What You Pay for Dental Coverage

Coverage LevelYour Biweekly Before-Tax Contribution
Employee Only$6.96
Employee + One$13.92
Employee + Family$20.88

Dental Plan Overview

 IN NETWORKOUT OF NETWORK
FEATURES
DeductibleNoneIndividual: $50

Family: $150
Preventive Care100%100%
Restorative Care80%70% after deductible
Prosthodontic Care60%60% after deductible
Orthodontic Care (Children and Adults)50%50% after deductible
Annual Maximum (Per Person)$2,000$1,500
Orthodontic Lifetime Maximum (Per Person)$2,500$2,500

IRS Annual Limits

The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2021, the maximum you can contribute to the Hess Savings Plan using before-tax and/or Roth contributions is $19,500 (or $26,000 with catch-up contributions). In 2021, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $58,000. If you’re age 50 or older, you can contribute an additional $6,500, for a total of $64,500. 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.

 Contributions
RegularCatch-UpTotal
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*$38,500 less company matchNot applicable$38,500 less company match
Combined Total$58,000$6,500$64,500
* 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 $58,000 regular after-tax.

Choose Your Investments

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 Company Match

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.

Contributions

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.

Eligibility

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.

Vision Plan Features

 IN NETWORKOUT OF NETWORK
Covered Services Every 12 Months
Annual Exam100%, no copay$40 allowance
Frames$130 allowance; 20% discount$45 allowance
Lenses*
Single Vision100% after $35 copay$25 allowance
Bifocal100% after $35 copay$40 allowance
Trifocal100% after $35 copay$55 allowance
Lenticular100% after $35 copay$75 allowance
Contacts (IN PLACE OF LENSES)
Elective Conventional$200 allowance; 15% discount$105 allowance
Elective Disposable$200 allowance$105 allowance
Non-Elective100%$210 allowance
Contact Lens Fitting100%Not covered
* Options such as extra-thin lenses or special lens coatings may increase your out-of-pocket costs.

COST PER PAYCHECK

Prescription Drug Details

Here’s What the Plan Pays

 IN NETWORKOUT OF NETWORK
Preventive Retail & Mail Order
Generic100%60% after deductible
Branded85%40% after deductible
Non-Preventive Retail & Mail Order
Generic85% after deductible60% after deductible
Branded85% after deductible40% after deductible

This website provides highlights of the Hess Corporation benefits plans and programs for 2021. 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.