After continued horrible to no raises, I have decided to pull the trigger and leave after 20+ years. I have my flexible new job set, outside health insurance, and gathering data on my pension and 401k to transfer. Planning to put in my 2 weeks during xmas week to ensure I get the paid holidays.
What else should I be thinking about?
For the trolls, I have more than 5+ years to 55, so see little to no chance of making it to 55, I just want to be happy again at work.
Many of the responses here highlight a core problem at ExxonMobil. Greed and material gain is the most important thing in one’s life. That’s why people hang around and play the game which fuels the bad behavior and toxic dysfunction. The company knows they can dangle the pay and pension carrot out there and most employees will go for it. There is life outside of ExxonMobil.
I probably could've stayed on until the end of 2025 (Denbury office in Plano), but I chose to leave early, giving up about $600k in salary. Best decision I ever made. At some point, you have to ask "how much do I really need to retire?" and "is it worth it to stay even longer for more money?"
This choice of wording is, well, unfortunate, shall we say…
What good is money if the stress ruins your relationships and su-ks the joy of life out of you. How many colleagues have you seen die shortly after retiring. The stress takes a toll. Sont shorten your life. You can take money with you when you die.
There is more to life than stay at a place where you are miserable. As for the money, you have to do your own calculations to see what makes sense. For me, leaving before full retirement and taking the lump sum was the right decision. I rolled the pension into a 401K and nearly doubled my money over the last 2 years. I also found a job that pays just as well but with less stress.
Think of the money. Remember the money is always right as Mr Eugene Krabs would say. I have suffered for every one of the 20 years at this monster. So I think I deserve all that I can get. They are trying to push me out right now but I am NRE. They can fire me right now and give me a better settlement. HR will not let them. Years ago a employee was fired at 53 years of age. A lawsuit was filed and exxon settled out of court. The employee got way more than they would have if exxon would have just let them retire even at 60. This was before the NRE protection. Exxon was notorious for targeting older workers. I wish they would fire me for no cause I would sue them raw. Always have a lawyer ready just in case. I costs a few hundred dollars to consult with one. If exxon is stupid enough to fire an oldie sue the ba----ds. I have some history with HR at exxon. Harassment and hostile workers are my history and my protection. There have been several class action lawsuits against exxon. Exxon doesn' t like the awful facts to be out at trial. It likes to hide its dysfunction.
If you are a US employee in your late 40’s with 20+ years of Exxon experience, you will basically be giving up about $1M in pension money. Confirm yourself. Just use the online calculator and it will give you the lump sum estimates for any future date you want from 3 months out to you’re 65+. So, not saying you’re not happy but just imagine someone telling you, “Stay six more years, 3 of which you can’t be PiP’d, and we will give you $1M.” If you still want to leave, then go for it but at least know what you’re giving up.
Don’t leave year end. Stay on payroll until Jan 1 to get New Year holiday, 3 floating holidays, and January vacation days.
Don't listen to those who try to advise anyone to be unhappy just for the pension. There is more to life than the dollar...before you begin to even think about the positives of moving on, rather than everything that could go wrong.
There's a LOT to be said for "being happy at work". Good luck!
Not sure lump sum payout is still an option - but it was in 2022. I left before 55, got the LS from pension (20+ years) which I rolled into my 401K. That bump has helped my 401K more than double in the past 2.5 years. No doubt, I’ve made more by investing that $$ myself than if it had stayed tied up with EM.
Do not leave unless you have millions. Before 55 you won't get paid pension till 65. 401k transfers at end of employment. If your pension is small then leave. Say if you only had 5 or 7 years in. But with 20 plus you are going yo lose a lot. Talk to retiremeny planner. There are some you tube videos that will help. Look up exxon retirement. Think about it first then act. I want to leave right now but I need a few years till 55. Two years and two months. No way they are getting rid of me. Don't let them push you out. Good luck.
@wxl+1vT69s6z If I remember correctly if you leave before 55 you can’t access until 65 to get 100%.
How does pension payout work if you quit? Any idea of what penalty they assign, or is it worth the same amount the pension calculator puts to it?