What are folks who were part of the ROM last year doing about their pension?
Lump sum taken
Annuity taken
Done nothing so far
112 replies (most recent on top)
Very interesting comment @GwZJAzr-bswi. Another butthurt douche-bag trolling these boards is propagating just the opposite rumor. He is saying they are getting rid of the lump sum so that Chevron can get rich on all of your money. The little brain-dead douche has no idea that the offerings are actuarily equivalent and it would make no difference. Also, historically more companies prefer to sever ties and do lump sums. But Chicken little still chirps like a butthurt hen.
article I found on people who were overpaid on their pensions
http://www.aarp.org/work/retirement-planning/info-2015/take-your-pension-away.html
companies are trying to move away from annuities and only offer lump sums to new employees. In the future, they may offer no pensions to new employees
So you're Taking it, but you're Not Taking it.......... uuuuuuuhhh.... Gotcha!!!
Apologies accepted, @bgyi. I am not nor ever will take (or steal) any money from Chevron or the Employees Pension Fund. I'm simply placing the duplicate amount into a separate account waiting for Chevron to ask back for it. It's a matter of principle for me to expose the responsible persons for this grievous mistake. It's an outrage! Here I am, an exemplary employee (by most accounts that have been cited) who was laid off just to keep inept people on the payroll. If anything, I will be responsible for taking down one of those inept managers who seem to be taking up the panorama at Chevron.
So it's a give but no take. You're not taking any money that's not yours. Only the exact amount that's your pension per the correct calculations. If that's the case, my bad, I apologize. Please disregard my previous post. I thought that you were allowing them to deposit money into your account that doesn't belong to you and not telling them about it.
How hard is your head, @bseo. Or are you being a troll? I'm not "taking" anything. It's Chevron who is GIVING. I'm not spending a dime so it's not stealing. As soon as the manager responsible fesses up to the 10-month (and counting) oversight, is the day Chevron gets it all back. Place the blame squarely on the right person. I didn't ask for this nor start it. I got laid off from my job to make room for idiots to keep theirs. Now it's time for one or several managers to get called to the carpet for this mistake. If they know of it but remain silent out of fear they will get canned, then my secondary account with continue to grow. If I die years later before its returned, my heirs will have a windfall.
Your Accomplice
And if you think that it's a "Chevron department manager", you're not too bright. Maybe you can plead ignorance.
Your Accomplice
And if you think that it's a "Chevron department manager", you're an idiot and a thief. Maybe you can plead ignorance.
I'm not sure what you call "taking something that doesn't belong to me" Let's think of a word for that.
An Accomplice
I'm genuinely interested to know, @bljb - If you call me a thief, what name would you call the Chevron department manager who allows this mistake to continue now for 10 months?
Damn thief.
What a coincidence, bxxb. I come back here to post an update and I find your post asking about me. First of all, I take your word "stealing" as an insult. I'm not doing any such thing. BTW, I came back here just to update everyone who is interested in knowing, Chevron again direct deposited double the annuity amount. I continue to transfer the overpayment into a separate account waiting to see if Chevron requests its return. Someone at Chevron is responsible for this mistake. The longer it goes on, the worse it will be for that manager. It's people like that who should be cut, not people like me who got laid off and always did error-free work.
What ever happened to that person who is stealing from the pension fund by allowing them to pay him double and not reporting it?
Yes, you guys you are all right. All of us multi-millionaires out here have hollow heads. You keep thinking that.
Yeah, I guess 1-2MM$ wouldn't be enough if you wanted to buy that $15MM mansion.
Let's face it, @bood, you don't seem to know what you're talking about. $1 to $2MM today is a lot of money and enough to live on after retiring post 50 years of age. Who the hell has put into your hollow head that more than that is needed? If you think you need more, you will likely die of stress and a heart attack trying to amass more than you really need. Wise up.
@-5vbt, You're bragging about the accomplishments of which a few thirty-something year old's I know have handily exceeded. I would keep my arrogance to myself. Sure, you have done fantastic, compared to averages. But, lets face it old man, $1 or $2 million simply is not that much money in 2016. Get a life. If you are in your 40's then you could maybe brag. A little. It's still not that much. You guys DO REALIZE that there are plenty of people out there in occupations who clear 7 figures annually? HELLO???? McFLy?
We'll see, 6jbv. Who knows who will be left standing or keeps a job. Chances are it could be my time to leave. At least I know I'm prepared mentally and financially for anything. Truth be told, I'm fine with either outcome. I've grown very disillusioned with this company throughout this downturn, mainly because of the way our management doesn't seem to manage its employees anymore. The upper echelon are more concerned with their own interests and survival over anything else.
@GwZJAzr-6usz, It would be nice if you're still laughing when you're left standing in a couple of weeks.
You're laughable @5kwp. You are by far the King Troll.
@5yhn and his other anonymous postings are really the same sniveling loser whose time has run out and now has nowhere to turn. Here's another saying for you; "You lie in the bed you make".
