Just like the title says, is the pension lump sum, especially for people PIL-ing out, going away? Or is that just a rumor like the pension being rolled into the 401k?
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Why 45 yrs though? Any logic?
That is just SO disturbing.
@7eew You forgot to say that hot-desking is a violation of your human rights.
Any updates on the complaints to the UN? Are they investigating EM management for requiring you to sit next to your colleagues at a table in an office? I’m sure the UN High Commission is taking the complaints seriously…..
Eliminating pension is just another strategy to increase attrition in USA.
Just like the only logical reason to implement HotDesking on campus with surplus owned office space is to increase attrition.
All these seem more logical if you consider the ultimate goal is to reduce USA headcount and move work to India
I’ve heard with no substantiating that 45 years is a cut off. Less than 45 years old and your pension gets frozen with nothing added. Apparently 45 years and older, the pension with continue. No pension for new employees.
Sounds like a way to force more attrition in addition to the 8-10% NSImper year.
XOM can be trusted like a fa-t after a night out at taco bell mixed with some two week old curried sourcream miracle
Made up my mind over 10 years ago I would never stick around for a pension. Life was way too short. Had about 15 years with the company and it become very clear leadership did not value nor respect my work contribution nor my personal needs. Best decision of my life. Left to work for smaller operator with large bumps in salary and bonus structures that doubled take home each year. Sure there are risks but no longer having to worry about which font and color to use on version 45 of a presentation and having a manager who trusts you, values you, support you and is competent and doesn’t micromanage is priceless. Forget EM. Time to chart your own path. Years later EM offers me the “one time” lump sum pension withdrawal. Consulted financial advisor and happily took out. Now completely EM free.
Without the pension there is no reason to risk trying to hang on to get it. The pay is better at other places when bonus is included and other companies do not have toxic supervisors and the annual hunger games. I agree that things will get much worse next year if oil prices drop as expected. XOM is accelerating getting rid of U.S. employees even though the “low cost” KL and BTC actually cost more due to mistakes. XOM even has co-op and internship for KL and BTC to not only get rid of the boomers, but also the early career employees. Getting rid of the pension is one more way to cut costs and convince employees to leave while still keeping the pension for the selected high fliers. I’m out of this dumpster as soon as I get an offer I like. Had a few offers already, but want out of hurricane, flooding, hot, humid and nothing to do gulf coast. Good luck to everyone.
Thank you for assuaging my fears. Much appreciated!
Yes, if you voluntarily or involuntarily separate from Exxon, you have 1 chance to take a discounted lump sum from the pension, if you have at least 5 years of service. You can take the cash with huge taxes withheld, roll into a Roth with huge taxes withheld, or roll into a traditional IRA. They can't take what you've earned already, legally.
That still didn't answer the question. I have 15 years with the company, and am under 50. If I get NSI next year, will I have the option to take the lump sum?
What about the retiree medical program?
@ynx You’ve just explained why nobody under 40 with a brain wants to work there.
Fact. No pension for new hires in 2024. Anyone with less than five years in 2024 will have their pension stopped and current value discounted will be rolled into their 401(k). Anyone with more than five years will keep pension but will have a NSI target on their back, especially younger employees since they will cost Exxon more than older employees who already have many years of pension earnings accrued. 2024 will be a disappointing year for many at Exxon. If you think the past was bad, hold on, the ride gets really rough.
@rqy+1o0zgGi9 Spot on! It’s all a shell game
Pensions are attractive when companies offer secure employment and career opportunities until retirement. This all went away when managers put themselves over their people.
It’s a sham to claim “we care for our people” when there is no transparency on performance assessments and career paths. When hiding information and telling lies up the chain is the norm. When the worst people are put in place to manage the most valuable asset, it’s people. Why mislead new recruits by offering them pension when they know full well the company will grind them to dust and sp-t them out when they are no longer of use?
Current PIL still includes one time pension lump sum
It’s going away. They are just discussing the details and liabilities with doing so is my opinion. Think about it. Do you really think this management cares about its employees? Health insurance modifications are next in the table. Cr-p insurance to attract newbies but decrease their cost of “benefits”. Premiums keep going up and care keeps going down.