Is one package more favorable then the other? Are there work restrictions or an age requirement with a retirement package?
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The severance package is one thing (2 weeks salary per year of service with 8 weeks pay minimum and 52 weeks pay maximum), provided you were involuntarily laid off. The Chevron Retirement Plan package (aka Pension) is a separate thing. The Pension can be taken anytime after you leave the company. You can even postpone taking it until age 60, which is considered your full retirement age in the Chevron Retirement Plan. If you collect earlier than age 60, there is an Early Retirement Factor. This factor will discount an amount from your full benefit depending on how early you begin to collect it. The discount factor is 5% per year, prorated by month. There is no penalty, just the discount factor. You may be confusing the 10% IRS Penalty associated with withdrawing money from your 401k ESIP account before age 59.5 (or age 55 if no longer working for Chevron). I hope this explanation helps answer the OP's question.
Whoa I missed something. Seemed like a legitimate question. With a severance package, you can collect unemployment. The benefits website will tell you when you can draw your retirement. You can probably get to it anytime, you will just pay penalties and/or won't get 100% if you access that money too soon.
Anonymous200917, thats an insult junior high students!
More typical Chevron employees on display. Junior high school mentality. What an advertisement for the Chevron Way. If these Chevron idiots were any more inbred, they'd be a sandwich.
Anonymous200906, you got it. Chevroids making their thinking visible anonymously!
I didn't realize that Chevron had so many perverts working for them. A round of lay-offs is way overdue LOL!
Mandingo waiting in the wings for his turn with Anonymous200858.
Good one, Johnny Holmes. Bend over, Anonymous200858.
I've got your package right here.
Hey Anonymous200849, it's not the OP's responsibility to baby-sit your time, which you obviously haven't been making good enough use of on the job, hence you trolling this board as you wait like a big ol' ugly piece of dead wood ready to be CUT!!!!!!!!
Hey Jerk, quit posting absurdities. Make good use of our time.
No. None. No.