The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2025, the maximum you can contribute to the Hess Savings Plan using before-tax and/or Roth contributions is:
$23,500 (if you are age 49 or younger) or
$31,000 (if you are age 50 or older; $23,500 + $7,500 regular catch-up contribution) or
In 2025, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $70,000 (or $77,500 if you are age 50+ and make catch-up contributions, or $81,250 if you are age 60 – 63 and make the higher 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.
Contributions
Regular
Catch-Up*
Total
Combined Before-Tax and Roth After-Tax
$23,500
$7,500
$31,000
Company Match
Varies depending on eligible pay
Not applicable
Varies depending on eligible pay
Regular After-Tax**
$46,500 less company match
Not applicable
$46,500 less company match
Combined Total
$70,000
$7,500
$77,500
* If you are age 60 – 63 in 2025, you can contribute an additional $3,750 in addition to the catch-up limit shown above. ** 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 $70,000 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.
65% after deductible (after $500 annual allowance)
Office Visits
Primary Care
Specialist
85% after deductible
65% after deductible
Emergency Room
85% after deductible
85% after deductible
Hospital
85% after deductible
65% after deductible
Laboratory
85% after deductible
65% after deductible
X-Ray
85% after deductible
65% after deductible
Knee, Hip and Spine Procedures at Anthem Blue Distinction Centers
90% after deductible
No coverage
Travel Expenses
Up to $10,000 reimbursement per occurrence for transportation, food and lodging expenses if a covered medical service under the plan is not available within 75 miles of the participant’s home. Learn more.
* Out-of-network expenses are limited to the eligible maximum allowed amount. You are responsible for paying any amount over the eligible maximum allowed amount charges in addition to your deductible and coinsurance.
** Preventive care includes wellness visits for children, preventive exams and recommended screenings for adults and immunizations in or out of network.
Key Features
Use the filter to find information for the coverage level you want:
Employee Only
Employee + One
Employee + Family
COVERAGE LEVEL
IN NETWORK
OUT OF NETWORK*
Employee Only
Your Biweekly Contribution
$40.22
$40.22
Deductible
$1,650
$3,300
Hess HSA Contribution
$500
$500
Your HSA Contribution
Up to $3,800($4,300 IRS limit minus Hess contribution)
Up to $3,800($4,300 IRS limit minus Hess contribution)
Out-of-Pocket Maximum
$3,000
$6,000
EMPLOYEE ONLY
* Out-of-network expenses are limited to the eligible maximum allowed amount. You are responsible for paying any amount over the eligible maximum allowed amount charges in addition to your deductible and coinsurance.
COVERAGE LEVEL
IN NETWORK
OUT OF NETWORK*
Employee + One
Your Biweekly Contribution
$80.43
$80.43
Deductible
$3,300
$6,600
Hess HSA Contribution
$1,000
$1,000
Your HSA Contribution
Up to $7,550($8,550 IRS limit minus Hess contribution)
Up to $7,550($8,550 IRS limit minus Hess contribution)
Out-of-Pocket Maximum
$6,000
$12,000
EMPLOYEE + ONE
* Out-of-network expenses are limited to the eligible maximum allowed amount. You are responsible for paying any amount over the eligible maximum allowed amount charges in addition to your deductible and coinsurance.
COVERAGE LEVEL
IN NETWORK
OUT OF NETWORK*
Employee + Family
Your Biweekly Contribution
$137.52
$137.52
Deductible
$3,300
$6,600
Hess HSA Contribution
$1,000
$1,000
Your HSA Contribution
Up to $7,550($8,550 IRS limit minus Hess contribution)
Up to $7,550($8,550 IRS limit minus Hess contribution)
Out-of-Pocket Maximum
$6,000
$12,000
EMPLOYEE + FAMILY
* Out-of-network expenses are limited to the eligible maximum allowed amount. You are responsible for paying any amount over the eligible maximum allowed amount charges in addition to your deductible and coinsurance.