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With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Pension Plan Information:
Name of Pension Plan: Halliburton Retirement Plan
Years of Service and Age Qualification: Halliburton typically requires a minimum number of years of service and/or a specific age for eligibility in its pension plan. This information is usually detailed in the pension plan documents or summary plan descriptions.
Pension Formula: The formula used to calculate the pension benefits under the Halliburton Retirement Plan will be outlined in the plan documents.
401(k) Plan Information:
Name of 401(k) Plan: Halliburton 401(k) Plan
Eligibility: Information on who qualifies for the Halliburton 401(k) Plan, including any age or service requirements.
Details on Contribution Matching: How Halliburton matches contributions to the 401(k) Plan, if applicable.
Restructuring and Layoffs: Halliburton has undergone significant restructuring in recent months as part of its strategy to streamline operations and reduce costs. The company announced in early 2024 that it would lay off approximately 2,000 employees globally. This move is intended to improve operational efficiency and adapt to fluctuating demand in the oil and gas sector. Given the current economic climate and ongoing volatility in energy markets, this restructuring is crucial for Halliburton to remain competitive and financially stable.
Stock Options: Halliburton provides stock options to its employees as part of its compensation package. These options are typically offered to executives and high-level employees. The options allow employees to purchase Halliburton shares at a set price, usually lower than the market price, after a specified vesting period.
Restricted Stock Units (RSUs): Halliburton grants RSUs as a form of long-term incentive compensation. These RSUs are awarded to employees with certain performance criteria and vesting schedules. The value of RSUs is tied to Halliburton’s stock performance and converts to actual shares upon vesting.
Health Benefits Overview: Halliburton offers a range of health benefits including medical, dental, and vision coverage. They also provide wellness programs and employee assistance programs.
Healthcare-Related Terms: PPO (Preferred Provider Organization), HSA (Health Savings Account), FSA (Flexible Spending Account), EAP (Employee Assistance Program).