What if you are vested but not retirement age? Do you lose your retirement?
6 replies (most recent on top)
Check the website and call them
https://www5.lifeatworkportal.com/opglobal/pub/logonlw.jsp?client=exxonmobil
Could you provide more details on the information below? Do you mean for people separated with xom with terminee status can get a payout (pension lumpsum)? we didn't get informed with this change, and when did this change take place?
No. Actually, xom just changed the rules to where we can get a lump sum payout now. Call the benefits number to talk to someone. If you don’t get the payout now, you have to wait till 65. I would rather have the cash now then in 25 years and that’s assuming 1) the pension even exists in that time or 2) xom even exists.
Hey Jaded, Is this true even if you don't have your 55 years old and/or 15 years service ? Thanks for letting us know about this option.
No. Actually, xom just changed the rules to where we can get a lump sum payout now. Call the benefits number to talk to someone. If you don’t get the payout now, you have to wait till 65. I would rather have the cash now then in 25 years and that’s assuming 1) the pension even exists in that time or 2) xom even exists.
There’s a whole long explanation about pension benefits as a retiree (age 55+min 15 yrs service) versus a terminee (everyone else), but basically as a terminee there is no lump sum option and full benefits are calculated at a retirement age of 65 instead of 60.
No you do not loose your retirement it just wont be as good as if you were their the whole time, but your lucky usually they try to fire you before you can retire.