If your lump sum payout date is Dec 1st, does Chevron credit the money on the 1st or will it be sometime in the month of December ?
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@6fiq, the HRSC informed you correctly. Same experience for me.
I just talked to the HR Service Center about my lump sum, which I've also requested for December 1. I was told that it will be paid sometime between December 17 and the end of the month. My understanding is that I will also receive interest from 5% interest from December 1.
Call HR.
Iam relying on people's experiences , I know a lot of folks have gone through the process
OP: you are relying on the layoff forum for answers to your retirement questions? Huh?
The lump sum/pension package says that the lump sum/pension for December 1 date will be paid by the end of December if the forms were received by HR in November. If this does not happen then you will be paid 5% annual interest on your lump sum/pension payment. This is in the "FAQs Regarding Retirement Election Forms" section.
I'm not sure if the lump sum amount begins accruing interest if paid after the 1st of the month. It's likely it does. Chevron asks for you to enter a commencement date for your pension and the only choice you're given is the first day of a given month of your choice. I know for a fact the annuity payments are paid on the last business day of each month although I had to choose a month beginning with the 1st. Either way Chevron ultimately pays out your lump sum, it's likely the calculation will be based on the first of the month you elected and depending on the days it took to process, you will also receive per diem interest added to it.