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BAKER HUGHES INCORPORATED THRIFT PLAN 401k Plan overview

Plan NameBAKER HUGHES INCORPORATED THRIFT PLAN
Plan identification number 002

BAKER HUGHES INCORPORATED THRIFT PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
  • Profit-sharing
  • ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
  • Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
  • Code section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contribtions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
  • Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
  • Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

BAKER HUGHES INCORPORATED has sponsored the creation of one or more 401k plans.

Company Name:BAKER HUGHES INCORPORATED
Employer identification number (EIN):760207955
NAIC Classification:211110
NAIC Description: Oil and Gas Extraction, Oil

Additional information about BAKER HUGHES INCORPORATED

Jurisdiction of Incorporation: State of Delaware Division of Corporations
Incorporation Date:
Company Identification Number: 2106297

More information about BAKER HUGHES INCORPORATED

Form 5500 Filing Information

Submission information for form 5500 for 401k plan BAKER HUGHES INCORPORATED THRIFT PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022012-01-01DANIEL O. WEBBER DANIEL O. WEBBER2013-10-15
0022011-01-01DANIEL O. WEBBER DANIEL O. WEBBER2012-10-15
0022010-01-01DANIEL O. WEBBER DANIEL O. WEBBER2011-10-17
0022009-01-01DANIEL O. WEBBER DANIEL O. WEBBER2010-10-15

Plan Statistics for BAKER HUGHES INCORPORATED THRIFT PLAN

401k plan membership statisitcs for BAKER HUGHES INCORPORATED THRIFT PLAN

Measure Date Value
2012: BAKER HUGHES INCORPORATED THRIFT PLAN 2012 401k membership
Total participants, beginning-of-year2012-01-0126,929
Total number of active participants reported on line 7a of the Form 55002012-01-0124,129
Number of retired or separated participants receiving benefits2012-01-010
Number of other retired or separated participants entitled to future benefits2012-01-015,618
Total of all active and inactive participants2012-01-0129,747
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2012-01-01128
Total participants2012-01-0129,875
Number of participants with account balances2012-01-0124,617
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2012-01-012,486
2011: BAKER HUGHES INCORPORATED THRIFT PLAN 2011 401k membership
Total participants, beginning-of-year2011-01-0124,917
Total number of active participants reported on line 7a of the Form 55002011-01-0121,728
Number of retired or separated participants receiving benefits2011-01-011
Number of other retired or separated participants entitled to future benefits2011-01-015,076
Total of all active and inactive participants2011-01-0126,805
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2011-01-01109
Total participants2011-01-0126,914
Number of participants with account balances2011-01-0121,496
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2011-01-011,231
2010: BAKER HUGHES INCORPORATED THRIFT PLAN 2010 401k membership
Total participants, beginning-of-year2010-01-0125,242
Total number of active participants reported on line 7a of the Form 55002010-01-0120,059
Number of retired or separated participants receiving benefits2010-01-011
Number of other retired or separated participants entitled to future benefits2010-01-014,984
Total of all active and inactive participants2010-01-0125,044
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2010-01-0185
Total participants2010-01-0125,129
Number of participants with account balances2010-01-0119,981
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2010-01-01857
2009: BAKER HUGHES INCORPORATED THRIFT PLAN 2009 401k membership
Total participants, beginning-of-year2009-01-0126,818
Total number of active participants reported on line 7a of the Form 55002009-01-0119,108
Number of retired or separated participants receiving benefits2009-01-013
Number of other retired or separated participants entitled to future benefits2009-01-015,114
Total of all active and inactive participants2009-01-0124,225
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2009-01-0184
Total participants2009-01-0124,309
Number of participants with account balances2009-01-0118,992
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2009-01-012,018

