Thread regarding XTO Energy Inc. layoffs

Pension lump sum question, XTO employee 15 years services, but 50 years old

Hello,
Tried this question on the XOM board, but getting conflicting information. I'm 50 and have 15 years of service now with XOM. If I were to resign this year (not layoff or PIP/PIL disguised as layoff). Would the lump sum option be offered? I would prefer to take the lump sum versus the pension. Has anyone experienced this or know someone who has? Called the pension department and that was kind of worthless. I had planned to stay on until 55,, but I just don't want to be here anymore. Appreciate the help.

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Post ID: @OP+1b7AxjsS

6 replies (most recent on top)

@2Tyea, I used the pension calculator, input last day as 2/2/2022 and lump sum at 06/2022. Came up around $400K. Will see what it really looks like when I leave next year. The estimate should be fairly accurate according to the people that have left and took the lumps sum on the XOM board. Hope this helps, good luck to you.

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Post ID: @2Yfxu+1b7AxjsS

Rules changed recently. Anyone can take lump sum now. They want people to leave and this helps.

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Post ID: @27svv+1b7AxjsS

Took Lare Career Planning in July 2021. EYP guy teaching class has on ppt that effective June 2020 anyone can take a lump sum for their pension when they leave.

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Post ID: @1mkiu+1b7AxjsS

Op here:
Called the pension service and at first the representative gave the same line about 15 years and 55 age to qualify for lump sum. I told him that he was wrong and that I plan to resign by a certain date and would like the lump sum estimate calculated for the following month after my resignation date. Will send the estimate in 10 business days (why they cannot just email the damn results right there I have no idea). Good luck to all of you. I'm done with Exxonmobil.

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Post ID: @omhe+1b7AxjsS

Usually if you are less than 55 and 15 you have to wait to take as monthly annuity at 65 but during the PIP last summer and layoffs in Dec. for the first time ever folks were allowed to take pension as lump sum now. My guess is that you would negotiate to take as lump sum now. Contact HR.

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Post ID: @8qwj+1b7AxjsS

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