Understand Your Payment Options

You can choose among a variety of payment options to meet your personal retirement needs. Payment options are grouped into “normal” and “optional” forms. Think about the normal form as the default based on your marital status when you retire.

If you are single when you retire, you can choose any form of payment. If you are married and want to choose an optional form of payment other than one of the Joint and Survivor options, your spouse must agree in writing.

After reviewing your payment options, be sure to go online and estimate what your monthly payments will be under each option. Consider your decision carefully because you cannot change the form of payment after payments begin.

Normal Forms of Payment

Single Life Annuity
If you are single when benefits begin, the normal form of payment is a single life annuity that provides monthly payments to you for your lifetime. When you die, no further benefits are payable to anyone else.

Qualified Joint and Survivor Annuity
If you are married when your benefits begin, the normal form of payment is a qualified joint and survivor annuity. This pays you a reduced benefit during your lifetime so that when you die, your spouse, if he or she survives you, will receive 50 percent of the benefit you were receiving for the rest of his or her life.

Optional Forms of Payment

You may select one of the following optional forms of payment instead of your normal form. However, if you are married when you retire, your spouse must consent to your election in writing unless you elect one of the Joint and Survivor options.

Single Life Annuity
This is the same as the normal form of payment for a single person. It provides monthly benefits during your lifetime only, with no benefits payable to anyone else after your death.

662/3%, 75% or 100% Joint and Survivor Options
These options provide reduced monthly benefits during your lifetime so that after your death your designated beneficiary receives a percentage of that reduced monthly benefit for the rest of his or her life. The larger the percentage for your survivor, the less you will receive during your lifetime.

Certain and Continuous Annuity Option (Five or 10 Years)
This payment option provides reduced monthly benefits during your lifetime. If you die before receiving all of your payments during the guaranteed period (five or 10 years), your beneficiary will be paid the same amount you were receiving for the remainder of the guaranteed period. After all the guaranteed payments are made, payments to the beneficiary will stop. The longer the guaranteed period, the greater the reduction in your benefit.

Lump Sum
This option provides a one-time payment for the value of your Cash Accumulation Plan account balance. A lump-sum payment is taken in lieu of recurring payments distributed over a period of time.

Planning Ahead

Hess provides tools and resources you can use to plan ahead.

Fidelity’s Library of Tools and Resources

Gain confidence by browsing articles, videos, infographics and more to help you make informed financial decisions. To access the Library, go to netbenefits.com and select Library.

Articles

Browse through a variety of articles on how to make the most of your benefits and secure your financial future.

Calculators & Tools

Fidelity’s calculators and tools will help you take the guesswork out of saving for retirement and assist in building an income strategy to meet your needs.

One of these tools is Full View®, where you can track and manage all your financial accounts in one place including investments, bank and credit cards, loans, mortgages and insurance accounts. View your complete financial picture on a single page, with no additional passwords to remember.

To access Full View, go to netbenefits.com > Library > Calculators & Tools > Full View under Saving and Spending.

Online Workshops

Get smarter about your finances. Attend an online educational workshop.

  • Workshops are offered live or on-demand.
  • Attend from any computer or mobile device.
  • Learn about a variety of topics, including choosing investments, balancing financial goals and preparing for retirement.


Accident Insurance for Minor Accidents

Hess has partnered with Voya to provide additional coverage you can purchase to help pay out-of-pocket costs when you or a covered family member faces certain accidental injuries, such as burns, lacerations and torn knee cartilage.

Voya Accident Insurance pays a lump-sum benefit to help take the edge off unexpected costs that can arise if you or a covered family member suffers certain accidental injuries. For more information on the benefits provided and how much this coverage costs, view the benefits summary. Here are some key features of Accident Insurance:

  • Coverage is available for you, your spouse and children at discounted group rates.
  • No medical questions or tests are required.
  • You can use benefit payments for anything you need, like medical expenses, groceries or utilities.

5 Simple Steps

Below are five steps for a successful enrollment. For details about what’s changing and the benefit options available to you, view the 2021 Hess Benefits Decision Guide.

How Saving Before-Tax Works*

 SAVING IN THE PLAN
WITH BEFORE-TAX DOLLARS
SAVING OUTSIDE THE PLAN
WITH AFTER-TAX DOLLARS
Your Annual Pay$75,000$75,000
Your Before-Tax Contribution At 6%$4,500$0
Taxable Income$70,500$75,000
Federal Tax Withheld$10,534$11,524
Net Income$59,966$63,476
After-Tax Savings Outside The Plan$0$4,500
Spendable Income$59,966$58,976
Savings Advantage$990$0
* This example is hypothetical and for illustrative purposes only. Actual taxes will vary. This example is based on 2021 standard deduction and exemption amounts.

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Other Changes You Can Make

Here are actions you can take anytime during the year.

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The “Find it fast” search bar at the top of each page helps you find Hess benefits information in seconds. Simply type in what you’re looking for, using a word or two like “medical premiums” or “company match,” and click on the drop-down suggestion that most closely matches what you’re looking for. It’s that easy.

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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.