Financial Data on BAKER HUGHES INCORPORATED THRIFT PLAN

Measure Date Value
2012 : BAKER HUGHES INCORPORATED THRIFT PLAN 2012 401k financial data
Total unrealized appreciation/depreciation of assets2012-12-31$0
Total transfer of assets to this plan2012-12-31$365,450,421
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2012-12-31$305,045
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2012-12-31$190,023
Total income from all sources (including contributions)2012-12-31$559,134,194
Total loss/gain on sale of assets2012-12-31$17,449
Total of all expenses incurred2012-12-31$181,947,971
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2012-12-31$178,700,629
Expenses. Certain deemed distributions of participant loans2012-12-31$117,321
Total contributions o plan (from employers,participants, others, non cash contrinutions)2012-12-31$343,798,940
Value of total assets at end of year2012-12-31$2,972,610,741
Value of total assets at beginning of year2012-12-31$2,229,859,075
Total of administrative expenses incurred including professional, contract, advisory and management fees2012-12-31$3,130,021
Total interest from all sources2012-12-31$2,514,486
Total dividends received (eg from common stock, registered investment company shares)2012-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2012-12-31No
Administrative expenses professional fees incurred2012-12-31$551,842
Was this plan covered by a fidelity bond2012-12-31Yes
Value of fidelity bond cover2012-12-31$10,000,000
If this is an individual account plan, was there a blackout period2012-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2012-12-31$0
Were there any nonexempt tranactions with any party-in-interest2012-12-31No
Contributions received from participants2012-12-31$159,231,801
Participant contributions at end of year2012-12-31$75,898,224
Participant contributions at beginning of year2012-12-31$56,453,456
Income. Received or receivable in cash from other sources (including rollovers)2012-12-31$11,299,752
Value of other receiveables (less allowance for doubtful accounts) at end of year2012-12-31$195
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2012-12-31$15
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2012-12-31$305,045
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2012-12-31$190,023
Administrative expenses (other) incurred2012-12-31$49,396
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2012-12-31No
Value of net income/loss2012-12-31$377,186,223
Value of net assets at end of year (total assets less liabilities)2012-12-31$2,972,305,696
Value of net assets at beginning of year (total assets less liabilities)2012-12-31$2,229,669,052
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2012-12-31Yes
Were any loans by the plan or fixed income obligations due to the plan in default2012-12-31No
Were any leases to which the plan was party in default or uncollectible2012-12-31No
Investment advisory and management fees2012-12-31$409,187
Interest on participant loans2012-12-31$2,514,486
Value of interest in master investment trust accounts at end of year2012-12-31$2,892,938,461
Value of interest in master investment trust accounts at beginning of year2012-12-31$2,171,225,752
Value of interest in common/collective trusts at end of year2012-12-31$3,773,861
Value of interest in common/collective trusts at beginning of year2012-12-31$2,179,852
Net investment gain or loss from common/collective trusts2012-12-31$4,394
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2012-12-31No
Was there a failure to transmit to the plan any participant contributions2012-12-31No
Has the plan failed to provide any benefit when due under the plan2012-12-31No
Contributions received in cash from employer2012-12-31$173,267,387
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2012-12-31$178,700,629
Contract administrator fees2012-12-31$2,119,596
Did the plan have assets held for investment2012-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2012-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2012-12-31No
Aggregate proceeds on sale of assets2012-12-31$32,769,726
Aggregate carrying amount (costs) on sale of assets2012-12-31$32,752,277
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2012-12-31Yes
Opinion of an independent qualified public accountant for this plan2012-12-31Disclaimer
Accountancy firm name2012-12-31DELOITTE & TOUCHE LLP
Accountancy firm EIN2012-12-31133891517
2011 : BAKER HUGHES INCORPORATED THRIFT PLAN 2011 401k financial data
Total unrealized appreciation/depreciation of assets2011-12-31$0
Total transfer of assets to this plan2011-12-31$1,522,831
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2011-12-31$190,023
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2011-12-31$186,256
Total income from all sources (including contributions)2011-12-31$208,381,739
Total loss/gain on sale of assets2011-12-31$17,532
Total of all expenses incurred2011-12-31$161,557,768
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2011-12-31$159,176,572
Expenses. Certain deemed distributions of participant loans2011-12-31$364,017
Total contributions o plan (from employers,participants, others, non cash contrinutions)2011-12-31$227,476,336
Value of total assets at end of year2011-12-31$2,229,859,075
Value of total assets at beginning of year2011-12-31$2,181,508,506
Total of administrative expenses incurred including professional, contract, advisory and management fees2011-12-31$2,017,179
Total interest from all sources2011-12-31$2,450,368
Total dividends received (eg from common stock, registered investment company shares)2011-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2011-12-31No
Administrative expenses professional fees incurred2011-12-31$232,891
Was this plan covered by a fidelity bond2011-12-31Yes
Value of fidelity bond cover2011-12-31$10,000,000
If this is an individual account plan, was there a blackout period2011-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2011-12-31$0
Were there any nonexempt tranactions with any party-in-interest2011-12-31No
Contributions received from participants2011-12-31$109,145,294
Participant contributions at end of year2011-12-31$56,453,456
Participant contributions at beginning of year2011-12-31$53,088,083
Income. Received or receivable in cash from other sources (including rollovers)2011-12-31$6,089,432
Value of other receiveables (less allowance for doubtful accounts) at end of year2011-12-31$15
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2011-12-31$397
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2011-12-31$190,023
