Thread regarding ExxonMobil Corp. layoffs

Pre-Exit questions

Got a solid offer and planning to leave in a couple of months Appreciate your answers on the following questions:

  1. when will the remaining vacation days in 2022 be paid to my bank account? How soon after my last day? This will help the tax planning of my family.
  2. Looking at the option to transfer the pension out pre-tax to an IRA account - Can I directly put the pension lump sum to my Voya 401k account? Or do I have to put it into a separate IRA account?
  3. If I relocate a couple of months after my exit, how would XOM know my new address for 2022 W2 delivery?
  4. In a very unlikely scenario, if I rejoin XOM after several years, will my pension/service year be reset to zero as I already took my lump sum out?? How does this work as I know some folks come back as full-time after a few years.

Appreciate all your helps addressing these questions. Thanks.

by Anonymous
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Post ID: @OP+1iaeHOwv
Comment! It's anonymous!

8 replies (most recent on top)

1tjw+1iaeHOwv

HR can answer that.

And if you are retiring as an annuitant, your counselor can answer that.

by 40.5 years of BS
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Post ID: @1eys+1iaeHOwv

If I elect to take the pension as cash (no IRA, no Voya) is there a wire transfer option?

by Anonymous
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Post ID: @1tjw+1iaeHOwv

What about if you have any outstanding loans? Is that deducted from your pay or when you do the rollover?

by Anonymous
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Post ID: @1kdq+1iaeHOwv

Yes, you can deposit your pension lump sum in your Voya account. That is what I did with mine. FYI they send a real check make sure you don’t throw it out thinking it’s a direct deposit receipt.

by Anonymous
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Post ID: @jim+1iaeHOwv

Retirees can have their lump sum put into savings plan.

by Anonymous
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Post ID: @hfi+1iaeHOwv
  1. 4 to 6 weeks after separation.
  1. No, open an IRA. I chose Vanguard. Before you do anything, go to the benefits website and make sure you have a login. MAKE SURE YOU UPDATE YOUR ADDRESS BECAUSE YOUR PENSION LUMP SUM IS SENT VIA CHECK! It is a very stressful several weeks until the check arrives in the regular letter mail. There will be a case worker who calls you and they're usually helpful. Make sure you get their direct contact info.
  1. Via the address you update on the HR benefits website. Exxon laid off a lot of HR in 2020. So, it may be very difficult if you don't make sure you can access the benefits website.
  1. No idea.
by Anonymous
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Post ID: @vcn+1iaeHOwv

#1 - maybe never as they don’t audit this
#4 - LMFAO 🤪 you won’t want to come back

by Anonymous
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Post ID: @omw+1iaeHOwv
  1. I got my vacation payout about 6 weeks after my last day.
  2. You cannot deposit into your Voya account. You’ll have to open a separate IRA and do a rollover. I think you have 90 days.
  3. A simple change-of-address with the post office should suffice. Also, you can tell the EM Benefits folks. Write down their phone number before you leave.
  4. Good question. I know several people who have come back as employees, and their service was usually bridged from a pension perspective. That was before a pension lump sum payout was offered for resignees. I’m not sure how that would work now.
by Anonymous
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Post ID: @gyt+1iaeHOwv

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