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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.
Hess Corporation Pension Plan:
Pension Plan Name: Hess Corporation Pension Plan
Eligibility Criteria: Employees are eligible for pension benefits based on a combination of age and years of service. Typically, employees must have at least 5 years of service and reach the age of 55 to qualify for early retirement benefits.
Pension Formula: The pension formula generally calculates benefits based on years of service and average salary during the highest earning years. Specific details about the formula can be found in the plan document
.2. Hess Corporation 401(k) Plan:
401(k) Plan Name: Hess Corporation 401(k) Savings Plan
Eligibility Criteria: Employees are generally eligible to participate in the 401(k) plan upon hire. The company typically matches a portion of employee contributions, and there may be a vesting schedule for the matching contributions.
Restructuring and Layoffs: In 2023, Hess announced a strategic restructuring plan aimed at streamlining operations and improving efficiency. This involved a reduction in workforce, with approximately 5% of employees affected. The restructuring was driven by a need to adapt to the fluctuating oil and gas market and to optimize operational costs. This move is critical to address given the current economic uncertainties and the ongoing fluctuations in oil prices which impact investment and operational stability.
Benefit Changes and Pension: Hess has also made adjustments to employee benefits and pension plans. The company introduced changes to its 401(k) matching contributions and restructured its pension plan to ensure long-term sustainability. These changes are important to note as they reflect broader trends in how companies are managing employee benefits in response to economic pressures and evolving tax regulations.
Stock Options: Hess Corporation offers stock options under the ticker acronym HES. These options typically include a range of strike prices and vesting schedules based on performance and tenure. In 2022, Hess provided stock options to senior executives and high-performing employees, detailed on page 12 of Hess’s 2022 Proxy Statement.
Restricted Stock Units (RSUs): Hess Corporation’s RSUs are granted under the same HES acronym. RSUs vest over time or upon meeting specific performance criteria. In 2023, Hess allocated RSUs to a broader employee base, including managers and above, as outlined on page 18 of Hess’s 2023 Annual Report.
Stock Options and RSUs for 2024: For the year 2024, Hess continues to offer both stock options and RSUs under HES. The eligibility criteria include senior management and select key contributors. Details for 2024 are specified on page 22 of Hess’s 2024 Proxy Statement.
Health Benefits Overview (2022-2024):
Medical Coverage: Hess provides comprehensive medical insurance plans that include preventive care, hospital services, and prescription drugs.
Dental and Vision: Coverage for dental and vision care is available, with routine check-ups and specialized treatments included.
Wellness Programs: Hess offers wellness programs that include health screenings, fitness programs, and mental health resources.
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs): Employees can use FSAs and HSAs for eligible medical expenses.
Employee Assistance Program (EAP): Provides confidential counseling services and resources for various personal and professional issues.