Comment below with anything missing here.
This is the list of things I am doing before my last day at EM (now targeting resigning in Nov-Dec due to vacation policy update). I want to share this here in order to help others. I am not aware of anything that is missing, but I expect to be proven wrong on that point. :-)
Credit for this list goes to many others who came before me (especially those on the thelayoff.com).
If not made clear below, I recommend leaving your co-workers and management on as positive of a note as practical (or at least as positive as you can stomach).
I definitely recommend you save this list on your personal device for later use as HR gives almost no guidance on most of these items for resigning employees.
• Update EDA with personal email (to receive pay stubs and tax documents electronically)
• Record what date you started at XOM (you will need this later)
• Save all company contact information related to HR and benefits
• Save supervisor's contact information
• Clean out desk and take home personal belongings _prior_ to resignation notice (in case you get walked out)
• Download one year (or more) of past pay stubs
• Download record of unused vacation time to make sure carryover and unused days get paid
• Use any insurance benefits as much as possible
• Obtain an employment verification
• Print out the HR site page that says they will pay out pension lump sum and remaining vacation (for your records)
• Print out the lump sum estimates for your pension, if applicable
• Use all floating holidays
• Delete Zoom chat history (if you have sensitive info in there)
• Download/print copies of any plan documents for any plans that you will be in; retirement, pension, healthcare, etc.
• Convert any personal accounts (frequent flier, EYFPC, Voya, car rental, etc.) connected to your work email to a personal email account
• Make sure you have an account set up with benefits admin
• Download a copy of latest compensation and benefits statement
• Download past PDS documents/forms
• Save any useful external business contacts
• Give 2 weeks notice (no more… I don’t recommend less than 2 weeks unless you are trying to burn bridges)
• Build a handover document (my co-workers are my friends and I want to set them up for success)
• Send a farewell email to co-workers you liked
Explanations for some more detailed items
• Call Voya PRIOR to your exit and get your pin set up(if not already done). This is crucial. Once you leave (and your certain your contributions are done) you simply call Voya, give your pin, and have them send a check to your new brokerage. If fidelity, vanguard, whomever, setup an IRA (Roth or regular, both dependent on how your 401k contributions were) and get the address of the check, and whom to make it out to. Voya simply takes this info and sends off your money. In a week or two, it will be in your new accounts. Really simple, kind of terrifying lol
• With vacation, the pay can take a couple of weeks to process and will come on a standard pay day. It appears to be taxed normally, so expect the usual percentage to be gone.
• Transition your work (dont sc--w your buddies) correctly and enjoy the last couple of weeks and goodbyes.
• Fill out the is a survey from HR as well. Management will see this, so be careful what you say if there is any chance you will come back in the future. The bar is a better place for strongly worded complaints for most of us.
• Again, make sure you know your PIN for the benefits website and know what day you started at ExxonMobil. It has taken others multiple tries to get their savings plan rolled into an IRA due to issues with this.
• You can set up a new account with an investment company by showing you have the assets in the Voya account. Once you separate from XOM you can roll your money over to the new account
• Your vacation will be paid (others have said you shouldn’t need to involve HR). Just be sure and confirm the hours owed to you with your supervisor (I would get your admin to print it out from the system).
• Again, ensure your primary email on your XOM accounts (benefits, 401k, pension, etc) is updated to your personal email. They won't do it after you leave.
• Get all your annual checkups done (dentist, vision, bloodwork, etc)."
Pension info from others (my resignation is still a month or two away)
• "I resigned last year, cashed out my pension. Got the lump sum about 6 months after my resignation date. They send a physical check, which is easy to forward to Voya to roll into your 401k.
• I know several others in similar situations who all took the lump sum. Half a dozen people, with years of service ranging from 8-20. Pension ranged from $70k-475k. It’s a function of years of service, your recent salary, and the discount rates , which are set by the IRS.
• https://www.irs.gov/retirement-plans/minimum-present-value-segment-rates
• You are eligible whether you resign or are terminated. You are eligible as long as you are vested in the pension (>5 years).
• The pension benefit calculator on the benefits web site is accurate. Set your separation date, then set the benefits commencement date to +3 months from then and it will tell you to the penny your lump sum. The only thing that may change are the IRS interest rates, which can swing it a few %.
• Taking the lump sum is a one time option available only in the benefits commencement package they send you within 90 days of separation. Call the benefits center immediately on separation and ask them to prepare your BCP and mail it to you. If you don’t take the lump sum in the first BCP window, they don’t have to offer it again. All you will be able to get is an annuity at 65, or a much much smaller annuity earlier than that.
• Go to the benefits web pension calculator and see what yours is worth