Yes indeed, that's about as rich as the person on another thread here who likes to refer to himself as a "self-made-man" because he retired from Chevron with an average pension. Never owned, started or acquired his own company, never invented anything, never published anything, just your typical Joe Chevron working the clock for the man. Yet he's a "self-made-man" ??? WTF? Good for you, you kept your job and stayed out of financial trouble. Let's leave it at that folks. There are thousands of people retired from Chevron with good pensions and savings with and without college degrees. Congratulations fellas. Let's leave it at that though. Try using all that patting yourself on the back energy to help someone else instead of bragging anonymously on a forum for layoffs where more people are suffering financially than not.
Everyone step aside, the slumlord person with the "$3300 annuity" wants to brag and gloat now. You just can't make this stuff up, I tell ya' LOL. Keep 'em coming you guys!
Great post, 5vbt. Congratulations on your success. Enjoy your retirement.
@5dbd, - or maybe you're just a young fool with a loose tongue and little smarts. Grow up and be serious. It sounds to like realize you are behind the ball in your retirement planning and are mocking the rest of us who are astounding you with the figures we have amassed. BTW, the $3300 annuity, $1.2MM in 401k, $100k in the local bank, 2 rental homes and my own home, 3 late model vehicles (free and clear) all derived on one household salary (mine) was done over 25 years with Chevron. Half my career was at a Non-Exempt hourly pay and the last half ended with PSG 19-20. So take that into account when you do arrogantly claim I should have advanced and made more money. If you haven't heard the saying; "It's not what you make, it's what you save", then you best remember it now. One day it will be your turn to retire and start living in your own terms. The reality is a very small percentage of us will be jetsetters in retirement. A comfortable and worry-free retirement is the brass ring we all really need and desire. --- Now post a mature response if you can.
@-5wls, or maybe you're just a low-rent, Shoneys buffet, 12-pack of canned beer type of a guy.
$1.2 million present day value, invested conservatively over the next 25-30 years of retirement while taking adequate monthly distributions will last you a lifetime. For the guy who said he needs 3 times that to retire, I'd suggest moving to another state or getting your facts straight. You don't seem to have a financial plan.
I do't know what you guys are talking about, 1.22 Mill would have me set for life. I am not very high maintenance, though. I think it all depends on how much you blow on a monthly basis. I like to save and get more for less when I can. That's just me.
Where I live you'd want at least 3 times that to retire.
@5zjw, I'm not sure if you are giving me a compliment or not. Really doesn't matter. That's what I have. I'm satisfied with that too. I couldn't be happier if I had double. What I have is enough, many would agree.
-5mbw, no, we know you're not bragging because you already admitted that you have no kids and your net worth is 2 rental homes, a small pension and $1.2 mm. You should have worked harder, or tried to advance. 1.2 million was a lot of money................... in 1980. Just saying.
I'm married with no kids and took my pension as a 100% Joint and Survivor annuity. I receive over $3300 every month since June 2015, about 2 months after retiring. My Vanguard ESIP 401k balance is around $1.22 million and conservatively invested. I haven't touched it, nor plan to anytime soon. I have no mortgage or debts and I derive $3000 in extra income per month from 2 rental homes I own free and clear. I expect to start receiving about $2800 in Social Security payments in 3 years. Don't call me lucky. I earned, saved and planned for my retirement 25 years ago. Today, I'm living my dreams. I'm not bragging either. For you younger Chevron employees, be smart and do the same as I did. It's not extremely difficult. Live within your means and plan for tomorrow.
This thread now has nothing to do with the original title : what are folks doing with their Pension
I wouldn't be shocked to hear the pension system is somewhat mismanaged. It seems to happen across Chevron in many OPCOs and departments. Once errors are discovered, if ever, they are fixed but no attempt to collect reimbursements are made. It's like Chevron management prefers to sweep problems under the rug rather than expose the errors to their bosses up the chain of command. So, for those retirees who are getting double their share, keep it quiet and rude the gravy train.
I just wonder if this guy who admits to the pension error, if 10 more annuitants also are receiving more than they should, but stay quiet?
I agree with that last poster. I want that poor person to have some of my pension. It doesn't matter if he's simply not using it, doesn't need it and will leave it to his spoiled children who can get new toys and not learn to be independent and grow up to be spoiled liberal Bernie sanders voting parasitic leeches. I just want that guy to be able to screw the system just for the sake of it. Just because I'm just like that. I am so vengeful that I would like result of a common computer or accountant error to result in the retirement system of the company that I work for suffer in some way. I am just vengeful like that. I also like to watch people suffer from tornadoes and bombings and things like that. As long as it doesn't interrupt my watching a baseball game.
Hey, lucky annuitant. Please let us know the rest other story later on. Your story is quite unique inasmuch Chevron sent you a 1099-R in January that didn't account by for the duplicate payments you received. It's like the automated payment system is broken or some fluke of luck has come your way. Amazing.
I agree with the guy who is receiving twice his annuity. I'd keep it aside too and return it only if Chevron asks for it.