Thread regarding ExxonMobil Corp. layoffs

I almost find it too hard to believe people own that much individual stock, even after huge events like Enron. I'm an early career and I've always been told to diversify. It's what the financial planning services we have mention.

Check out Brightscope (401k rating site). 43% of 401k money is in Exxon stock. The percentage was even higher when the stock price was higher.

Don’t leave until you have another job.

If I recall correctly, years ago, you had to have XOM stock to get the full 7% match. That eventually went away. Ever since the change, I stopped adding directly to XOM since our stock was also burried in one of the index funds.

@1rms+17glAbf3
Lot's of employees own it. O&G industry people own their own company stock at much higher rates than other industries....not sure why but it is what it is. In the base case many are not educated on personal finance. Oil field people also have the added burden of being very busy and s—ed into the job so it's hard to make different decisions. plus people like to think the good times will last forever or the bumps in the road will get smoothed out by pounding the pavement.

Long story short be sensitive about the stock price. Co-workers have not only lost big values in 401ks they are worried about their job & maybe they loved ones have also lost jobs.

Very serious times.

https://money.usnews.com/investing/news/articles/2020-03-11/us-oil-company-workers-made-a-big-bad-retirement-bet-their-own-stock

Does anyone actually own Exxon stock in their 401k? Everyone I talk to is all in on equity units (myself included). I couldn’t imagine why anyone would want to own the stock of a failing company. Management says they have goals of getting the stock price back to $60 / share but what they fail to mention is that their plan to do it is via a reverse stock split.

@nxs+17glAbf3

(S)He is saying they made a lot more money investing in index funds vs. Exxon stock. If they invested in Exxon they would be losing money.

So not they have a sizable 401k match to potentially walk away from.
To be fair I’m not sure they take your gains on the match. Just the actual money they gave you.

So if you are down because you invested in XOM and you are separated early you get to keep your XOM losses and they get to keep your match lol

@vgp+17glAbf3 - I don’t understand your statement “I didn't invest a dollar of my match in XOM so it's a considerable golden handcuff now since Voya offers decent, low cost equity funds.”
Can you pls clarify? Are you saying if you invest your 401k in XOM, it’s more of a golden handcuff?

It's the 1 year mark as stated below and you should be good here. You'll lose your 401K match before the 3 year mark so that's an important consideration. I didn't invest a dollar of my match in XOM so it's a considerable golden handcuff now since Voya offers decent, low cost equity funds.

Side note: It's amazing that the 8% dividend has been lost three years over now since July 1, 2020, with the stock price down almost 25%. Good investing is about so much more than a dividend... it's about the company's growth in revenue and profitability. Maybe I get laid off before the three year mark and the company enjoys the fruits of my investing strategy by taking my match back. It should be illegal to take an employees match before the vesting period if they're involuntarily separated.

It’s one year - stated in your Cartus moving contract but from what I hear the company doesn’t make you pay it back even before the 1 year mark. Move on - you will feel liberated. I’m in a similar position but close to the 3 year mark when the 401k match vests - I would or will probably leave with the right opportunity regardless of the vesting.

You won't have to pay that back-