The definition of annual base pay depends on whether you are salaried or hourly, and does not include bonus or overtime pay. If you are a salaried employee, annual base pay is your annual salary. If you are an hourly employee, annual base pay is your hourly rate times 2,080 (52 weeks x 40 hours/week).
WHAT IS EVIDENCE OF INSURABILITY?
Evidence of insurability (EOI), also known as proof of good health, is an insurance term that means you must confirm your or your dependent’s physical well-being in writing through a questionnaire or medical examination. Your insurance will not be effective until the insurance company approves your EOI.
Types of Retirement
You can choose to retire when it’s right for you, but make sure you understand the trade-off.
Normal Retirement
If you leave Hess at age 65 or older, you may start receiving your pension immediately without a reduction. Your pension does not begin until you actually retire, so if you continue to work at Hess after age 65, you will continue to accumulate additional pension benefits and will receive a higher benefit based on additional years of Credited Service.
Early Retirement
You are eligible for early retirement from Hess if, on your last day of employment, you are 55 to 65 years of age and have at least 10 years of vesting service. Please keep in mind that if you start receiving your pension before age 60, the monthly amount is reduced to take into account the additional years of payment.
Terminated Vested Participant
If you are 55 to 65 years of age on your last day of employment with at least five but less than 10 years of vesting service, you are eligible to start your Hess pension payments at age 65.
FREE WILL PREPARATION AND ESTATE PLANNING
One of the benefits of enrolling in Optional Life Insurance is that you can get free will preparation and estate planning through MetLife’s Hyatt Legal Plans. These services can cost upwards of $1,000 each. By taking advantage of this benefit, you can save a lot of money.
If you currently have Optional Life Insurance, you can call 1-800-821-6400 today to schedule your consultation.
WHAT IS ANNUAL BASE PAY?
The definition of annual base pay depends on whether you are salaried or hourly, and does not include bonus or overtime pay. If you are a salaried employee, annual base pay is your annual salary. If you are an hourly employee, annual base pay is your hourly rate times 2,080 (52 weeks x 40 hours/week).
WHAT IS EVIDENCE OF INSURABILITY?
Evidence of insurability (EOI), also known as proof of good health, is an insurance term that means you must confirm your or your dependent’s physical well-being in writing through a questionnaire or medical examination. Your insurance will not be effective until the insurance company approves your EOI.