You’ll automatically participate in the Cash Accumulation Plan if you:

  • Were hired or rehired on or after January 1, 2017
  • Are a full-time or part-time employee
  • Complete one year of vesting service (12 consecutive months with at least 1,000 hours worked)

What’s a Cash Accumulation Plan?

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:

  • Complete three years of vesting service from date of hire, or
  • Reach normal retirement (age 65) and have at least one year of vesting service


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.

How Does It Work?

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 — This is your age in completed years as of the last day of the prior month.
  • Cash Accumulation Account — Your pay credits and interest credits are held in a notional account until you retire or leave Hess.
  • Interest Credits — These are determined by multiplying your opening account balance by an interest rate. The interest rate is based on the 30-year Treasury bond rate set the prior November and cannot be lower than 1 percent. For example, the annual rate for 2023 is 4 percent. Interest credits are deposited into your Cash Accumulation Plan account shortly after the last day worked each month.
  • Pay Credits — These are determined by multiplying your monthly compensation by a percentage based on your age as shown in the table below. Generally, compensation includes your base salary, overtime and annual incentive reward. Like interest credits, pay credits are deposited into your Cash Accumulation Plan account shortly after the last day worked each month.
AgePay Credit
Under 305%
30 – 396%
40 – 497%
50 and older8%

Here’s how these factors work together to determine your benefit at age 65 under the Cash Accumulation Plan:

How Much Will I Receive?

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.

This website provides highlights of the Hess Corporation benefits plans and programs for 2024. 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.