401(k) Plan

Marathon Oil is dedicated to helping our employees build a healthy financial future, and one way we contribute to your financial security is through the Marathon Oil Company Thrift Plan. It’s never too early to start saving for your future, and Marathon Oil helps your money grow faster with Company matching contributions.

Administered by: Marathon Oil Company Benefits Service Center at Fidelity
Phone: 1-800-841-0213
Website: www.netbenefits.com/MarathonOil
Marathon Oil Benefits Department
Phone: 1-855-652-3067
E-mail: AskHR@marathonoil.com

What Is the Thrift Plan?

The Marathon Oil Company Thrift Plan is a 401(k) plan, also known as a “defined contribution” plan. 401(k) plans are subject to contribution limits and other IRS regulations.

It works like this:

  1. You select how much money you want to contribute. Your contributions can be deducted from your paycheck on a before-tax, after-tax or Roth basis.
  2. You decide how you want to invest your contributions. The Thrift Plan offers a diverse selection of investment options.
  3. Marathon Oil adds to your savings by matching your contributions – dollar for dollar – up to 7% of your eligible earnings.

You are fully vested in Marathon Oil’s matching contributions – which means you have a non-forfeitable right of ownership to those contributions – after three years of service with the Company.

Why Is It Called a “Thrift Plan”?

Thrift plans, designed to help employees save for the future, have been around for a long time and actually predate 401(k) plans. Our Thrift Plan was created in 1953, while 401(k) plans did not exist until 1981. The Marathon Oil Company Thrift Plan qualifies as a 401(k) plan, and therefore is treated as such by the IRS.

Am I Eligible to Participate?

In general, you are eligible to participate upon hire if you are a U.S. citizen and are not classified as a student employee (which includes co-ops, interns, college learners and special helpers). If you are a non-U.S. citizen, you may be eligible to participate in the Thrift Plan if you were hired into a U.S. location and are working in the U.S.

If you have questions about when you can begin participating, how to enroll, or how to roll over money from another plan, view the Thrift and Retirement Basics video.

How and When Can I Make Changes to My Account?

You can increase or decrease your contributions to the Thrift Plan, make changes to your investment elections, or move assets among funds in your existing account at any time. Simply log onto your account at www.netbenefits.com/MarathonOil, or call the Marathon Oil Company Benefits Service Center at Fidelity at 1-800-841-0213.

Who Do I Contact If My Contributions Are Incorrect?

If you believe an error has been made, contact the Marathon Oil Thrift and Retirement Department. The department can be reached through the contact information at the top of the page, via phone at 1-855-652-3067, or via e-mail at AskHR@marathonoil.com.

Can I Take a Loan From My Thrift Plan Account as an Active Employee?

You can borrow money through a loan from your available Thrift Plan balance, within certain limits, for any reason. You may have up to five loans outstanding at one time. You may also be eligible for an in-service withdrawal, which does not require repayment. However, the Internal Revenue Code may impose a substantial early withdrawal penalty and you may be suspended from receiving Company matching contributions. Additional information can be found in the Thrift Plan Summary Plan Description.

If you would like to initiate a loan or an in-service withdrawal, call the Marathon Oil Company Benefits Service Center at Fidelity at 1-800-841-0213 or log onto your account at www.netbenefits.com/MarathonOil.

How Do I Find More Information About the Thrift Plan?

There are several resources available to help you learn about your Thrift Plan benefit.

  • Retirement Savings Education Campaign: Marathon Oil offers a four-course series to help you make the most of your valuable retirement benefits.
  • Thrift Plan Summary Plan Description (SPD): The SPD is an easy-to-navigate document that gives details of the plan, its features and how it works.
  • Fidelity Investments: As the record keeper of the Thrift Plan, you can contact Fidelity with questions. Call the Marathon Oil Company Benefits Service Center at Fidelity at 1-800-841-0213 or log onto www.netbenefits.com/MarathonOil.
  • Marathon Oil Benefits Department: Located in Houston, TX, the Marathon Oil Benefits Department is available to help you with any concerns or inquiries that you may have about your Thrift Plan benefit. You can contact the department at 1-855-652-3067 or via e-mail at AskHR@marathonoil.com.

What Other Retirement Plans Does Marathon Oil Offer?

Helping employees prepare for a healthy financial future is important to Marathon Oil. In addition to the Thrift Plan, Marathon Oil offers two other benefit plans to help employees save for retirement.

  • Retirement Plan: If eligible, upon your date of hire, you are automatically enrolled in the 100% Marathon Oil-funded Retirement Plan, also known as the Pension Plan.
  • Excess Plan: Some employees who have exceeded the benefits permitted under the Thrift Plan and/or Retirement Plan may have a benefit in this plan.

How Do I Know If I Have an Excess Plan Benefit Attributable to the Thrift Plan?

You can determine if you have an Excess Plan benefit attributable to the Thrift Plan by contacting the Marathon Oil Company Benefits Service Center at Fidelity at 1-800-841-0213 or by viewing your account at www.netbenefits.com/MarathonOil. Excess Plan benefits attributable to the Thrift Plan are identified as “Marathon DCP/Excess.”

Excess Plan benefits will be distributed when you separate from Marathon Oil. Basic information about Excess Plan benefits can be found in the Retirement Benefits Guide. Further information related to the distribution of this benefit can be found in the Excess Benefit Plan – Payment document.

Important note: The Excess Plan is a non-qualified plan; therefore, it does not have the same tax advantages as the Thrift Plan. For example, your Excess Plan benefit cannot be rolled over into a qualified plan or an IRA.

I’ve Experienced a Life Event – Could This Affect My Thrift Plan Benefit?

Your Thrift Plan benefit could be affected by three possible life events:

You may also want to review the Tip Sheets below if you experience any of the following life events:

This website is meant to provide general information that is applicable to the majority of our employee population. However, in all instances the terms of the plan text prevail.