The IRS determines the maximum combined amount that can be contributed to 401(k) plans each year. For 2025, the maximum you can contribute to the Hess Savings Plan using before-tax and/or Roth contributions is:
- $23,500 (if you are age 49 or younger) or
- $31,000 (if you are age 50 or older; $23,500 + $7,500 regular catch-up contribution) or
- $34,750 (if you are age 60 – 63; $23,500 + $11,250 higher catch-up contribution)
In 2025, total contributions (yours and Hess’) to the Hess Savings Plan are limited to $70,000 (or $77,500 if you are age 50+ and make catch-up contributions, or $81,250 if you are age 60 – 63 and make the higher catch-up contributions). Your before-tax, Roth after-tax, regular after-tax and company matching contributions all count toward the annual limits.
The table below provides a breakdown of each type of contribution you can make.
| Contributions | |||
|---|---|---|---|
| Regular | Catch-Up* | Total | |
| Combined Before-Tax and Roth After-Tax | $23,500 | $7,500 | $31,000 |
| Company Match | Varies depending on eligible pay | Not applicable | Varies depending on eligible pay |
| Regular After-Tax** | $46,500 less company match | Not applicable | $46,500 less company match |
| Combined Total | $70,000 | $7,500 | $77,500 |
** Assumes maximum before-tax and Roth after-tax contributions. It’s possible to contribute as little as $0 before-tax and Roth after-tax and $70,000 regular after-tax.