ExxonMobil is Suspending 401k Matching

Sent: Tuesday, August 4, 2020, 02:29:46 PM CDT
Subject: Urgent Notification: ExxonMobil Savings Plan Changes effective October 1, 2020

Union Leadership:
Given the current business environment, the Corporation is taking steps to reduce costs.
The company intends to suspend the Company match contribution to U.S. ExxonMobil Savings Plan (Savings Plan) for all employees covered by the Savings Plan, effective around October 1, 2020.
ExxonMobil’s total remuneration remains competitive.

Summary of the Savings Plan Change:
Currently, the company matches a 6% minimum employee contribution with 7% of the participant’s pay.

Starting with payroll around October 1, 2020, the company match will be suspended until further notice.

As business conditions continue to evolve, company match contributions to the Savings Plan will be reassessed.

Please let us know if you have any questions and would like to discuss or bargain.

[REDACTED]
Labor Advisor
Baytown Complex

Comment! It's anonymous!

47 replies (most recent on top)

how can this post have 500 views in 30 minutes? does that imply that we have 1000 EM folks on this board every hour

Dividends are more important to the investment community than the employee savings plan.

A huge amount of shares are held by retirement plans ultimately paid to people no longer in the workforce, and this has been the case for ExxonMobil stock for a long long time, probably before anyone still in the workforce was born. It really is the right thing to do.

This is just crazy! Keep the dividends and punish the employees :-(

Originally, I was dismayed getting laid off as a new hire because ExxonMobil had excellent benefits that rewarded long term service (pension, 401k matching, etc.). Now it's looking more and more like we got out ahead of the game. We got one to two years of valuable experience that we can pivot into something else once the economy recovers. It'll be rough in the meanwhile; there's no denying that, but I'm glad I'm off the sinking ship now.

At this point, I am not surprised. Sad.

Amen.

That's it.

Cashflow problems.

Thread regarding ExxonMobil Corp. layoffs

ExxonMobil is Suspending 401k Matching

47 replies (most recent on top)

Post a reply