Yes. The $500 HSA contribution you’ll receive from Hess in 2025 for reaching 1000 points is in addition to the contribution Hess makes to your account each year. And, if your spouse or domestic partner is enrolled in the Hess Medical Plan and earns 500 POWER UP points, you will receive an additional $500 HSA contribution for a total of $1,000 from Hess.
The deadline for earning enough POWER UP points to qualify for the additional HSA contribution from Hess in 2025 is August 31, 2024.
You have the option to have a biometric screening done onsite (if offered at your office location), through your doctor or at a Patient Service Center. A biometric screening provides you with a snapshot of your current health, including measurements for cholesterol, glucose, blood pressure and body mass index (BMI). Complete your biometric screening and you’ll earn 200 points. From powerup.hess.com > Benefits page, click “Quest Biometric Screenings” and follow the instructions to schedule your screening. Be sure to upload any necessary forms to the portal by the July 31 deadline.
A health assessment examines lifestyle habits through a series of questions about your health, activity and nutrition. It can show you areas that may be holding you back from achieving your wellness goals. You’ll earn 200 points when you complete your health assessment at powerup.hess.com or on the Personify Health app. You can also complete a health assessment by calling Personify Health at 1-888-671-9395.
Have a general question about your benefits? Check out the frequently asked questions below. Questions about all topic areas are listed below. Use the filter feature to define your question search by topic.
If you have additional questions, contact the Hess Benefits Center at Empyrean for health and security benefits or the Hess Benefits Center at Fidelity for pension and savings benefits.
Deferred Compensation Plan participants are notified each year of their eligibility to enroll in the plan and make deferral elections.
At the time of enrollment, eligible participants also make distribution elections for their elective deferrals, which establish when and how the participant will receive their plan distribution of the amounts attributable to their elective deferrals. Eligible participants can review their distribution schedule at the Hess Benefits Center at Fidelity. Deferred compensation payments are taxed at ordinary income rates.
If you participated in the Pre-2005 Deferred Compensation Plan, your Pre-2005 account balance will be paid to you as soon as administratively possible after your last day of work. You will be paid in a lump sum or annual installment payments over five years in accordance with your deferral elections prior to January 1, 2005.
The PRP provides pension benefits above compensation limits set by the IRS. (Participation is automatic if your annual pay exceeds the IRC Section 401(a)(17) limit in any given year.)
IRS rules are very strict about what is considered a separation from service (including retirement).
If you receive payment of your PRP benefit and return to work for the company on more than a very limited basis (i.e., less than 20 percent of the average time you were spending on the job for the 36 months before your employment ended) as an employee, independent contractor or consultant, your employment will be considered continuous and you will be treated as if you received a payment during employment.
If this happens, you may be responsible for paying:
The income tax, tax penalty and interest penalty can easily equal or exceed the amount of the PRP benefit.
If you are a PRP participant and thinking of leaving Hess and returning as an employee, consultant or independent contractor, be sure to talk with your tax advisor and your HR representative. It may make sense for you to delay your termination of employment with Hess.
| IF YOU... | YEARS OF VESTING SERVICE | YOUR LUMP-SUM PRP BENEFIT WILL BE PAID AUTOMATICALLY... |
|---|---|---|
| Are Age 55 Or Older | 10 or more | On the first of the month following six months after your retirement date per IRS regulations |
| Are Age 65 | 1 or more | On the first of the month following six months after your retirement date per IRS regulations |
| Leave Before Age 55 | 10 or more | When you turn age 55 or six months after your retirement date, whichever is later |
| Leave Before Age 65 | Less than 10 | When you reach age 65 |
You are automatically eligible to participate in the Traditional Formula Pension Plan if you:
To receive your pension benefit, you must be:
You don’t make any contributions to the Pension Plan. Hess pays 100 percent of the cost for your pension benefit.
You don’t make any investment decisions for the Pension Plan. Hess manages the Pension Plan’s portfolio of investments for all participants.
