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Looks like the shareholders are OK with Imperial Oil. I guess from a shareholder perspective, the company is doing OK.
Employees don’t want it to be like this too. After all, our pensions are tied to the company, and some of us will still get their salary from this company.
Don’t want bad for anyone, so happy to see that the stock price is going up.
SGL 15-18 have had their total comp reduced, although the company has done a good job at dressing it up as no big deal with their slide show. Basically, your vcip % goes down and your RSU % goes up and to help offset inbetween until those elevated RSUs vest there is a lump sum payment. However when you do the math the reduction in VCIP for the two lost years outweighs the laughably small lump sum payment, and the bigger the VCIP amount the bigger the loss. Further to that you lose some pension on your VCIP since that’s a smaller number now and SGL 17 and up loses their perq bonus. This was all announced the day after layoffs were completed. Congrats now you work for less, enjoy.
if you are at least 59 1/2 years old you can do an in service (meaning you are still employed) withdrawal from our 401k into a rollover IRA without any immediate tax impact. If you are younger I believe you are stuck until your employment with the company providing the 401k ends.
There can be downsides to moving money out of your 401k to an IRA, mainly getting in the way of future Roth conversions (affects all ages). This is also a consideration in you are in the pension and are considering a lump sum payment, to be rolled into an IRA. If this is like reading Latin to you please run it by a tax or financial advisor beforehand.
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I am not saying CH11 is or is not imminent. But more actions are ahead. Some potentials:
Anyone completed their pension rollover after being axed. I am wondering how long it takes to hit your IRA account after getting your notice that it is being rolled over?
Trumponomics making pensions great again.
For those of us who worked at Target long enough to have a pension account, how is that handled? How do we access those funds?
Offer fair pension buyouts. Pensions are worth 1mill min over lifetime.
Everyone ready for the big changes coming for benefits? Going to be ugly with rates going way up, less PTO and freezing of the pension. RTW 50% of the time effective June 01, 2026. 2026 is the year I leave SF!
I was there starting in the early 80s. I always said if we had gone out on strike for a week or month etc IBM and Gerstner would not have done this pension heist. But they did again and again and as the writer states "...not a peep from IBM employees at the time...". I recall people were confused and disappointed more than outrageously angry as we should have been. I think it was "fog of war confusion" by IBM employees who thought it was not happening or IBM would change it's mind since the bond between employees and IBM had always been so string and trustful. For many of us our promised pensions done during recruitment and hiring/onboarding were cut by 50% or more. Enjoy this read and thanks to the author who likely reads these posts. It is too long to paste in here inline. Well worth the time to read it as it will better show you IBM's evilness that came in under Gerstner and infects IBM to this day.
https://web.archive.org/web/20181019074906/http://www.ibmemployee.com/RetirementHeist.shtml
How do the people with a pension feel? Do we have a bullseye on our backs to get rid of us?
Most deep dive analyst are now predicting bankruptcy as soon as 2026. Even with stock going so low nobody will buy the company.
Get what you can out of the pension fund now.
The cuts were just a show, most were at or near retirement age.
With no raises and flex PTO and no 401K match in 2026 is a sure sign of bankruptcy planning.
how much would be my pension lump sum?
If I am 60 years old,
$230k average last 3 years salary
32 years service with Exxon & ExxonMobil
assume interest rate 3%
1.8 million?
Long held rumours of pension changes.
What’s the scoop?
Rumors down south are that there will be changes to benefits and enforcement of in office presence.
Anyone have insights re pension changes from DB to DC or other? Elimination of EDOs?
Listen up. If you’re looking to get a job with Chevron anywhere, please do not be fooled. Chevron is building their ENGINE facilities in India and has no intention of taking care of their American workers who have built the company.
Hey, I get it… If you need a job, use them to get a job so you can have an income and benefits while you’re looking for another job. Don’t think that they will reward you if you work really hard for the company. That’s not how Chevron operates. Their MO is to use you to produce only until they find someone to do your job cheaper, as evidenced by the recent layoffs. It’s well known that they lay off older workers to cut off their pensions and hire younger workers at lower wages systematically.
