XOM has cr-p culture, vague policies and bull-sh-t benefits. The only selling point they have is the pension plan. In other words, they only have one cheese and it is in the mousetrap. Those planning to receive a pension will be terminated long before they reach retirement age due to their cut-throat performance ranking system. Also, do your math based on your age and probable salary at your retirement to see what your pension payment will be, you will realize that you will make peanuts.
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The job offer is only to avoid paying severance.
Pension isn’t a selling point. The selling point is a job offer. Thats it. Hi guy, here’s a job, it’s in Houston, it’s yours if you want it. Take it or leave it. If you don’t want this job, apply for another elsewhere. The open market probably has something that fits your wants and needs better.
Pretty simple arithmetic. Nothing nefarious or overly complex.
it will be gone before anyone from pioneer can qualify. They had already been talking about scrapping it
Why are you comparing pension to RSU? RSU or LTIP is rolled up into total comp now. ESPP, HSA, Bonus (big multiplier), free lunch, health insurance, free gym are things you’ll be missing. Bury it, weep, and move on to another company. Exxons carrot is a job for a year which offsets the severance you are signing away. DUH
We are eliminating the pension.
I believe your years with Exxon are the only years that count towards the pension. Previous credit didn't count at XTO. Although previous years does count towards vacation and other benifits.
The math aint mathing on this pension stuff. According to Social security numbers John owes $400 out of his retirement to XOM if he retires.
J is age 50 and has 10 years of service with Pioneer when he sells his soul to eXXXon. J gets pip'd in 2029 and walks away with a minuscule 93k pension. J then works until death as a Woodlands Walmart door greeter. Be like J
Good thing I’m an elephant, brah.
Exxon pension payout is dismal compared to Pioneer’s RSU program. It’s worse when considering you will be laid off or PIPd before you reach retirement age. Apply the layoff risk factor to pension payout and the benefit becomes an insignificant consideration.