First Voya told me I'm vested in my (very small) supplementary savings plan since separation was involuntary, and payment would be done through payroll. Now, payroll is telling me that employees who separate from ExxonMobil before retirement are not vested.
Does anyone have the same issue?
I'm seriously considering taking this to the press or working with a lawyer. Only if I have a case of course.
Finally increased my salary to a level where this would apply and they cancelled the match!
Yes, having the same issue...was told it would be paid out at first, now saying it will not be paid out.
Is the SSP the same as the Voya ‘general account‘?
Can you share information on lawyer to contact?
Am part of the December crowd. Was also given Restricted Stock Awards (RSA) over the course of my >10 year tenure at XOM. When laid off, i was soon contacted by the RSA administrator that since this was a special involuntary separation (lay off), these shares would still be mine when they matured with all the caveats and warnings of forfeiture if I do any harm to the company.
Wonder why the Supplementary Savings Accounts would not get the same treatment given the reasons above??
Go ahead and spend your time and money on lawyers fighting EM. Lawyers always glad to take your money. Just know you will never win. LOL
Well this is definitely snowballing now. I'm getting phone calls from other people that got laid off that are p-ss-d about this. Sounding more and more like a class action lawsuit is brewing. FYI the "retiree clause" was added in 2015, so at the very minimum there should be a portion of this money grandfathered if not all of it grandfathered.
What will be funny is while they may have opened the door to taking this money by saying “did not reach retirement status”, they also opened the door to keeping it because their involuntary program says “savings plan balances not vested will vest”. I’ve got plenty of money to challenge this in court, so I’m going to at least put up a fight.
@1hhs+1adzYJ47
You are a perfect example of what is wrong at this company. Thank you for the demonstration.
@1hhs+1adzYJ47 Information may be true but another example of the sarcastic a–holes you have at ExxonMobil
@1hhs+1adzYJ47 Information may be true but another example of the sarcastic a–holes you have at ExxonMobil
The SSP is distinct and separate from the Savings Plan. It consists solely of company match contributions made when contributions to your savings plan have reached annual IRS limits. It is an unfounded plan to which you have no legal rights or access unless you retire normally with the company. It’s not “your money” unless and until you retire, just like the Additional Payments Plan. Regardless, none of the money in this account came from you. And no, being PiP’d, laid off, fired or otherwise separated from the company does not qualify you for retirement treatment or benefits. Sorry, no trophies for all in the real world. Grow up.
Always shucking and jiving - THEY are ExxonMobil.
Even Retirees have to jump through a dozen hoops to get proper due.
@1ssp+1adzYJ47
You realize this thread is about people that were laid off and had a portion of their savings plan confiscated by Exxon? In my case they took 10% of my account.
anyone that has an SSP (i.e., so well compensated that 401k is maxed) and is complaining about their job on a forum is hard to understand.
@toq+1adzYJ47
Same issue here. I have contacted Voya twice, and they will read from a script on how it is to be paid out. Here is my speculation on what happened. The original plan was to pay this out, and they notified Voya with the directions. Someone in Exxon HR said, “hey we can claw back some SPOSA by using our vague wording on the SSA, and not pay it”. Only someone forgot to tell Voya the change in plans. No worries, a subpoena will sort it all out.
You are exactly correct, Exxon knows darn well that the “separation before retirement” is intended for employee caused events not involuntary separation. They did not give me the chance to obtain retirement status to collect the funds. I have already contacted a lawyer this morning, and will be going after them on this without a doubt. Maybe it needs to become class action?
I was told the same thing...I talked to Voya and they said that it may be paid in April, but they're not sure...sounds about par for the course.
Ah, my bad. Sounds like your doing a mega backdoor roth. Do you not do inservice distributions once a year to move the after-tax funds into a separate account outside of Voya?
OP here. Some participants here in this thread misunderstand the issue.
This thread is not about the 401(k) savings plan. There is another savings plan where your contributions go if you exceed the total allowable limit. $58,000 for 2021 without catch-up contributions.
This is called a supplementary savings plan (SSP) and is also handled by VOYA.
Per supplementary savings plan description:
"If you terminate employment before attaining retiree status, your SSP benefit will be forfeited."
My point is that I did not terminate my employment; ExxonMobil laid me off as part of the December purge.
I hope this clarifies the issue.
Thank you for everyone who has commented here explaining this. Now I especially have no reason to stick around with the sh–ty company any longer than necessary. I joined exxon fresh out of college and I have been with the company for a year and I was going to wait for my savings plan to vest. Sayonara.
Believe the earliest you can take money (assuming you’ve been here at least 5 years and vested) is at age 50. And if you take it then, I believe you receive 50% of it. Should go up 5% each year after that. So if you take it at 55 years old, you get 75%. Take it at 60, you get 100%. That’s why a lot of people will stay until 60. But you can still retire at 55 and wait until 60 to take the 100%.
Unfortunately, my understanding is the same as payroll. If you are not retired from ExxonMobil, you don't get the money in supplement saving plan. However, you can check saving plan description again.
You are vested after 5 years and eligible for retirement after working 15 years and being at age 55.