Savings Plan
401(k)

Full-time and part-time employees are eligible to participate in the Savings Plan on their date of hire. Your contributions will begin a few weeks after you enroll.

You decide how much you would like to contribute to the Savings Plan, from 1 to 50 percent of your pay each year up to IRS limits. Any contributions you make to the plan are made through convenient paycheck deductions.

In addition to deciding how much to contribute, you also decide whether you want to contribute on a before-tax, Roth after-tax or regular after-tax basis. (If you are age 50 or older, you can also make catch-up contributions.) Each type of contribution is held in a separate account. All contribution types are eligible for the company match, but company matching contributions are always made to your before-tax account.

Who doesn’t love free money? When you participate in the Savings Plan, you get paid to save!

You are eligible for the company match as soon as you enroll in the plan and begin making contributions. If you contribute more than 6 percent and reach the IRS annual limit before the end of the year, the company will continue making the matching contribution until 6 percent of your eligible pay is matched.

See page 11 of the Hess Savings Plan Investment Guide for an example of how the company match can help your account grow more quickly. It assumes your annual pay is $75,000, you contribute 6 percent and the rate of return is 6 percent. After 25 years, your account balance will have an extra $348,065 with the company match. Keep in mind, however, that the company match is discretionary, which means the company intends to provide the match but may decide it needs to change or stop the match. 

Your Contribution Options

• Before-Tax Contributions
  Before-tax contributions come out of your paycheck before federal (and, in most cases, state) income tax is deducted. So, you’re taxed on a lower amount of income, which means you get a tax break up front. And the money you save — including investment earnings — won’t be taxed until you withdraw it from the plan after age 59½.
• Roth After-Tax Contributions
  The Roth feature means you contribute after-tax dollars into the Savings Plan, so you won’t have to pay taxes on these contributions when you take them out. With a Roth account, your earnings come out tax-free, provided you hold the account for at least five years and don’t withdraw the money until at least age 59½.
• Regular After-Tax Contributions
  You can contribute regular after-tax dollars into the Savings Plan. You can take out regular after-tax contributions while you are still working — in full at any time or a portion once every 12 months. Any associated earnings will be subject to ordinary income tax and a 10 percent penalty if withdrawn before age 59½.
• Catch-Up Contributions
  If you’re age 50 or older, consider making additional catch-up contributions up to the IRS annual limit, which can help you boost your savings before you retire. See the Key Terms section on page 24 of the Hess Savings Plan Investment Guide for more details.

The Savings Plan offers a wide variety of investment funds, so you can choose the ones that best fit your financial goals, risk tolerance and time horizon for using the money. You invest your contributions and the company matching contributions, so your savings have the potential to grow into even more money. You can choose individual stock and bond funds, or you can select from several pre-mixed funds that invest in both types of assets. See the Hess Savings Plan Investment Guide for more information about your investment options.

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.

You can change your contributions to the Savings Plan at any time, increasing or decreasing as necessary. Additionally, you are automatically vested in your contributions, the company’s matching contributions and any earnings on those contributions, meaning the money in your account belongs solely to you.

When you make a withdrawal, the amount you receive will be based on the current market value of your investments. While the money in your Savings Plan is intended to be used for retirement, there are other times you can access the money in your account, such as if or when:

• You leave the company. Any before-tax contributions you made will be taxable in full. However, you may be able to roll it over to another company’s plan or into an Individual Retirement Account (IRA) and continue to defer taxes.
• You reach age 59^1/2. You can make withdrawals once you reach this age even if you are not yet retired. Withdrawals of before-tax contributions and earnings will be subject to ordinary income tax. If held for at least five years, withdrawals of Roth after-tax contributions and earnings will not be subject to tax. Withdrawals of regular after-tax contributions will not be taxed, but earnings will be subject to ordinary income tax.
• You take out a loan. You can borrow from your Savings Plan account while you are working for Hess. An interest rate is established for your loan, which you pay through regular payroll deductions. Your Savings Plan payments — including all interest payments — are made to your own account. In effect, you pay yourself back with interest. Loans are made to you tax free.
• You have an immediate financial hardship. In certain situations, withdrawals are allowed at any time after you have exhausted any distributions under the Savings Plan. However, hardship withdrawals may be subject to a 10 percent tax in addition to ordinary income tax. See your Summary Plan Description (SPD) for more details on what qualifies as a hardship.

When you access your account following retirement, before-tax contributions and associated earnings, and regular after-tax earnings will be taxable in full. If you would like, you can request that the entire account be paid to you as a lump sum. If your vested account balance is more than $1,000, you can leave your money in the Savings Plan until age 70^1/2 or roll over your taxable distribution into an IRA or another eligible retirement plan.

You must designate a beneficiary for the Savings Plan — 401(k) to ensure that, in the event of your death, the benefits are distributed according to your wishes. To designate or change beneficiaries for the Savings Plan — 401(k), visit the Hess Benefits Center at Fidelity. Click Profile, then Beneficiaries.

The Hess Benefits Center at Fidelity

You can visit the Hess Benefits Center at Fidelity at any time to:

• Increase or decrease your contribution rate
• Reallocate your investment choices
• Request a loan
• Make a withdrawal
• Change your personal identification number (PIN)
• Evaluate different investment options
• Learn more about investing
• And more!

If you prefer to speak with a benefits specialist, call 1-877-511-4377, Option 2. They can help you enroll, make transactions or find additional plan information. You can also request a prospectus, which contains more detailed fund information, including investment approaches, fees and risks. Please read all information carefully before investing.

Fidelity Full View®

Ask a Fidelity benefits specialist about Full View — a tool to manage your personal finances by bringing your online financial accounts (including investment, bank, credit card, loan, mortgage and insurance accounts) onto a single, fully customizable view. See your financial picture in one place, including a snapshot of your net worth.