With a 5.9% COLA to Social Security monthly checks in 2022……do you think Chevron will follow suit? The pension incorporates the SS COLA in the calculation so it only obvious that we should get the 5.9 + performance for our yearly raise. Thoughts?
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If you have not planned well, are not financially adept, and have very little or no savings and plenty of debt as a result, you may want to take the advice of the other full-time trolls on the layoffs forum here and pay off your debts with the lump sum buy-out, whatever it is and count your losses. Chevron would prefer that, it helps them and shores up the pension plan. If you have a healthy nest egg already, and are a seasoned investor, you obviously have other options and can take it either way and make it work to your advantage, since you likely know what you are doing.
Chevron’s pension does not include Cola, and therefore is a terrible investment option. In 20 years, it may be worth half as much (if you are lucky). Take the lump sum and always provide your actual social security statement for employees hired before 2008. CVX rips off all employments with the SS offset!
Grammar police. If I knew who you were I would give you work day feedback of 4 frowning faces as you are painful.
@5udl, Yeah, but you clearly understand what I said, and that’s all that counts after all. BTW, are you a married person? I ask because you must drive your spouse up the wall constantly. Beware you don’t wear out their patience with all that nit picking and get served divorce papers someday. The curse words that will fly out of your mouth then I’m sure won’t be grammatically correct, but it will be too late. Chill out.
@4rid, The Social Security Offset in the Chevron Retirement Pension Plan formula is only of concern for employees hired before January 1, 2008. It doesn’t come into play in the pension for employees hires after that date. But you are correct in stating the 5.9% SS COLA increase will increase the estimated SS offset calculation for those particular Chevron employees. There’s an easy solution to that worry, and that’s to submit your Social Security statement containing your actual earnings to the company before you submit your retirement application. They would have to use your actual SS earnings for the years you worked prior to you joining Chevron, thereby replacing the estimated earnings figures they are using with your actual earnings. The SS offset calculation will then be corrected and your pension lump sum or annuity amount will likely go up for over 95% of all employees who submit their SS statement ahead of retirement.
“No one works harder than I do” is better. You wouldn’t say “No one works harder than me do.”
Same method applies if you say “ I worker harder than they (do).” You wouldn’t say “I work harder than them do.”
The method you choose depends upon how you want to sound and the message you’re attempting to convey.
@5ifs, Yeah but “No one works harder than me” is the truth.
@4xid - Actually both "work harder than them" and "work harder than they" are correct. https://www.grammar-monster.com/lessons/than_I_me_than_he_him.htm
If you’re gonna slam people for grammar yours better be on point.
The very wealthy definitely do not work harder than the average joes. They are better at hoarding money, politics and demanding things from people than the rest of us.
@4jle+1dk5:
“Work harder than they” is proper grammar, not “work harder than them”. If you’re going to criticize other posts for improper grammar might I suggest you read Elements of Style first?
SMH.
Oh my dear! Poor poor babies without a life at home today lazy and doing nothing but complaining online about people who work harder than them, are more successful and voted for DJT, as if that matters and made them more successful.
Then uses poor grammar to call other people uneducated. - Priceless!
You can't make this up. lmao!
If SS offset increases, lump falls. Cuidado.
Chevron offered me a nice buuuuump with a cold tall boy of King Cobra at the plant. And man it was Damn fine!
Be happy with the King Cobra that's ice cold, don't get greedy now.
I heard the big raise is a case of Natural Ice. Just so we can drown our sorrows in a high quality drink when the next re-org comes or after a long day of work.
@3tfx, Perhaps you should take the previous poster's advice who suggested that you consult with a financial advisor so they can help you work through your questions and apparent confusion.
If you take the lump sum and don’t invest it then yes it will have a high burn rate.
Look clearly if that’s your way of thinking they you need to take the annuity as you believe all money you receive should be spend to 0. Now if you believe you should invest your money and live off a portion then take the lump sum.
But then again you probable keep a mortgage for the right off of the $0.28 on the dollar you spend.
Any financial advisor will fleece you!
If I recall correctly, there is a future Social Security benefit offset to your calculated lump sum pension. Don't think this 5.9% increase to future benefit will have a material impact on your lump sum.
There are lots of different reasons and economic strategies for taking the lump vs annuity. A good financial advisor will always provide the pros and cons for each.
Many people take the annuity for a stable income til death. It that is what you want and have ample other investments and SS. Many people who take annuities are far wealthier than their lump sum "crash and burn" counterparts. Just a fact. I can't believe an educated person can't figure that one out.
People take the lump sum. Don’t leave it for the company when you or your spouse dies.
They are only paying you a return on the lump sum anyways.
I can’t believe you people are educated and can’t figure this out. Then again you may be like the normal American and live paycheck to paycheck.
Finally learning some useful info here!
Charles Schwab said a few years ago that over 90% of retirees take an annuity instead of taking a lump sum. If I were you, I would plan on receiving a meaningful SS payment when you retire, since you have paid in. Social Security isn't going anywhere. SS is something that no politician has the ba--s to mess with. It represents too large of their voting bloc. Fixed it for you.
Fidelity said a few years ago that over 90% of retirees take a lump sum instead of taking an annuity. If I were you, I would not plan on receiving a meaningful SS payment when you retire, even though you have paid in. Everything seems fine now, but things can and will change.
@2udo, If the ‘Retirement Annuities’ you are referring to are Chevron Pension annuities, you’re going to greatly upset your beneficiaries. Those annuities cease with your death, unless you have a spouse and had chosen to receive the 100% Jo--t and Survivor annuity. Only that way would that continue after your death, but only to your spouse dies, then everything stops. So, don’t put that in your Last Will and Testament. It won’t benefit anyone else other than you and the spouse.
Yep, big raises coming, and most assuredly the pension will get a huge boost….blahahaha
I heard they were going to be handing out gift cards to Denny's and nothing else as a raise. Enjoy the Grand Slams!
@2yln+1d:
Ever heard of a will or a trust or beneficiaries? There are a few ways a person can ensure their assets (including retirement annuities) go to heirs and not left with the company or go to probate.
How did this turn to the retirement annuity. The retirement is something completely different and 100% different discussion then raises for employees.
Also if someone picked the annuity they need to be slapped up side the head as upon their death they just left their inheritance to the company instead of their heirs.
Not me, I've been living large and having the time of my life on the Chevron annuity, like funny money, lol. I also have significant other savings, as do most people retirement age, so that helps. Having myself a single malt 18 year old with my girlfriend after making "affection". Hope you do as well! Good luck to all.
Pray for anyone retired on the Chevron annuity. They just got the first of many painful haircuts.
While SR tries to figure out the green transition, and MW stays wed to the dividend, Chevron will continue to tell you, "raise? be glad you have a job!".
Uhh, for the laid off people? How would that be relevant on this site. Just wonderin'.....
We are essentially get pay cuts due in thanks to many of the people at this company who supported the guy who can’t even wipe his own bottom.
Keep in mind that there four factors that influence the price of oil. The supply and demand for oil and the supply and demand for dollars. The Fed and the government have been aggressively increasing the supply of dollars which will eventually reflect higher oil prices. Most pay raises and bonuses correlate with the profitability of the corporation which is very dependent on the price of oil.
They dropped the 10% incentive for folks that live and work near Midland. I don’t think they’re worried about keeping you whole against global inflation.
Chevron's pension does not include any COLA calculation.
@ukx+1dk5t6Fh. Salary increases will be affective March 1st, not April.