Just curious - how does the EM pension plan compare with Chevron’s? Comparable? One more generous than the other? Appreciate any comments from those knowledgeable.
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Chevron also falsely represents their match. They match 8 percent!!! But it’s 75 cents on the dollar. Which is 4.5 percent for you smart guys. They also only match pretax money. Anything after tax is on you.
Also the insurance is the same but the companies contributions are lower. So you have the same worse insurance as far as co pays are concerned.
Reply @1liv+1jZsXNGe:
The Chevron plan isn't awful - seems like you managed to leverage a good interest rate environment to maximize the XOM pension. For most folks that won't happen and then the XOM plan is about the same or maybe slightly better than Chevron. But that ignores all the bonuses Chevron gives out...
Don't just look at the pension. Chevron pays out huge bonuses every year. They even paid bonuses during COVID.
For anyone hired after 2008, the Chevron pension is awful. It's based on a lump sum payment calculated as 11%xNumber of years service before age 60 plus 14%xNumber of years service after age 60. If you start at age 25 and work until age 60, or 35 years, you will get a lump sum of 35* 0.11 * highest 5 year average salary which is 3.85 * highest average salary. You can then take that as a lump sum or an annuity. For employees hired before 2008, it was pretty much the same as the XOM plan, but that wouldn't apply to anyone that starts at CVX today.
I retired on June 1st and the CVX lump sum would have been 54% of what I got from XOM.
Details in the Chevron summary plan description at https://hr2.chevron.com/-/media/hr2/document-library/SPD/2008RetirementHiredAfter010108.pdf
401k is matched 8% if employee puts in 2% SPD is here https://hr2.chevron.com/wealthmanagement/esip
Chevron has better 401K, EM has slightly better pension. EM higher on base, Chevron much higher on variable pay.
They more are less are mirror images