The Chevron Retirement Plan (pension) will likely be tweaked or eliminated as soon as January next year. The IRS will be adopting the new 2014 Mortality Tables, effective Jan 2016. This will increase the funding liability on all pension plans (public and private) because it will reflect the population is living 2-3 years longer than the previously used mortality tables. The few employers left who offer pensions to their employees are quickly replacing it with slightly more generous 401k plans, taking the burden off their backs and placing it on the employee to invest the money themselves. But in these hard times, don't expect to net out equal to better when Chevron makes the change. Expect less from the company.
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I've been a Chevron employee 40 years. Started with Gulf Oil so I have been through mergers , re-orgs and all the down turns in the Industry.
I would think that Chevron management would be capable of handling this critical time without the help of outside consultants. They have had plenty of experience over the last 4 decades. They could have kept this very simple and less stressful on the employees by just offering a voluntary retirement package for the " near retirement group of employees " and then cut the low performers and contractors. Keep it simple !
Chevron is the first place I've worked that not only provides a 401k match, but a employer funded pension. Unfortunately it doesn't look like I'll be there long enough to get vested now, but it isn't the norm today for a company to provide a pension plus 401k match, so I would not be surprised at all if the pension goes.