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.