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Eligibility

You are eligible to take part with the 401(k) Plan You are eligible if:

• Worked for through Baker Hughes or an affiliate who has taken the 401(k) Plan;
• As part of an agreement to bargain collectively, the agreement you sign must include participation
• Payed via an Baker Hughes U.S. dollar salary;
• Aged 18 or more; and
• The following are the most common:

1. The U.S. citizen, legal permanent resident or non-U.S. citizen with employment based on the United States on local terms and conditions.
2. A Canadian citizen working on an assignment abroad to U.S.A. U.S. and not eligible to participate in retirement benefits under the International Retirement Plan;
3. Participant in the Plan from Dec 31, 1998 or
4. Participation in the Plan following your departure to your position in the Western Geophysical division of Western Atlas International, Inc. between January 1, 1999 until December 31, 2000 (but only in the event that you had been part of the Western Atlas International, Inc. Retirement/Profit Sharing Plan until December 31st of 1998.).

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Your contributions

Contributions are made towards your 401(k) Plan by way of payroll deductions. You choose:

• What is the best way to save between 1% and 50% of your salary, subject to IRS limit.
• If you're looking to reduce your tax bill on a pretax, Roth or after-tax basis or any combination of the three.

Pay that is eligible includes the entire amount of your wages in the following list that you are until the end of the pay period, during which the termination occurs:

• Your base salary is your regular pay
• Overtime pay
• Shift differentials
• Commissions
• The bonuses are eligible and paid throughout the course of

The Internal Revenue Service (IRS) restricts the combination of your tax-free or Roth contributions to 20.500 dollars in 2022. This includes all before-tax and Roth contributions you have made to another employer plan in the same calendar year. You can modify your contribution rates at anytime. Check Your 401(k) Account for more details.

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Employee catch-up contribution

If you're 50 years old or older on the 1st of January or are set to reach 50 in 2022, you may be eligible to make additional tax-free or Roth-based contributions (unmatched) to the 401(k) Account, up to a maximum of $6500 in 2022. These are separate selection options that do not require employer match contributions.

Contributions to the company

The company will help you save for the future by making these contributions:

• Base of the company The business will automatically transfer an amount equivalent to 4percent of your admissible pay to your account at the end of each pay period, regardless of whether or not you make a contribution.
• Matching from your employer For each dollar you save during a pay period that is up to 5 percent of your salary that you are eligible to receive The company will offer match contributions of one dollar.

Transferring an 401(k) or IRA

You may roll over your account from an earlier employer's qualified plan or some IRAs to your 401(k) Plans. For more details, read the Summary Plan Description (SPD), visit your 401(k) Account or contact for the Baker Hughes Benefits Center at 1-866-244-3539.

Withdrawals/loans

Although the primary goal that this 401(k) plan is to help you meet your the goals of retirement and financial security in the long term However, it is also a retirement savings plan. 401(k) Plan also offers the ability to withdraw money in-service and loan features. For more information, refer to the Summary Plan Description (SPD), go here or contact toll-free the Baker Hughes Benefits Center at 1-866-244-3539.

Vesting

You're always fully invested in your contributions to the company and the company's matching contribution as well as the investment income from those contributions. The term "fully" vested means the cash is yours to keep even if you quit the company. You will be completely vested base contributions to the company and any associated earnings at the time you:

• At the end of three years of vesting, or
• Retire from your company or
• Attain the age of 65, while remaining employed by the business or
• In the event of permanent disability, or death while employed by the company

Auto enrollment and automatic escalation

If you do not enroll, or decide to decline enrollment, you'll be enrolled at a tax-free amount of 3 percent, with an 3% match from the company contribution. Contributions made via auto enrollment will be invested into the 401(k) Fund that is the default for the plan, the Target Date Fund based on the estimated age of retirement.

The amount you contribute will be automatically increased each year by 1% every year until it gets to 10 10%. Auto escalation increases generally occur in the beginning of the year.

You can change your contribution rate as well as investment choices at anytime. Check the account on your 401(k) Account to learn more.

Options for investing

If you're a knowledgeable investor or simply want to take a more simplified method of making decisions about investments you can use the 401(k) plan has the answer with its two different types that invest funds. What you decide to invest in will be based on your experience with making decisions about investments and the amount of time you'd like to commit in managing the account. Learn more about the options for investing through taking a look at this instructional video.

Funds Target Date

• Target date funds were designed to make it easier for you to make your investment decisions by offering an investment option which has an appropriate asset mix in line with your current age.
• The year listed in the Baker Hughes Target Date Funds is an approximate date (the targeted year) the year you quit your job and retire.
• You select your Target Date Fund with the most recent date which is the closest to the date you want to retire (for many that could be 65).
• The asset allocation for Target Date Funds changes in time, with a shift towards more prudent (income) investments like cash and bonds. These offer greater stability as you approach to retirement and the investment horizon gets shorter.
• For more information on the funds' Target Date, watch this video.

Core Funds

• If you'd like to be more involved in deciding the investment portfolio If you want to be more involved in choosing and managing your investment mix, the 401(k) Plan provides six funds from which you can build your personal portfolio.
• When selecting your portfolio of the Core Funds it is important to consider your financial goals for retirement as well as your risk tolerance as well as the time the horizon.

The Company plans for this plan to be in compliance with the provisions of section 404(c) in the Employee Retirement Income Security Act and 29 CFR 2550.404c-1. Fiduciaries of this Plan can be exempted from any responsibility for losses that are directly caused by the investment advice provided by beneficiaries or participants. Be aware that you can alter your investment choice at anytime. But, if you do not affirmatively notify your plan's investment preferences and you do not, you will be considered to have voted affirmatively to invest your prior-tax contribution as well as any Company matches, and any subsequent Company base contributions to your default account.

For tools and resources such as fund performance and fees, sign up here..

Naming a beneficiary

Once you've become an active participant, you'll be able to choose the beneficiary. The beneficiary will be the one you select to get the 401(k) Plan benefit in the event of your passing. To name a beneficiary, go to this page or contact toll-free the Baker Hughes Benefits Center at 1-866-244-3539.

Disclaimer

This site explains what is the Baker Hughes 401(k) Plans. The information provided is not a complete description. The actual eligibility conditions, benefits, terms limitations, conditions and other provisions that apply to the plan are found in the plan's official document. Should any plan's terms were omitted or misinterpreted the plan's document will be the sole source of authority.