Are they going to discontinue it?
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Starting Jan 1, 2008 Chevron initiated a new Pension (Retirement) Plan. Just look up the SPD documents online. There is one pension plan for employees hire before Jan 1, 2008 and another for employees hired after that date. I believe the former plan is more favorable. The previous post was correct in recalling a change was pushed through.
From what I understand, the move to reduce pensions in 2008 happened across multiple companies. Not sure what caused it, as it was executed before the market crash.
But it does make me wonder whether the industry (or at least majors) would work together on timing to eliminate the pensions completely at some point...
Chevron pension plan should NOT be kept in the system.it's not fear to the share holders suffering from the tough oil sale and pay for high cost to "deadwood" employees as well. the "deadwoods" have been received high paid for decades by Chevron. the company needs to have "hair cut"sooner than later , otherwise the share price will be falling much lower....
Chevron pension plan should NOT be kept in the system.it's not fear to the share holders suffering from the tough oil sale and pay for high cost to "deadwood" employees as well. the "deadwoods" have been received high paid for decades by Chevron. the company needs to have "hair cut"sooner than later , otherwise the share price will be falling much lower....
Doubtful. The post-2008 pensions are essentially equivalent to the cash balance pensions most others have gone to (except Exxon). The benefits package would not be market competitive with other operators of the pension was eliminated.
@"The Ugly Truth" - I do hope so
That is a good question, Anon131530. I don't know what will happen to our pensions. My guess is "nothing", at least not yet. I think the company has much to fix first before resorting to changing the pension program. If by early 2017, oil prices don't rebound a little and our business continues to be dragged by delays and setbacks, then maybe the pension program may see some tweaks. But anything the employee has accrued so far in the pension program is not lost. Only the changes to it, going forward will be the new norm. It's my expectation the dividend will be reduced first, although regrettably that move will affect the stock price. Let's all hope the pension stays the same.
Never