If you service less than 3 years, does Exxonmobil prorate the 7% contribution or they whole contribute to you in the past? how does that work?
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If you separate from the company after vesting period (5 years) you will keep 401k contribution + match as well as pension benefits. You will be able to start monthly payments of pension benefits anytime , even before 60 if needed (no lump sum option without retirement), but they will be heavly discounted
I think the confusion is you need 5 years of service to be eligible for the pension. Prior to that you are not vested. After 5 years if you are terminated you get something when you retire based off a calculation you can look at on the benefits site. To be retirement eligible (pension plus health benefits, including the lump sum option). You need 15 years of service and have to be 55 years old.
The 401k as the previous poster mentioned is 3 years.
A lot of wrong information being posted here. Below is taken directly from the 401k summary plan description, today:
"Company match - as an employee, you vest in the company match upon the earliest of the following events: Completion of three years of vesting service, Reaching age 65, Your death"
"If you leave the company before you are vested, you forfeit (lose) teh company match in your General Accounts, but not the earnings on the company match"
Can't stand it when people guess at things and post. Yes, indeed there is nothing tricky about this except for people making guesses at things and confusing people by posting wrong information.
It s 3 yr
“ I feel ExxonMobil is kind of tricky at this point. “ There are many negative things that can be said about ExxonMobil. BUT there is nothing tricky about this issue. The vesting policy is clearly spelled out on the benefits website. If you leave the company without 5 years service, you are not vested in the 401K program. Not vested = company takes back the $$$ tied to its contributions in your 401K account.
You need 5 years service to be vested. Unless you are vested, the company keeps the contributions it made to your 401K. You only get to keep the money tied to your contributions to the 401K.
You get nothing. It's not prorated.
You are not getting anything regardless. You are not vested.
Suppose i finish my 3 yr service on Sep 15 but i still has 10 days PTO/Vacation. if I turn in one month notice on Aug 15 and use my vacation for the last 10 working business days till Sep 15. Would that work in order to keep the contribution. I feel ExxonMobil is kind of tricky at this point.
If you're not vested, don't get any of the company contribution you leave. They withdraw it all from your account