There are two tax-advantaged ways you can contribute to the savings plan. You can make before-tax payroll deductions or after-tax “Roth” contributions. This chart can help you decide whether your contributions should be before-tax, Roth or a combination of both.

 BEFORE-TAX CONTRIBUTIONSROTH CONTRIBUTIONS
FundingFunded with before tax dollars.Funded with after-tax dollars.
Tax BenefitsYou defer paying taxes; your balance grows tax free.You pay taxes up front, but your contributions grow tax free.
Tax Treatment When You Withdraw The Money In RetirementYou pay taxes on before-tax contributions and earnings.You pay no taxes on contributions or earnings if you’re at least 59½ (or you die, or you become disabled and you’ve held the Roth contributions for at least five years).
Why?
  • You think you’ll be in a lower tax bracket when you retire.
  • You’re OK not knowing exactly what you’ll owe when you retire.
  • You think you’ll be in a higher tax bracket when you retire.
  • You want the certainty of knowing exactly how much you’ll have in retirement.

This website provides highlights of the Hess Corporation benefits plans and programs for 2020. 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.