As we become vested in the pension plan at 5 years, what happens if one leaves the company at 5 years and a day? Are you offered a small payout? Or do you wait until some and receive a small portion of the pension sum?
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I thought the lump sum option was only available for +15 years service an +55 yo.
Is there something else being offered to get rid of people and move jobs faster to India?
Thanks! Helpful.
@1vwu+1imjWbbR
When you enter your last day e.g. 8/31/22 you have to enter the date to start benefit four months later 12/22 in order to get the lump sum option. Hope this helps and good luck.
yes the company owes you the following: the default is monthly (until death) payment that you can choose to start at age 50 or 65.
Recently company is giving one time Lump sum option to cash out to ex employees. You may get that in the future but not necessarily when you are leaving.
So the bottom line is that you will get the money eventually for 5 years ~$100k worth in the present value for high end technical
I did the calculator today at 5 years pension payout and it didn’t give me a lump sum option. Only when I increased to higher years of service for some reason.
From your home computer you can sign onto ExxonMobil Benefits Service. Use the Pension Calculator to run the scenarios. Lump Sum will only be offered 3 month following termination or retirement. This means if you leave in 3rd quarter, pension will be calculated on 4th quarter rates.
You sound like a lot of the technicians in Annandale. I hear 3 more will be leaving soon. I don't blame them, I have been looking to get too. No raise in 5 years. Didn't get the 3 % bonus. Linda lied to us. Contractors get caught on their phones in dark labs and D O'r keeps them around. Clean house in PA wing.
You can ask for a lump sum. Goto/hr has all the details. There is also an online pension calculator you can use to run scenarios