Thread regarding ExxonMobil Corp. layoffs

Union employee, 34 yrs, 1.2 mill Lump Sum and 2.5 mill in saving plan.

My lump sum has dropped a third from the high interest rates. I don't really care, still retiring at the end of the year. I've had enough of this BS to last the rest of my lifetime.

GSC, CL26 ($180K), 20 years; LS $440K rolled in to 401k.

CL 29 in geoscience is definitely not hi-po.

CL29 geoscience?

Hi-Po brown-noser responsible for the current decline, handsomely rewarded for doing fk all day with no accountability.

Retired in early 2018 with 30 years of service at age 55. Worked in Production Geoscience as CL 29. Lump sum pension was $1.6M with an additional $800k from the supplemental pension plan. The $800k was subject to ordinary income taxes since this was “pension” money paid on my salary that was in excess of the IRS limits on pensionable compensation. This netted me about $600k for a grand total of $2.2M.

I’m probably in the minority on this forum, since I retired after over 37 years with the company with a pension lump sum of just over $3.5M. I am an anomaly. I don’t expect folks hiring in now to work for 30+ years. People used to be willing to put up with the company’s BS because of the excellent benefits. Those benefits no longer exist. Work for a paycheck and save as much as you possibly can. Take of yourself - the days of the company taking care of you are over.

All this gobbledy-goop.
EM is an old-fashioned company with no compensation innovation in decades.
And in the same fashion, they'll just dump the pension if the numbers add up.
Reputation as an employer means nothing to the dinosaur.

Remember not everyone here is an engineer or scientist. Techs are salary and start below CL 23/24 range. Accountants/finance personnel as well

@1xkl+1iyjPq4G careful, your ignorance is showing through. EMPS Ops First Line Supervisors and similar positions are placed at CL24

27 years and CL24????

No effing way.

Troll

Ops. Cl24. 27 yrs LS 1.2 million

13 years CL27. Pension lump sum = 1 year of salary. Rolled over new employer 401k, no tax paid.

Pension=worthless

Stop overthinking it, get the h3ll out of this dumpster of company before you become unemployable.

For for the perspective, using the $300k pension with 15 years of service merely comes down to $20k per year in pension. Considering this, hypothetically speaking if I worked at another employer for 15 years at 100k per year with 20% bonus, without getting any base salary raises at all I would have accumulated $300k more or less (considering the higher tax rate on bonus and investing aggressively on my own). So apart from few $ here and there, XOM pension doesn't appear to be an excellent benefit. It is definitely something but not as lucrative as the company sells it to prospects and employees. And besides with yearly hunger games in place now, if anything the value of pension has gone down drastically some may not get anything at all if they leave under 5 years.

15 years of service straight of our college, left many years ago and just elected the lump sum payout of $300k

CL27, 14 years, $240k, $185k pension if I quit today.

Interest rates went up and plummet lump sum payout upon resignation this last spring.

Most companies offer cash bonuses in the 15%-35% range yearly which dwarf the Exxon pension (equivalent to ~5% cash bonus invested annually)

@pfw+1iyjPq4G not if you rollover to IRA or 401k account. Yes, if you cash out.

Is the lump sum taxed?

Current employee. Pension amount goes up approx 10% of your salary every year. Pension doesn't grow like 401K, it is heavily regulated.. so mostly invested in long term treasuries

You can just cash out when you quit within 60 days I think. Roll it over into an IRA.

Don't overthink it. Company is an year to year contract now. Just take it as a side benefit.

You do need 5 years to vest into it

No details to provide, but pension should be a minor consideration for anyone with less than 10-15 years with the company. Other factors like growth opportunities, quality of leadership, 9/80s, variable/base pay, integrity of performance assessment system should be the primary considerations.

@xas+1iyjPq4G thanks, but I believe you likely mis read the post. The OP is asking for others to share their pension experience relative to their time at the company and not seem to be asking "how" someone cab find out about their own info.

EMIT, 25, 160k, 15yrs, 200k lump sum.

You can request that information in writing for yourself at anytime from benefits. Takes a few weeks.

Or go to the portal online on the intranet.

I won't share my information. I wasn't a high roller at the company. No college degree.