Look at what other employers offer in compensation beyond salary and do the math. You will quickly discover that in reality the pension isn’t that great compared to what you can get outside of the company.
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I would much rather have cash in my hand now as a bonus that I can invest. Easy to obtain a higher return on your own.
Many who left during the pandemic have doubled the lump sum they received when they cashed out their pension.
No pension anywhere is if you don’t make it to retirement first. That’s the point. CL27, 30 years of service and I’ll walk with almost $2M in pension and $3M in 401k. All these super majors don’t care about you. Get over it and get your bag where you can. XOM made me a millionaire because I played the game and I’m not an engineer. It’s a first world problem. Everywhere is political, all jobs su-k.
@OP+1tc6Buym thanks for sharing. I am sorry to say you drank a lot of KA and am sure you might not have seen or compared other better compensation packages and plans that other companies have. I now work of another super major and their comp. package and benefits are much better than XOM.
People are throwing out crazy low numbers here. Most CL 29 will hit federal max pension salary and with full career of about 33 to 34 years at 55 or 56 will receive 11k$ per month or 1.8 M$ lump sum at today’s interest rates. It’s just math.
Pension wasn’t nothing. At 50 yo, after 20 years, CL26, I had a $450K LS that rolled to my 401K. Had I stayed on to 55 or 60, I think it would’ve exceeded $1M or more.
However, I’ve invested it well and it’s more than doubled in the past 2.5 years. That’s definitely growing at a faster rate than XOM.
My advice: save as much as you can independent of the pension. Let your pension be gravy. Don’t rely on the pension, solely, because if you don’t make it to the finish line and retire from EM, your long-term financial security may be hindered.
20 years of service, CL29, $300K annual salary.
I ran my benefits calculator, current accumulated pension lump sum is $250,000. Probably because interest rates are very high right now. Would be million at 55, if I retire and interest rate is 2%
@esk You can calculate yourself, just look at the yearly benefits statement: the company contributes 10% of your annual salary to the pension. You may choose to go somewhere else for 10% more pay, take that difference, invest it yourself and you’ll probably get more than xom pension.
To put it in the perspective what's the average of an accumulated pension that a typical XOM employee with 20, 25, and 30+ years of service getting at retirement these days?
Can those with knowledge or those who have retired in recent years share how much you got at the end when you left the toxicity?
@zfl+1tc6Buym, 100%, I can attest to the same. The false sense of XOM job security got me to be complacent. But when I did jumped out, I got to know that I should have done it much sooner.
THIS! I accumulated merely $200k in pension payout after working at XOM for 15 years. After leaving XOM, I made up close to $300k in 3 years on top of my annual salary. So yes, XOM pension was 🥜 and not worth to put up with given the culture, unless ofcourse you don't have skills to jump off. Otherwise, more money can be made outside of XOM.
Pensions fine because most younger folks can get it after a few years of working and move to another higher paying job....getting 2 pensions
This was my experience. I got a ~30% raise leaving the company. The pension was definitely not enough to keep me around.