I am curious if there have been any Legacy APC folks who have attempted to claim a COC triggering event after the 4.9% salary reductions were introduced. I - and I’m sure many others - would sincerely appreciate any feedback from you about your experience with Oxy/Plan Administrator, both successful and unsuccessful. Thank you!
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As of 08/09 the concept of “Good Reason” is dead. The only protection left will be position elimination for reasons that were not “for cause” and that will last for 2 more years.
Doesn’t matter. The CoC specifically says location premium is not a part of base salary. Sad but true
West texas had 29.9% taken. They took our location incentive plus the 4.9%.
To the poster below or anyone who can answer, can you elaborate on how getting a hypothetical “maybe” from HR or supervisor, both of whom may be L-APC simply speculating on a topic on which they’ve heard no official word, could be used to retroactively act as a triggering event should salaries actually reduce more substantially after 8/9?
My understanding of a good reason event is that it has to be the date when the actual change occurs. In the case of the 4.9% reduction, that would be 4/1 as that was the date the changes went into effect. If an email is sent on 8/9 saying a further salary reduction would occur on 9/1, I’d expect the triggering event to be on 9/1.
Please help me understand if/where my logic is flawed. Thanks for your time!
Not a laywer.....however, after consulting one. . We need to have a meeting with our superior or HR just prior to August and then ask directly if we are getting a larger pay cut to fall in line with the rest of l-oxy. Date and document the 'maybe' response. Once it is discussed it can then be used as your trigger date prior to the aug 9 deadline. You then state it was discussed as a possible outcome and then you now have a triggered event that was documented. If the announcement of pay cuts then occurs within 90 days of that convo. You can retro request COC based the trigger date of conversation prior to deadline.
And additionally, there are a few (at least 2) who yes indeed left based on the 4.9 trigger but they are still being contested. They did the right thing and left at the same time as filing the request so there was no ability for the admin to decline and keep them working. It will then go directly to a legal review in conjunction with plan admin review committee. Yes the few I have heard believe their payout can handle the small legal fees needed to complete this approach as it's better than working for 4.9 less pay.
It was a joke, dumb–s. It would have been impossible for me to get the COC.
“ I got mine 4 years ago, pretty cool actually. Now I watch the price of oil drop below zero.”
id–t. You did not get COC 4yrs ago! You may have gotten a severance, but that’s a fraction of a COC payment. COC is only triggered as a result of APC being purchased. 🤣
I got mine 4 years ago, pretty cool actually. Now I watch the price of oil drop below zero.
Nope. Unfortunately, it’s not material. Plan administrator would knock it down. Cross checked and verified. That’s one of the dumb things our lawyers didn’t have real detail for in our COC docs, it’s all up to plan administrator. It’s been real, my legacy Anadarko peeps. We didn’t know how good we had it! Actually, I did. And I miss it so. Once this ship is in clearer waters, we are all going to be looking for the lifeboats. Godspeed!
\/ absolutely. I feel for the LOXY folks, in many ways more than myself, especially after their recent salary cuts. However that does not deter me from exploring options to jump ship as soon as possible. I think everyone with the exception of upper management got the short end of the stick on this one.
As an Oxy employee you need to feel the same pain as your LOXY co-workers. Just as you did not want to be acquired by Oxy most LOXY did not want anything to do with Anadarko. Feel the pain.
After 8/8/2020, we will all see the real VH. I’m sure she is ready to ruin us all like RAW did to her. Revenge and wrath await us all.
That’s because there isn’t any legal precedent for 5% being material. Easy to make some good arguments that it is in fact VERY material. But no matter your argument, I suspect the plan administrator will automatically deny a good reason inquiry no matter how good the reason is. Simply to force you to quit and take it to the next level of formal filing. When it goes to a real court then maybe your good argument would stand a chance.
Anybody had any luck with good reason inquiries for any reason??
Yeah I figured 4.9% was a very deliberate decision, but I cannot find any basis for which they made the decision that <=4.9% does not constitute a triggering event. More so, I cannot find any legal precedent where 5% is a cutoff.
A reduction of 4.9% is a very specific reduction percentage for a very specific reason...not to trigger COC. Just wait until after 08/08 when they can reduce your salaries as much as they want with no chance of triggering COC. Oxy is worse than we ever knew they could be!
- 9% is a very specific reduction percentage for a very specific reason...not to trigger COC. Just wait until after 08/08 when they can reduce your salaries as much as they want with no chance of triggering COC. Oxy is worse than we ever knew they could be!
It’s a big no-go, unfortunately.