to contribute as little as $0 before-tax and Roth after-tax and $69,000 regular after-tax.

This website provides highlights of the Hess Corporation benefits plans and programs for 2024. If there is any discrepancy between the information provided on this website and the official plan documents, the official plan documents will govern. Hess reserves the right to amend or terminate the plans at its discretion at any time.