IRS Annual Limits

The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2020, the maximum you can contribute to the Hess Savings Plan using before-tax or Roth contributions is $19,500 (or $26,000 with catch-up contributions). In 2020, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $57,000. If you’re age 50 or older, you can contribute an additional $6,500, for a total of $63,500. 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$19,500$6,500$26,000
Company MatchVaries depending on eligible payNot applicableVaries depending on eligible pay
Regular After-Tax*$37,500 less company matchNot applicable$37,500 less company match
Combined Total$57,000$6,500$63,500
* 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 $57,000 regular after-tax.

This website provides highlights of the Hess Corporation benefits plans and programs for 2020. 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.