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Hess Employees: Navigating the Financial Implications of Fallen Tree Damage on Your Property

Healthcare Provider Update: Healthcare Provider for Hess: For employees of Hess Corporation, the primary healthcare provider is UnitedHealthcare. This partnership allows Hess employees access to a comprehensive range of health services geared towards providing robust healthcare support. Potential Healthcare Cost Increases in 2026: In 2026, healthcare costs are anticipated to surge significantly for Hess employees due to a perfect storm of factors affecting the healthcare market. Record premium hikes in the Affordable Care Act (ACA) marketplace are expected, with some enrollees facing increases of over 75% if enhanced federal subsidies expire. Insurers are also projecting a sharp rise in medical costs, prompted by inflation and increased demand for services. This scenario could substantially impact out-of-pocket expenses for many employees, necessitating strategic planning and proactive healthcare management in the coming months. Click here to learn more

Are Hess employees responsible for the damage caused by a tree on their property that hits their neighbor’s home or other insured structure, such as a garage or shed?

In most cases, the answer is “no.”

When such damage occurs to your neighbor’s home due to forces outside your control (e.g., weather events), your neighbors may have to file a claim with their insurer to receive a reimbursement for the damage a fallen down tree caused.

There is one exception, however.

If it is determined that the tree damage stems from your negligence (e.g., dead limbs that you refused to cut down, or you chose to trim your tree as a weekend project), then the neighbor’s insurer may come after you to recover their loss—a process called subrogation.¹

You may want to check your policy or speak to your insurance agent to ascertain if your homeowner's policy covers your liability in cases of negligence.

When Neighbors Sue

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Some neighbors may seek to bring legal action against you, though often that is unnecessary.

For those working at Hess, determine what municipal laws are in place to cover such instances. Generally speaking, you are not responsible unless you knew, or should have known, about the danger. Proving what you knew or should have known can be difficult and costly in a court of law. It typically benefits both parties to arrive at a compromise that avoids an expensive legal process.

The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.

What is the Hess 401(k) Savings Plan?

The Hess 401(k) Savings Plan is a retirement savings plan that allows Hess employees to save a portion of their salary on a tax-deferred basis.

How does Hess match employee contributions to the 401(k) plan?

Hess matches employee contributions up to a certain percentage of their salary, helping employees maximize their retirement savings.

When can I enroll in the Hess 401(k) Savings Plan?

Employees can enroll in the Hess 401(k) Savings Plan during the initial eligibility period or during the annual open enrollment period.

What are the eligibility requirements for the Hess 401(k) Savings Plan?

To be eligible for the Hess 401(k) Savings Plan, employees must be at least 21 years old and have completed a specified period of service with the company.

Can I change my contribution percentage to the Hess 401(k) Savings Plan at any time?

Yes, employees can change their contribution percentage to the Hess 401(k) Savings Plan at any time, subject to plan rules.

What investment options are available in the Hess 401(k) Savings Plan?

The Hess 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

Is there a loan option available in the Hess 401(k) Savings Plan?

Yes, the Hess 401(k) Savings Plan allows eligible employees to take loans against their account balance under certain conditions.

What happens to my Hess 401(k) Savings Plan if I leave the company?

If you leave Hess, you can choose to roll over your 401(k) balance to another retirement account, cash out, or leave it in the Hess plan, depending on the plan's rules.

How can I access my Hess 401(k) Savings Plan account information?

Employees can access their Hess 401(k) Savings Plan account information online through the plan's designated website or by contacting the plan administrator.

Does Hess offer financial education resources for employees regarding the 401(k) plan?

Yes, Hess provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Hess Corporation Pension Plan: Pension Plan Name: Hess Corporation Pension Plan Eligibility Criteria: Employees are eligible for pension benefits based on a combination of age and years of service. Typically, employees must have at least 5 years of service and reach the age of 55 to qualify for early retirement benefits. Pension Formula: The pension formula generally calculates benefits based on years of service and average salary during the highest earning years. Specific details about the formula can be found in the plan document .2. Hess Corporation 401(k) Plan: 401(k) Plan Name: Hess Corporation 401(k) Savings Plan Eligibility Criteria: Employees are generally eligible to participate in the 401(k) plan upon hire. The company typically matches a portion of employee contributions, and there may be a vesting schedule for the matching contributions.

Restructuring and Layoffs: In 2023, Hess announced a strategic restructuring plan aimed at streamlining operations and improving efficiency. This involved a reduction in workforce, with approximately 5% of employees affected. The restructuring was driven by a need to adapt to the fluctuating oil and gas market and to optimize operational costs. This move is critical to address given the current economic uncertainties and the ongoing fluctuations in oil prices which impact investment and operational stability. Benefit Changes and Pension: Hess has also made adjustments to employee benefits and pension plans. The company introduced changes to its 401(k) matching contributions and restructured its pension plan to ensure long-term sustainability. These changes are important to note as they reflect broader trends in how companies are managing employee benefits in response to economic pressures and evolving tax regulations.

Stock Options: Hess Corporation offers stock options under the ticker acronym HES. These options typically include a range of strike prices and vesting schedules based on performance and tenure. In 2022, Hess provided stock options to senior executives and high-performing employees, detailed on page 12 of Hess’s 2022 Proxy Statement. Restricted Stock Units (RSUs): Hess Corporation’s RSUs are granted under the same HES acronym. RSUs vest over time or upon meeting specific performance criteria. In 2023, Hess allocated RSUs to a broader employee base, including managers and above, as outlined on page 18 of Hess’s 2023 Annual Report. Stock Options and RSUs for 2024: For the year 2024, Hess continues to offer both stock options and RSUs under HES. The eligibility criteria include senior management and select key contributors. Details for 2024 are specified on page 22 of Hess’s 2024 Proxy Statement.

Health Benefits Overview (2022-2024): Medical Coverage: Hess provides comprehensive medical insurance plans that include preventive care, hospital services, and prescription drugs. Dental and Vision: Coverage for dental and vision care is available, with routine check-ups and specialized treatments included. Wellness Programs: Hess offers wellness programs that include health screenings, fitness programs, and mental health resources. Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs): Employees can use FSAs and HSAs for eligible medical expenses. Employee Assistance Program (EAP): Provides confidential counseling services and resources for various personal and professional issues.

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For more information you can reach the plan administrator for Hess at , ; or by calling them at .

https://www.thelayoff.com/ https://www.reuters.com/ https://www.bloomberg.com/asia https://www.ft.com/ https://pensionrights.org/ https://www.benefitnews.com/