Thread regarding Chevron Corp. layoffs

Aside from comparing your Chevron estimated Social Security PIA against your reported Social Security PIA (both at age 65), is there anything more to know about making the decision to send in your SSA earnings. If, for example, the Chevron estimate on your statement of estimated pension benefits shows $2700 PIA and SSA shows $2500 my assumption is that that’s all you need to know. In that scenario send your SSA earnings in. If the opposite is the case, don’t bother. Am I missing something? I have seen loads of posts that swirl around the Social Security offset, but seem to be over analyzing and over complicating the issue.

The summary plan description states the company uses wages for former Texaco employees as reported by Texaco. As former Texaco employee, the estimated PIA matched the “my Social Security” calculation at age 65 and 0 months and no contributions this year or beyond.

@2wyc, I cannot tell you exactly what the difference would be, but in the example you cited, the final adjusted payout for both lump sum or annuity would be higher in your favor. You will get more money in your pension payout if you provide Chevron your Social Security Statement. I would add blindly, that over 95% of employees with less than 35 years at Chevron would benefit doing that.

@2nye, I agree the formula can be found in the Chevron Retirement Plan (SPD), but trust me when I tell you that calling HR for an explanation on the SSO (Offset) and how it is estimated or calculated will result in not gain to anyone. They will not comment any further than to say to go read the SPD. I know this well as I retired from Chevron in 2016 and it was like pulling teeth to get any useful information on this subject.

The formula for impact of offset on lump sum is in the Retirement Plan manual

Call HR 1-888 number for any questions they will connect you to a specialist in this area

If Chevron estimates my SS offset as $3500 but my real SS numbers show $3000....what would be my final outcome difference as per my annuity or lump sum?

This is an important thread, and I would like those who truly know the retirement plan details and have experience with requesting PIA adjustments to help me better understand the following.

OP stated: “CVX will project my SS Earnings back to age 22.”

I am 53; therefore for me going to age 22 means counting only 31 years of wage history (not the 35 that typically is required for benefit calculation).

How do I account for this in the Social Security PIA calculator?

Who can I contact within CVX to learn more about what CVX shows in my earnings history and is using for my pension plan benefit calculation?

Thanks

The my social security website once you login has a link to retirement calculator where one can select age to retire and enter future earnings
No need to download any software tool to do this
I have use the retirement calculator on the social security website to put in retirement age of 65 and 0 dollars of future earnings to get the PIA at age 65. It’s quite easy to use

FRA is age 65 so you can just use the SS web site. Tell it what age you will stop working.

Just keep in mind the social Security Offset figure estimated by Chevron is for Age 65. When you simply consult your SSA Statement, there are only three benefit amounts— Age 62, FRA and Age 70. There’s not Age 65 to compare to the SS offset that Chevron is using. So, you can download the AnyPIA.exe calculator from the www.ssa.gov website and install it on your PC. There’s an instructions document that accompanies the application. It’s not too difficult to use. You’ll need your social security wages for the last 35 years, which you can input manually into the calculator using your earnings record from your most recent SS statement. To get the exact benefit amount you need to compare to Chevron’s estimated SS Offset amount, you need to set your retirement date at age 60 in the calculator. Also, if your are younger than 60 when you leave Chevron and do not plan to work anymore, enter zero dollars for all future years. Run the calculator and get your resulting SS benefit amount for age 60. Compare the two figures. If the AnyPIA calculator is showing a SMALLER benefit amount than Chevron’s estimated offset amount, then print your SS Statement and submit it to the Chevron HR Retirement folks. They will use your actual earnings to replace the estimates they used to populate the years going back from the date you were hired. Remember, both Chevron and Social Security go back 35 years. If you have any hiatuses from work in that period, zeros will be included in the indexed averaging of wages over that time. When I did my comparison before renting in 2016, it was very clear I needed to provide Chevron my SS Statement. The new lump sum and annuity amounts went up about 19% from what Chevron previously had calculated for me after I submitted my SS Statement to the company.

This is @jou responding to question asked by @1fxs+
Compare the PIA from the retirement calculator on my social security website which is based on your historical earnings to the SS PIA calculated by Chevron retirement calculator.

If it’s lower you should benefit from submitting your historical earnings from my social security website.

On timing of submitting information. It can be done now or better to wait till EOI is accepted. Use the Inbox message icon once you log on to Chevron benefits to submit your data

If SS ends, then the pension will increase to offset the difference, although possibly not for those already retired.

@1efw, Yea, great, BTW, can you answer the question? I'd like to know too, numbnuts.
Thanks

What is the consideration for no social security after 2023 if social security taxes are no longer collected for the Ponzi scheme? Not trying to be political here. Am trying to decide if I need to try harder to hang on in Round 4.

OP - The following has excellent discussion and information on the SSO from a couple years ago. I used it and it helped decrease the CVX calculated SSO, thereby increasing my lump sum. Good luck.

https://www.thelayoff.com/t/JHXPRNw#comment_form

Thanks, I am the OP and my days with CVX is numbered (checked the EOI).

Trying to prepare myself before the clock start clicking, since this may be my last chance to get it straight with CVX before it cut me off....

Sorry if I offended anyone who are pxxoff with my genuine concern, may you RIP...

Consider you salary your first year with Chevron. If your salary the years before you started with Chevron was Higher than the projection, do nothing. if it was lower, then give Chevron your figures as your pension benefit will increase. It will increase because the Chevron estimate of how much SS you will be paid will decrease so more pension is needed.

If you started Chevron after a bunch of school or low pay jobs, you probably would benefit from telling them the actual wages. If your wages were high before joining Chevron, keep quiet and let them assume you will have a low SS check.

Here are 4 links I found on the subject on this very website. Check them all out.

https://www.thelayoff.com/t/GM6pST6
https://www.thelayoff.com/r/GEjhx1M-yjy
https://www.thelayoff.com/t/JHXPRNw
https://www.thelayoff.com/r/GEjhx1M-yqfk

fkl: "Do they have a layoff site somewhere" ...why do you keep posting this question? The OP asked a question directly of interest to many about to be laid off numbnuts.

Id like to leave a comment on this thread. I’m not @jou, but you can search for “Social Security Offset” in this website. There was a lengthy and informative discussion concerning this topic. I contributed a detailed account of what to do and when it’s advantageous to submit your Social Security state to Chevron to increase the calculated payouts the company is estimating.

@jou, thanks for your input.

I hope to clarify your statement below:
Compare the PIA from that to the one from Chevron retirement plan calculations. If it is lower than you would get some benefit from submitting your social security actual earnings.

Is the PIA mentioned the projected PIA from CVX's calculator or the actual historical earnings from SS website?

Do they have a layoff site somewhere, where people post layoff topics. I thought this was it.

Does chevron have a defined benefit pension plan?

Chevron will use only Chevron income for the offset calc. For example, if you worked 10 years out of your 30 years, Chevron will use 10 years SS income for the offset calculation.

Run the Projected retirement benefit calculator under Chevron Retirement benefits and open calculation details. The calculation details will give you the Projected PIA at age 65. PIA stands for Primary Insurance amount or the monthly benefit one would receive at retirement age.
Log into my social security website and run retirement predictor with social security starting at age 65 and no future income once you leave the company. The website should have your actual historical earnings information. Compare the PIA from that to the one from Chevron retirement plan calculations. If it is lower than you would get some benefit from submitting your social security actual earnings.
Remember once you submit your earnings, Chevron is required to use these irrespective of whether lump sum goes up or down