Chevron has about $257 billion in assets. Their net profit was 35.465 billion in 2022, 21.369 billion in 2023, 17.661 billion in 2024 and they’re on track for 13.441 billion in 2025. Do you notice the downward trend in profits? That translates into layoffs and offshoring and outsourcing jobs for greater profitability.
Their recent layoffs were particularly brutal for their older workers. People dedicated their lives to the company under the false belief that they would retire with the full pension that they were promised when they started working for them. Your grandfather‘s Chevron is not the current Chevron that exists. As soon as this CEO is done taking his hatchet to Chevron and jumps ship with his golden parachute they will bring in a new CEO with lots of new and bold promises. Don’t fall for it.
Those of us who have been retained at Chevron know that our heads are on the chopping block. We have watched very intelligent, talented, dedicated, and experienced colleagues get laid off via email with the attitude to not let the door hit you in the a$$ on your way out. After 20 years with this company, I was appalled at how they treated my colleague at the end of his career here. No parting words of thanks, no retirement celebration, no words of praise or thanks…a simple kick in the a$$ via email and adios amigo.
PLEASE, if you’re thinking of a career at Chevron, DON’T. If you need a job, use them just long enough to land another job and get out as soon as you can. I’ve done my duty to alert you. If you’re reading this and decide to work for them, when it happens to you, you won’t be able to say that nobody ever told you or that you didn’t see it coming. A word to the wise is sufficient.
I just learned about this so want to share. If you're like me, you've likely had a large pension adjustment (PA) applied by the CRA every year only leaving you like $3-5k of RRSP room. The PA is calculated on your T4 each year and applied to the next years RRSP room. This is significant for us because our severance must be paid out in a lump sum and so there's no option to taking severance over multiple tax years to drop into lower tax brackets. The PA always bothered me because I thought 'what if we don't actually get our pension in the end because of bankruptcy/buyout/whatever' (eg: Sears).
So I just learned the way this is dealt with the pension plan issues a form T10 - Pension Adjustment Reversal (PAR) within 60 days of turning over the commuted value. According to ChatGPT it works like this... The Pension plan calculates all the pension adjustment you've had in the history of the company and adds them up, then subtracts the commuted value (CV). The difference is your PAR and it will be available in the next tax year as extra RRSP room and show up on your notice of assessment.
Example:
You are laid off in December 2025. You take your Pension CV of $200k in 2025 which becomes a tax sheltered LIRA. Over 15 years with the company you've lost $300k in RRSP room through PA's ($20k/yr * 15). Your PAR = $300k - $200k = $100k. By Feb 2026 the pension plan must report the $100k PAR to CRA. In spring 2026, your Notice of Assessment will show you have a $100k PAR, basically $100k extra RRSP room in 2026. Then also in 2026 you take your deferred severance of $200k and you can buy $100k of RRSPs that year, tax sheltering half of your severance.
I once had a claim manager tell me my house will be my retirement. I laughed at him and politely walked away. I retired early and got 50 to 60% of the pension. That was well over 10 years ago. Make your own plans. Listen to your heart and never let them control your future. You are in charge of yourself and know claims will take your health. Don't let them do it!
John Stankaheeheee Let me help you!
John....let me help you demoralize the workforce even more. Do this John. Take away the service anniversary awards. Please do it John. Then remove any and all employee discounts. Also good work on pension plan increases. They are virtually non existent.
Cobb county teacher pensions in the state of Georgia get 3% every year. You are a cheap worthless pathetic divider in chief. It is no longer a desirable place to work. You and your cronies have gutted every aspect of what it used to be. You have as--ulted the low hanging fruit ( 1st level managers ) to the max because they have no voice as the union members do. The company culture will never rebound until you and your henchmen go somewhere. Anywhere would be good. Just go.John Stankaheeheee Let me help you!
John....let me help you demoralize the workforce even more. Do this John. Take away the
service anniversary awards. Please do it John. Then remove any and all employee discounts. Also good work on pension plan increases. They are virtually non existent.
