At what age does Chevron stop their contributions to the 401K? I've heard 60 & 61.
13 replies (most recent on top)
The pension calculation is explained in the Chevron Retirement Plan. Read the SPD document online in the Benefits Connection section.
You can do your own estimates using the CVX retirement planner tool. I think you will find the annual increases in pension value inflect at age 60. The annual of increases diminish. They may diminish enough to be overwhelmed by an interest rate increase of 1%, for example.
The growth of your pension DOES NOT stop at 60. It’s the “Early Retirement Discount” factor that ends at age 60. Stop spreading false information.
Who ever heard there was a max age? I've never heard of that. As long as you're working they match, AFAIK. The growth of your pension stops at 60.
Up about 11% YTD. Why so sad? Glass half full guys. Heads up! Sure it will go down one day. We don't know when, tho. Enjoy it while you can.
Oh, so you are “part-time”, 1khqe. That means you don’t receive any 401k contributions from Chevron, which only is available to fulltime employees. Maybe you should be posting on another thread or is it that your Alzheimers is kicking in? So long, Grandpa.
76 and still at Chevron = I wish I was your only grandson and in your last will & testament. Waiting for the big payday.
76 and still at Chevron = no life
I am 76 and Still get mine, jeesh! I am happy to be able to show up these days, at least part time. I wouldn't want to do anything else. Kids these days are so entitled they would rather be home getting spoon fed by their mommies or the nanny welfare state instead of being productive. I could never do that, I thrive on productivity, accomplishments. I guess they don't raise children like they used to, with any work ethic, morals, or values. It's a shame. They will eventually run out of other people's money. We'll see what happens, lol!
The first poster @uxq, is absolutely correct. It’s also stated in the Chevron Employee and Investment Savings Plan. Look it up next time. Every detail of all your Chevron benefits can be found online. Every benefit!
RFCU has one that is 75
There’s not many 70+ year olds still working for Chevron. Few, but still some.
Who has met an employee at CVX over 70? I think I met one a few years ago but not sure. He said he had over 100 "points" so at least 60 I guess.
Company 401k contributions will continue as long as you are on the payroll and you continue to participate in the ESIP with your minimum 1% contribution or more. Age is no limitation. You may need to start making RMD withdrawals from your 401k when you reach 70, even though you remain an employee.