The SRP provides the following benefits:  

1. To allow you to set aside base salary and bonus on a pre-tax basis in addition to pre-tax contributions you can make in Baker Hughes 401(k) Plan. Bonus deferrals are not allowed during mid-year enrollment. The IRS limits pre-tax contribution of $23,000 in 2024 and $23,500 in 2025, plus an additional pre-tax catch-up contribution of $7,500 for those 50 or older.
2. To allow Baker Hughes to provide you contributions similar to those provided in the Baker Hughes 401(k) Plan on income not eligible to receive company contributions. In the Baker Hughes 401(k) Plan, neither you nor the company are allowed to make contributions once your plan eligible income (generally base salary and bonus) reaches $345,000 in 2024 and $350,000 in 2025. Baker Hughes provides contributions to you in the SRP on eligible income above $345,000 in 2024 and $350,000 in 2025. Also, contributions you make to the SRP are not able to receive Baker Hughes 401(k) Plan company contributions so you receive SRP company contributions on this income. If you earn more than the $345,000 in 2024 and $350,000 in 2025, you may want to make payment elections since you will receive company contributions in the SRP next year. If you do nothing, you will be defaulted to receive your SRP year accounts as a lump sum the year following your separation from employment, and be invested in the Money Market Fund.

You can enroll online by going to BakerHughesBenefits.com/SRP and selecting Log In at the top of the page. Refer to the Key Plan Features and Enrollment section for enrollment details. For mid-year enrollments, you will be notified when you are able to enroll.

If you are a current employee your prior year’s elections do not carry over.

If you do not make distribution and investment elections during the enrollment period and receive company contributions in a given year, your distribution election will automatically default to a lump sum payment made the year following your separation from service. You will receive your payment the year following your separation from service.

Your investment election will be set to 100% in the Money Market Fund. You can change your investment election at any time.

The first day of the plan year begins January 1 each year. If you are a current participant, you will be able to enroll in the SRP during the Annual Enrollment period prior to January 1 of the year in which you are eligible.

Typically, if you are a new employee of Baker Hughes or are newly eligible for SRP participation, you can enroll in the SRP in the next enrollment period following your date of eligibility. You will be notified when you are able to enroll.

When you enroll you will be asked to:

• Elect how much you want to defer to the SRP;
• Choose the timing and form of payment for distributions;
• Choose your initial investment elections (these elections can be changed at any time); and
• Name a beneficiary or beneficiaries to receive any benefits payable in the event of your death.