The SRP offers you the opportunity to defer 1% to 60% of your base salary as well as all or part of your annual bonus on a before-tax basis beyond what you contribute in the Baker Hughes 401(k) Plan. 

The SRP also provides company contributions totaling 9% (basic of 5% and base of 4%) on income not eligible to receive company contributions in the Baker Hughes 401(k) Plan. This allows all of your eligible income to receive up to 9% of company contributions in either the 401(k) Plan or the SRP. 

Your Contributions

Your contribution elections are irrevocable, meaning once you make them during the enrollment period, you cannot change them until the next plan year. You can make two types of contributions:

• Base Salary Deferral of 1% to 60%.
• Bonus Deferral of 1% to 100% of your Fullstream bonus.

Vesting

You are always 100% vested in your contributions. Company basic contributions vest immediately. Company base contributions vest in three years.

SRP Enrollment

If you are a current SRP participant, your prior year SRP elections will not carry over into the next year. To view prior year SRP elections, access your SRP account here.

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. There are three eligibility periods (typically in April, August, and January) each year. Prior to each eligibility period, SRP participants will receive a notification.

Click here for enrollment instructions.

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 investment elections (these elections can be changed at any time), and
• Name or confirm a beneficiary.

If you do not make elections during the enrollment period and receive company contributions, your distribution election will automatically default to a lump sum payment made the later of:

1. January following separation from service; or
2. 6 months following separation from service.

This means you will receive your default payment the year following your separation from service.

If you decide not to enroll in the SRP during the enrollment period, you’ll have to wait until next year’s Annual Enrollment period to contribute to the plan.

Your SRP accounts will be deemed credited with earnings and losses based upon your investment selections. You may invest your contributions in one or more of the 4 Style Funds or 14 Core Funds.

Style Funds

• Style Funds are pre-mixed, diversified funds that provide a quick and easy method for diversifying your investments with a single selection.
• A Style Fund may be the right choice for you if you want a simplified investment strategy because each fund allows you to choose a specific investment objective and risk tolerance.

Core Funds

• If you want more involvement in choosing and managing your investment mix, the SRP offers fourteen Core Funds from which you can choose to build your own portfolio.
• In choosing your own portfolio from the Core Funds, you should consider your retirement financial goals, risk tolerance and time horizon.

Further information regarding the investment funds is available at your SRP account during enrollment.