Cobb county teacher pensions in the state of Georgia get 3% every year. You are a cheap worthless pathetic divider in chief. It is no longer a desirable place to work. You and your cronies have gutted every aspect of what it used to be. You have ATTACKED the low hanging fruit ( 1st level managers ) to the max because they have no voice as the union members do. The company culture will never rebound until you and your henchmen go somewhere. Anywhere would be good. Just go.
Is anyone else having trouble getting their pension lump sum ? Delayed now 3 months and counting... is the fund insolvent ?
Step 1: Slash MPT using the "ranking" system
Step 2: Close QP and layoff hundred
Step 3: Sell Kearl to Suncor
Goal: Shed pension risk based on the demographic curve before the majority vests.
NOTE: We are on Step 2 this week.
Is it just me or are you starting to envy those who are leaving? I’m supposed to be relieved that I still have a job but…I’m not. Something is really wrong with the way they did this last layoff. A lot of old timers got the axe. This pension I’m hanging around for won’t be there, will it? It’s so clear to me now that I’m standing on quicksand.
MG is coming for your pension. Total comp is also going to be based more on “performance.” Aka, your mgr will have even more impact on your comp.
John....let me help you demoralize the workforce even more. Do this John. Take away the
service anniversary awards. Please do it John. Then remove any and all employee discounts. Also good work on pension plan increases. They are virtually non existent.
Cobb count teacher pensions in the state of Georgia get 3% every year. You are a cheap worthless pathetic divider in chief. It is no longer a desirable place to work. You and your cronies have gutted every aspect of what it used to be. You have as--ulted the low hanging fruit ( 1st level managers ) to the max because they have no voice as the union members do. The company culture will never rebound until you and your henchmen go somewhere. Anywhere would be good. Just go.
Train people in India/Engine.” Translation…”here’s your rope, now, go make your noose and when training is complete we’ll meet you at the gallows to hang you.”
This company and its current CEO has NO MORALS. If you’re fooled by the old days when Chevron was a reputable and excellent company to work for listen up! Us old guys can alert you young guys to the dangers that lie ahead. They will cut you off before your official retirement.
Use Chevron to job hop. If you don’t know what that is, learn on TikTok. Use them just long enough (2 or 3 years) to make starter money and get experience, then use that to land your next best job with higher pay….and do that 2 or three times to get your salary up so you can make really good money during your most productive years. Do this while you’re still young enough to get enough years in at a good company that has a history of allowing people to retire and collect a full pension. Chevron now has a pattern of eliminating the old guys once they’ve properly trained their replacements. I know, I was eliminated in their last round of layoffs and now in this latest round I’m watching really good people get eliminated, while they’re too old in a really bad job market in the US, to get rehired. They did it to me and I never got rehired. Retirement doesn’t look for me anything like I had envisioned. DO NOT believe for ONE SECOND that that pension will be paid out to you for a “full retirement.” It’s a carrot dangling on a stick to keep you hopping. Do not give them your best income-producing years believing in that pension!!!!! It’s as disgusting as a man who divorces his wife after their last child turns 18 so he can avoid paying child-support and only have to pay alimony. This is NO DIFFERENT. Don’t be their bi--h.
If you quit by 35 or 40 you can still get part of your pension and you’re young enough to use your Fortune 500 experience to launch into a company that has a better history of allowing it’s pensioners to retire with dignity. Chevron now has a trend of “restructuring/reorganization” every five years to hire cheaper workers and cut off pensions. If you’re over 50 at Chevron you are “in scope” for elimination. One way or another you will be ELIMINATED just like a cockroach.
I am less than 50s and I have pension plan with $X vested. If I decide to resign or get surplused, what happens to that amount? Will it stay with Fidelity and can I start getting monthly pension checks if I want to cash out or do I have to wait till 65?
Another warning, if you have pension, you have a target. I had pension, I was threatened for a year, that I had to leave the department because "two men don't like you". Then I cut because they didn't need that position. HR was truly, well HR. That position, word for word, was just posted on the public internet. They are truly cutting the old folks for cheaper people, even at the chance of lawsuits.
good luck everyone.
What happens if you were offered the ERP but declined it?
