FAQs

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Baker Hughes Company Pension Plan
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Pension FAQs
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Election Options
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Election Options

What is Option 1 – Immediate Lump Sum Payment?

If you select this option, you will receive a single lump sum payment of your Plan benefit to be paid by the end of December 2024. For example, if your benefit is $20,200, you will receive one payment of $20,200 (tax withholding may be applied).

Do I need to do anything to receive a lump sum under Option 1 – Immediate Lump Sum Payment?

Yes. You must complete the forms in the packet sent to your home and return the election kit no later than November 25, 2024.

What is Option 2 – Immediate Annuity Payment?

If you select this option, you will start receiving monthly benefit payments of your Plan benefit in December 2024.

Do I need to do anything to start receiving an annuity under Option 2 – Immediate Annuity Payment?

Yes. Call 866‑333‑7309 to request an annuity election kit as soon as possible. Once completed, you must return the election kit no later than November 25, 2024.

What is Option 3 – Defer Payment Until Later?

If you select this option, you will have to wait until later to begin receiving payment of your Plan benefit and then will not take advantage of this special election window. Your payment will be automatically deferred to a later date.

Do I have to do anything if I want to elect Option 3 – Defer Payment Until Later?

No action is required if you select this option.

If I choose Option 3 – Defer Payment Until Later, can I receive a lump sum?

If you do not make an election byNovember 25, 2024, you are electing to defer payment of your Plan benefits.  

  • The lump sum amount set forth in the Election Kit is available to only during the Election Window period. In the event that you elect a lump sum payment from the Plan later, the lump sum amount then payable will be based upon the value of your Cash Balance account under the Plan at that time.
  • Your payments will be deferred until you apply for retirement, at age 55 or older.
  • Your benefit options will be recalculated to reflect the actual date you begin payment. You will need to contact the Baker Hughes Benefits Center at least 90 days prior to the date you would like to start receiving your Plan benefits.
If I take the lump sum option, can I roll over my payment into an IRA or other employer plan?

Yes. If you decide to take the single lump sum payment, you can elect to roll over all or part of the lump sum payment to an IRA or other eligible employer plan.

If you are rolling over to a new IRA, you may need to set up the IRA before making the lump sum election. The rollover check will be mailed directly to you and made payable to the financial institution that administers your account. You are responsible for delivering the check to the financial institution.