I accepted the PIP after 10 years of service. Anyone who has left ExxonMobil prior to retirement, is a pension lump sum available? Anyone know who to contact regarding this matter?
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No lump sum, pension available at 65. but remember it is based on your current three year average salary. It is NOT inflation adjusted so if you have a couple decades till you are 65, it depreciates in value due to inflation.
No
what is PIL? how about employee age less than 50 and have vested pension, are they eligible for a lump sum option?
There was a change to the pension plan. If you take the PIL, age 51 or older, and vested in the pension plan you are eligble for a lump sum. It is a reduced rate calculation because you are labled as a terminee. You will only have one offer to take the lump sum when you recieve your benefits package. Payout date is 90 days after you temination date. Contact a benefits admin to get the correct information.
Mr. 25 years, I probably know who you are and you should have performed better.
You can retire only if you’re 55 (or older) AND you have 15+ years of service.
However, if you’re vested (5+), your pension will begin paying when you’re older - assuming they haven’t raided the pension by then.
There is calculator in the benefits page which gives you an estimate of monthly payments given your contributions, assuming an age you start collecting. Take a look before you depart.
Lump sum is not allowed unless you are 55 when terminated/separated (same thing in theory). No lump sum allowed any earlier. At 50, you can start to draw annuity, but it will be very small. If you wait until 65, the annuity will be much more, but still nothing comparable to being a retiree. This company has really become anti-employee, me having 25 years with the company, being cut with no reason. It's sad that I was so close to retirement age, but no sympathy from this company. Lots of us loyal long-time employees are screwed.