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2011-12-31$186,256
Administrative expenses (other) incurred2011-12-31$1,784,288
Total non interest bearing cash at end of year2011-12-31$0
Total non interest bearing cash at beginning of year2011-12-31$725
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2011-12-31No
Value of net income/loss2011-12-31$46,823,971
Value of net assets at end of year (total assets less liabilities)2011-12-31$2,229,669,052
Value of net assets at beginning of year (total assets less liabilities)2011-12-31$2,181,322,250
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2011-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2011-12-31No
Were any leases to which the plan was party in default or uncollectible2011-12-31No
Interest on participant loans2011-12-31$2,450,368
Value of interest in master investment trust accounts at end of year2011-12-31$2,171,225,752
Value of interest in master investment trust accounts at beginning of year2011-12-31$2,125,337,528
Value of interest in common/collective trusts at end of year2011-12-31$2,179,852
Value of interest in common/collective trusts at beginning of year2011-12-31$3,081,773
Net investment gain or loss from common/collective trusts2011-12-31$5,946
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2011-12-31No
Was there a failure to transmit to the plan any participant contributions2011-12-31No
Has the plan failed to provide any benefit when due under the plan2011-12-31No
Contributions received in cash from employer2011-12-31$112,241,610
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2011-12-31$159,176,572
Did the plan have assets held for investment2011-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2011-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2011-12-31No
Aggregate proceeds on sale of assets2011-12-31$30,451,449
Aggregate carrying amount (costs) on sale of assets2011-12-31$30,433,917
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2011-12-31Yes
Opinion of an independent qualified public accountant for this plan2011-12-31Disclaimer
Accountancy firm name2011-12-31DELOITTE & TOUCHE LLP
Accountancy firm EIN2011-12-31133891517
2010 : BAKER HUGHES INCORPORATED THRIFT PLAN 2010 401k financial data
Total unrealized appreciation/depreciation of assets2010-12-31$0
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$186,256
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2010-12-31$184,300
Total income from all sources (including contributions)2010-12-31$407,106,351
Total loss/gain on sale of assets2010-12-31$5,385
Total of all expenses incurred2010-12-31$143,832,325
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2010-12-31$141,651,143
Total contributions o plan (from employers,participants, others, non cash contrinutions)2010-12-31$202,053,977
Value of total assets at end of year2010-12-31$2,181,508,506
Value of total assets at beginning of year2010-12-31$1,918,232,524
Total of administrative expenses incurred including professional, contract, advisory and management fees2010-12-31$2,181,182
Total interest from all sources2010-12-31$2,733,746
Total dividends received (eg from common stock, registered investment company shares)2010-12-31$0
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2010-12-31No
Administrative expenses professional fees incurred2010-12-31$129,834
Was this plan covered by a fidelity bond2010-12-31Yes
Value of fidelity bond cover2010-12-31$10,000,000
If this is an individual account plan, was there a blackout period2010-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2010-12-31$0
Were there any nonexempt tranactions with any party-in-interest2010-12-31No
Contributions received from participants2010-12-31$96,564,510
Participant contributions at end of year2010-12-31$53,088,083
Participant contributions at beginning of year2010-12-31$50,987,952
Income. Received or receivable in cash from other sources (including rollovers)2010-12-31$5,903,093
Value of other receiveables (less allowance for doubtful accounts) at end of year2010-12-31$397
Value of other receiveables (less allowance for doubtful accounts) at beginning of year2010-12-31$299
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2010-12-31$186,256
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2010-12-31$184,300
Administrative expenses (other) incurred2010-12-31$2,051,348
Total non interest bearing cash at end of year2010-12-31$725
Total non interest bearing cash at beginning of year2010-12-31$0
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Value of net income/loss2010-12-31$263,274,026
Value of net assets at end of year (total assets less liabilities)2010-12-31$2,181,322,250
Value of net assets at beginning of year (total assets less liabilities)2010-12-31$1,918,048,224
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2010-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2010-12-31No
Were any leases to which the plan was party in default or uncollectible2010-12-31No
Interest on participant loans2010-12-31$2,733,701
Value of interest in master investment trust accounts at end of year2010-12-31$2,125,337,528
Value of interest in master investment trust accounts at beginning of year2010-12-31$1,865,572,363
Value of interest in common/collective trusts at end of year2010-12-31$3,081,773
Value of interest in common/collective trusts at beginning of year2010-12-31$1,671,910
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2010-12-31$45
Net investment gain or loss from common/collective trusts2010-12-31$3,248
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2010-12-31No
Was there a failure to transmit to the plan any participant contributions2010-12-31No
Has the plan failed to provide any benefit when due under the plan2010-12-31No
Contributions received in cash from employer2010-12-31$99,586,374
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2010-12-31$141,651,143
Did the plan have assets held for investment2010-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2010-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2010-12-31No
Aggregate proceeds on sale of assets2010-12-31$28,765,759
Aggregate carrying amount (costs) on sale of assets2010-12-31$28,760,374
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2010-12-31Yes
Opinion of an independent qualified public accountant for this plan2010-12-31Disclaimer
Accountancy firm name2010-12-31DELOITTE & TOUCHE
Accountancy firm EIN2010-12-31133891517
2009 : BAKER HUGHES INCORPORATED THRIFT PLAN 2009 401k financial data
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2009-12-31$0

