In regards to my newly vested pension, what happens if I leave the company right after my 5 year mark? Am I offered a payout? Is it held in a kind of trust by the corporation until I reach retirement age? Is it rolled over into a retirement account? I’d really appreciate an answer. Thanks!
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If you leave the company (not that EM lay you off) after your pension is vested at such early time, your only option is to get the vested lump sum and roll into a tax-sheltered account. No, you don't have option to leave it to EM and get annuity pension like 20 years later, even if you want to or beg for it.
Take your lump sum and go. Invest in good money market accounts and go enjoy your life without the Sturm und Drang of dealing w EM aholes day in and day out.
The lump sum at 5 years is roughly 4 months of salary.
2 months after you resign, you get the so called "commencement package". The exact number will be listed there. You need to answer back by mailing a form indicating where and to whom they should send/write the check. A month later you get the check.
You have 90 days to roll it over an IRA or the 401k pf your new employer, otherwise you'll pay taxes plus early withdrawal fees for it, which is around 40% of the total.
OP, if you are still employed at ExxonMobil you are totally fu---d. Good luck to you.
In 2018 or so they put out a policy change, assuming due to all the upcoming and annual layoffs via pip that if you are vested and leave you get offered a 1-time lump sum. Otherwise they can offer lump sum at later date if advantageous to the company but not guaranteed. I was never able to figure out how to get the calculator to work, but have been told for someone leaving at 5 yrs take your salary, multiply by 8-10% X 5 and that’s roughly what you can expect (guessing 30-50% of salary one’s annual salary total). This info was before the interest rate rise, so I would expect lump sum potentially around 25-35% of salary for someone leaving at year 5. Someone else feel free to comment if you have a better rough set. Wish you all the best in your decision whether you stay or go.
I've found the best information is on the retire in five yammer group. HR website is actual fe--s when it comes to providing good info.
I believe that information is on the HR Intranet site. You can always call the benefits number for assistance as well.
Good luck.