Question - for those responding who are retirement eligible (55 and older with at least 15 years of service), BUT not yet 60 - is the company waiving the 5% per year pension discount by forcing you to retire before 60? Make sure you push back on that.
3 replies (most recent on top)
In all prior Special separation programs, XOM did not change the retirement formula's. Annuitants would sue because it weakens the pension plan. The main variable since 1983 has been severance formula. Company has only varied the percentage of people in the required PIP based on business needs. Bottom 10% do not get promotions or pay raises, so poorly ranked people frequently leave on their own.
Exxon will not veer from the published 5% per year pension discount from 55 to 60. First, because they are doing this whole thing in a rotten way, if they could make the pension we leave with even smaller, they would. Second, they cannot raise or lower the discount, because pensions are protected and highly regulated, for good reason, because companies would (& did) use them for their own benefit. If they could get away with it, they would raid our pension to shore up the sacred dividend which will bleed the company dry. No exec wants to be the first to cut the Div. They didn’t even want to cut the massive (& grossly unneeded) capital spending until they had to, it is tantamount to admitting they were wrong. This is a much smaller company now, market cap and in other ways.
Nope, nothing nada.