Form 5500 Responses for BAKER HUGHES INCORPORATED THRIFT PLAN

2012: BAKER HUGHES INCORPORATED THRIFT PLAN 2012 form 5500 responses
2012-01-01Type of plan entitySingle employer plan
2012-01-01Submission has been amendedNo
2012-01-01This submission is the final filingNo
2012-01-01This return/report is a short plan year return/report (less than 12 months)No
2012-01-01Plan is a collectively bargained planYes
2012-01-01Plan funding arrangement – TrustYes
2012-01-01Plan benefit arrangement - TrustYes
2011: BAKER HUGHES INCORPORATED THRIFT PLAN 2011 form 5500 responses
2011-01-01Type of plan entitySingle employer plan
2011-01-01Submission has been amendedNo
2011-01-01This submission is the final filingNo
2011-01-01This return/report is a short plan year return/report (less than 12 months)No
2011-01-01Plan is a collectively bargained planYes
2011-01-01Plan funding arrangement – TrustYes
2011-01-01Plan benefit arrangement - TrustYes
2010: BAKER HUGHES INCORPORATED THRIFT PLAN 2010 form 5500 responses
2010-01-01Type of plan entitySingle employer plan
2010-01-01Submission has been amendedNo
2010-01-01This submission is the final filingNo
2010-01-01This return/report is a short plan year return/report (less than 12 months)No
2010-01-01Plan is a collectively bargained planYes
2010-01-01Plan funding arrangement – TrustYes
2010-01-01Plan benefit arrangement - TrustYes
2009: BAKER HUGHES INCORPORATED THRIFT PLAN 2009 form 5500 responses
2009-01-01Type of plan entitySingle employer plan
2009-01-01Submission has been amendedNo
2009-01-01This submission is the final filingNo
2009-01-01This return/report is a short plan year return/report (less than 12 months)No
2009-01-01Plan is a collectively bargained planYes
2009-01-01Plan funding arrangement – TrustYes
2009-01-01Plan benefit arrangement - TrustYes

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