Does Chevron still have a pension plan in place ?
8 replies (most recent on top)
@1zmd+16WbyBkd: the match isn’t made in CVX stock any longer. It used to be, but that changed post-ENRON.
The pension still exists intact with no changes. The Chevron pension plan is very good, but could change in the near future. Nobody knows at this juncture, but the first change could only affect new employees. A more probable change to the pension plan would affect everyone equally, so the load is shared across the enterprise. The 401k company match still is fixed at 8% of the employee’s eligible pay, so long as the employee contributes a minimum of 2% of their salary. That’s a very generous plan. A posible and likely change here would be to return the match portion to a percentage of company annual profits instead of a guaranteed 8%. Most companies still contribute to an employee’s 401k based on the profit sharing model. If the company wins, so do the employees. If it has a bad year, then the employees also get the shaft. Everyone feels the joy or the pain together. Either a change to the company pension plan or the 401k match, or both, will be seen in the next 1 to 3 years.
401K match is in company stock. This time last year, CVX traded at $125 per share vs $76 & change. Almost - 40% (that is a negative) annual return, the match is worth little, without a healthy bounce in stock price in near future.
Yes. Pension, 401k match, and bonus still exist. It’s the only thing keeping us here so we can milk this cow.
No more pension and no more 401k match for a long time. That’s what I’ve heard.
Ouch to any future employees. What is the 401k match?
To save money they stopped the pension plan, took away profit sharing and delayed salary action for at least 1 year, but our salaries were not reduced (for now). Whew.
No. They discontinued it for all new employees, which there are none at this time. Also for any Noble that they keep, they don't get one. That's what we were told.