LTD Coverage
Hess provides LTD coverage at no cost to you. LTD coverage replaces a portion of your pay if you become seriously ill or injured and cannot work for an extended period of time lasting more than 26 weeks.
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Keep In Mind:
- You will need to provide evidence of insurability if you: enroll more than 30 days after first becoming eligible, increase Optional Life Insurance by more than one times your salary or enroll in Optional Life Insurance at four times your salary.
- You designate beneficiaries to receive your Life Insurance benefits. You are the beneficiary if you elect any Optional Life Insurance for your spouse or children.
Withdrawals and Loans
You can change your contributions to the Savings Plan at any time, increasing or decreasing as necessary. Additionally, you are automatically vested in your contributions, the company’s matching contributions and any earnings on those contributions, meaning the money in your account belongs solely to you.
When you make a withdrawal, the amount you receive will be based on the current market value of your investments. While the money in your Savings Plan is intended to be used for retirement, there are other times you can access the money in your account, such as if or when:
- You leave the company. Any before-tax contributions you made will be taxable in full. However, you may be able to roll it over to another company’s plan or into an Individual Retirement Account (IRA) and continue to defer taxes.
- You reach age 591/2. You can make withdrawals once you reach this age even if you are not yet retired. Withdrawals of before-tax contributions and earnings will be subject to ordinary income tax. If held for at least five years, withdrawals of Roth after-tax contributions and earnings will not be subject to tax. Withdrawals of regular after-tax contributions will not be taxed, but earnings will be subject to ordinary income tax.
- You take out a loan. You can borrow from your Savings Plan account while you are working for Hess. An interest rate is established for your loan, which you pay through regular payroll deductions. Your Savings Plan payments — including all interest payments — are made to your own account. In effect, you pay yourself back with interest. Loans are made to you tax free.
- You have an immediate financial hardship. In certain situations, withdrawals are allowed at any time after you have exhausted any distributions under the Savings Plan. However, hardship withdrawals may be subject to a 10 percent tax in addition to ordinary income tax. See your Summary Plan Description (SPD) for more details on what qualifies as a hardship.
When you access your account following retirement, before-tax contributions and associated earnings, and regular after-tax earnings will be taxable in full. If you would like, you can request that the entire account be paid to you as a lump sum. If your vested account balance is more than $1,000, you can leave your money in the Savings Plan until age 701/2 or roll over your taxable distribution into an IRA or another eligible retirement plan.
How the Plan Works
After you meet the plan deductible, coinsurance kicks in to share the cost. Once you meet your out-of-pocket maximum, the plan pays 100 percent of eligible expenses for the remainder of the year.
The HSA feature of the Hess Medical Plan can help you pay for out-of-pocket costs. Each year you enroll for coverage, Hess puts $500 into your HSA if you have employee only coverage and $1,000 if you have employee + one or employee + family coverage. If you’re a new hire, these amounts are prorated based on the calendar quarter of your hire date.
You can also contribute up to $3,800 (employee only coverage) or $7,550 (employee + one or employee + family coverage) of your own tax-free* money into your HSA. (These amounts may be slightly higher for new hires due to the proration of the company contribution, or slightly lower if you earned an additional wellness HSA contribution, but total contributions cannot exceed the 2025 annual IRS maximums of $4,300 for an individual or $8,550 for a family.) If you’re age 55 or older, you may contribute an additional $1,000 each year.
You can use the money in your HSA to pay out-of-pocket health care expenses now, or you can save it for later.
* Tax-free for federal tax purposes. State tax treatment may vary.
Understand Your Payment Options
You can choose among pension 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 leave or retire.
If you are single when you leave or 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 Form 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 form 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 leave or 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.
66⅔%, 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.
Planning Ahead
Hess provides tools and resources you can use to plan ahead.
- Use the Pension Plan Calculator to model your pension at different retirement dates and payment options.
- Read Making the Transition to Retirement, your step-by-step guide.
SEE WHAT THE PLAN PAYS FOR CARE
You’ll pay less if you go to a doctor, hospital or pharmacy that is in network. Review the chart below to see what’s covered for in-network and out-of-network care.