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Baker Hughes Pension Plan – Important Information Effective January 1, 2020 The administrator of the Baker Hughes Incorporated Pension Plan (“the Pension Plan”) is changing, effective January 1, 2020. The new administrator is Willis Towers Watson, a global benefits consulting and administration company. The impact of this change on you will be minimal. Nothing changes about your pension benefit or eligibility, and you will continue to call the same number if you need help or have questions. If you are currently receiving a monthly benefit payment, you will continue to receive it without any disruption. You should review these key transition dates and be aware of services that will be unavailable during the blackout period. Dates (time frames) What’s Happening Today through December 31, 2019 You can access your account through myRewards (go to: digital.alight.com/bakerhughes/) and make any changes as you do now. Online access to all historical account activity will not be available on your Pension Plan account with the new administrator. Go to your myRewards account to download that information before December 31, 2019. December 13, 2019: Activity Blackout Period Begins This is the last day to submit completed paperwork to commence monthly benefits on January 1, 2020. Any paperwork submitted after December 13, 2019, means that monthly benefits will commence on February 1, 2020. For those who are currently receiving benefit payments, this is the last day of the year to make changes to your account (address, direct deposit, or tax withholding changes). December 27, 2019 If you are no longer employed by Baker Hughes and eligible to receive a Pension Plan benefit, this is the last day you can submit a completed lump-sum distribution request to receive the payment by January 1, 2020. The next scheduled payments will process with the new administrator by February 1, 2020. By January 3, 2020: The Activity Blackout Period Ends You will access your account through our new Pension Plan website. You will receive instructions on how to access the website and how to set up your new login and password in January 2020. Late January 2020 You will receive your first annual Pension Plan cash balance account statement in the mail in late January 2020. You will no longer receive quarterly statements beginning in 2020, but you will have the ability to reference your account balance at any time through the new administrator. PEN There is no action you need to take. You will receive instructions on accessing your account in early January 2020. If you have questions about these changes, please contact the Baker Hughes Benefits Center by phone Monday through Friday, 7:00 a.m. to 7:00 p.m. CT at 1-866-244-3539.