Do you feel like it might be the right time for the company to offer management employees with pensions a retirement package?
With everything changing so quickly in the business and with fewer people coming in under the old pension structure, it feels like it could make sense for AT&T to consider giving us that option. For some, it could be the opportunity to retire earlier. For others, it could open the door for fresh talent and new ideas.
Curious how you all see it—would you take it if they offered? Or do you think it’s better to wait it out?
Does anyone know anything about pension bridging? I've heard rumors that pension bridging is potentially available if you are within two years of being eligible to retire, but details are light beyond that.
Millimanbenefits.com
Don’t know what’s going on, but reps not really willing to explain things. Company must of retired and hired new employees. Not very knowledgeable nor do they seem like they want to help. Hopefully Verizon will light a fire up their kulo!
drivers who are eligible should retire now if they can and take the package...
it looks like they are offering full pension benefits and current health benefits, though each person will need to pay about 200. the only question is whether ups will cover accrued vacation time if drivers accept the buyout. older drivers will see route changes as package volume declines. younger drivers with less seniority will face layoffs or be forced to work two hub shifts.
low-seniority hub employees will likely be laid off. i feel bad for operations supervisors, especially the older ones, because they will be overworked and mistreated. ups seems to be pushing them toward retirement or waiting them out until they pass.
People will be getting a benefit survey, they will ask whether you want this or that. They are testing the waters to see how they can cut benefits and say “we listened to the survey and this is what you wanted.”
It wont shock me that they get rid of the pension all together
Has anyone in the UK changed their Aptia fund from the default Dell Growth Portfolio?
There must be some more diverse better performing funds we can choose?
Recommendations appreciated!
Thoroughly enjoyed most of my 28 years. Walked in one day and couldn't see doing it anymore. Notified my manager and left for the last time 3 weeks later. Took SS at 62 and received the initial monthly checks from both of my pension funds. It took a month to fully sink In. I should have left a year earlier. People asked, why now? I didn't have an answer at that time. A month later I had an answer. My team lost 4 people in 3 years. What was left were the people who should have been surplussed. Yeah, probably me too. I think I would have been relieved. Sooner would have been better for me, that I am sure of. Yesterday another retiree asked if I missed the camaraderie. It was a joke. No, I will never miss the deadbeats. Never miss watching someone draw a paycheck they did not earn. Never miss those hired solely due to race, gender, or pronouns. Never miss the employee discount program that costs at least double that of AT&T competitors. Never again pretend to care about the work in a company that does not care about their employees or even their customers. After 3 months I finally wake up every morning feeling free. I never gave a thought to the costs of working at AT&T before I retired. After years of being obligated to do things that made no sense, you suddenly find yourself with the ability to reject such nonsense. I didn't know it at the time I submitted my notice, but what I want most was peace of mind.
I left State Farm about 2 years ago and had only worked for them 8 years. Last week I got a letter stating they were buying out my pension based on ERISA and IRS guidelines and gave me a link to a web-site for more information. Did anyone else get this? Obviously I have to take the money and they gave me a deadline of September 15, 20025. Thoughts?
I wish they'd offer voluntary exit to all depts. Remember all that put in won't get selected for it. This would get older employees out of here. Leave more jobs open for the ones that need to stay. Just because it's offered in your area don't mean all will be selected for it. They can't let everyone leave that wants too or they would not have enough employees left. Sad but so true. If it's ever even offered to any area I'd be surprised. This place is all about sc--wing over it's employees. No pension for new hires is a better deal they can move jobs and roll it over no pension building tieing them here. Unfortunately SF doesn't contribute as much as a lot of employers. And our pension is not that great.
January 01, 2026 the pension plan will be frozen and all employees will be converted over to the current 401k match plan.
Here is the plan:
RTW-will shed hundreds
Reduction in pay and benefits will shed hundreds
Reassignments to claims will shed hundreds
Outsourcing and AI will shed hundreds
Pension going away will shed hundreds
What's left may get some kind of the new severance plan but that will be the last resort as SF will do everything it can to force you out and make no mistake about it. These people are pure evil!