Can anyone elaborate on CVX 401K, vesting in particular. TIA.
15 replies (most recent on top)
@5rmv, a piddly 2% contribution you say, Apparently you're not that big of an earner either, else you wouldn't have commented. The IRS allows an employee to contribute a maximum of $18,000 to his 401k annually in 2017, and up to $25,000 if he's 50 or older. The amount is the same since 2016. Either way, whether you contribute 2% of your salary or up to the maximum amount allowable and also get an 8% company match, it is a significant accomplishment to have garnered 1.33 million at an hourly wage for half one's career and a 19/20 Pay Grade for the other half. My hat's off to that person who managed that.
So be it then, 8tni. It is possible to retire on $1MM (and in a house, not a double wide trailer).
@8nwp - good luck with that bud
I moved my entire 401k holdings to cash today. Everything transferred to Vanguard Federal Money Market Fund until the market correction is done.
Lol @ 7mgt
You have no clue
Spot on -5ebt. Promote that guy!
When you add in the pension lump sum you would be well over $2 million. Plenty of dough for any place in the south.
5ndr: Not bad at all on an exempt hourly pay and 16 years at a PSG 19/20. Congratulations. Even if you would have contributed a bit more than your 2%, the Chevron match would not have increased and your present day $1.33MM would not be that much more. Obviously you invested well and tended to reallocating your 401k funds adequately. Never mind, 5rmv. I'm sure he's a person that hasn't anywhere the amount you amassed and only dreams of matching you. BTW, needing $3 million to retire is a farce. You can retire with $1 million just fine by 60 years of age so long as you are debt free.
I'm 26 years and counting as a Chevron employee in Houston. My 401k balance has reached $1.33MM with careful investing and vigilance. Not bad for someone who was a non-exempt employee for the first 10 years and a PSG 19/20 for the last 16. What's more is all this was built with only a 2% contribution plus Chevron match and reinvesting dividends. I never took any 401k loans.
PRC manages the investment portfolio so everyone should be fine.
Your money and company contributions to your 401k are immediately vested (that means it is yours). Pension contributions by Chevron are vested after five years of service.
Nah, it's magic
After 5 years you are vested in the pension. This has nothing to do with ESIP. There is no clawback of company contributions if you are not on payroll for 5 yrs.
I wish, -jzj. Chevron employees can join the Chevron Employee Savings Investment Plan (ESIP) 401k that is administered by Vanguard upon Day 1 of employment as a full time employee. Currently, of f you contribute at least 2% of your wages, Chevron will contribute 8% of your pay. Not bad. By saving only 2%, you are really getting 10%. To be fully vested in the company matching portion of the contributions, you must be on the payroll for 5 years, else you forfeit the company matched contributions and keep only your own contributions plus earnings.
It's magic, you sign up, and they fill it with gold. Doesn't matter if you work for CVX or not. No IRS limitations, tax free before and after withdraws, which you can make at any time. Once you withdraw money, they just fill it back up. Like I said it's magic.