Even though you become a member of the plan after one year and your pension benefits are being credited to you, they aren’t 100 percent yours until you become fully vested.
You are vested when:
There’s not a lot you need to do when it comes to the Pension Plan. Hess funds it and manages the investment portfolio, so you don’t have to contribute or make investment decisions. But you still need to understand how it works.
First, let’s define some terms, then we’ll show you how these factors work together to determine your pension benefit under the plan.
Here’s how these factors work together to determine your pension benefit:
Financial experts estimate that you’ll need between 70 and 80 percent of your pre-retirement income to live comfortably in retirement. The Hess Pension Plan can play a role in providing retirement income that may be more predictable than income from a 401(k) plan, such as the Hess Savings Plan.
The amount of income that you may receive from the Pension Plan depends on a number of factors, including how long you work for Hess, your eligible compensation, your payment option and when you choose to have pension payments begin. For example, your full benefit is payable at age 65, but you may be able to receive a reduced benefit earlier. Read on to learn about plan features, other terms you need to know and how to use online tools and resources to factor the Pension Plan into your retirement planning along with the Savings Plan.
You’ll automatically participate in the Cash Accumulation Plan if you:
The Cash Accumulation Plan combines elements of a traditional defined benefit pension plan and a defined contribution plan, but in a way that gives Hess a more precise projection of future obligations. Under this plan, Hess contributes a defined amount to a notional account annually, based on eligible compensation, and guarantees that the account will grow by a fixed percentage annually. When you reach retirement age, you can take the accrued amount either as a lump sum or an annuity. Similar to a defined contribution plan, you can roll your account balance over to another tax-qualified plan if you leave before you are ready to retire.
In contrast, the Hess Corporation Employees’ Savings Plan (Savings Plan) is a “defined contribution” retirement plan, where you and Hess both contribute money into your savings account. With a defined contribution plan, it’s harder to predict the amount you will have at retirement, because that amount will depend on how much you contribute, the market and the investments you choose.
You don’t make any contributions to the Cash Accumulation Plan. Hess pays 100 percent of the cost of your benefit.
You don’t have to make any investment decisions for the Cash Accumulation Plan. Hess manages the investment portfolio.
Even though you participate in the plan after one year and your benefits are being credited to you, they aren’t 100 percent yours until you become fully vested.
You are vested as soon as you:
Your Cash Accumulation Plan account is portable, like your Savings Plan account. You can take it with you when you leave Hess in the form of a lump sum or an annuity.
If you are not ready to retire when you leave Hess, you can elect a lump-sum distribution and then roll it over into another employer’s tax-qualified plan or to an Individual Retirement Account (IRA) to maintain the tax advantage until you retire.
There’s not a lot you need to do when it comes to the Cash Accumulation Plan. Hess makes contributions to your account on your behalf and manages the investment portfolio. You don’t contribute or make investment decisions, but you still need to understand how it works.
First, let’s define some terms. Then we’ll show you how these factors work together to determine your benefit under the Cash Accumulation Formula. You’ll find more key terms explained in the Hess Cash Accumulation Plan Guide.
| Age | Pay Credit |
|---|---|
| Under 30 | 5% |
| 30 – 39 | 6% |
| 40 – 49 | 7% |
| 50 and older | 8% |
Here’s how these factors work together to determine your benefit at age 65 under the Cash Accumulation Plan:
Financial experts estimate that you’ll need about 80 percent of your preretirement income to live comfortably in retirement. The Hess Cash Accumulation Plan can play a role in reaching that objective, especially if you participate in the Hess Savings Plan and get the full company match. See the Hess Cash Accumulation Plan + Savings Plan Brochure for more information.
The value of your Cash Accumulation Plan account depends on your age, eligible compensation and the Treasury bond rate over time. How much you receive also depends on the payment option you choose and when you choose to receive it. Read on to learn about plan features and terms you need to know. Then, take advantage of your tools and resources to help with your retirement planning.