If someone leaves the company on their own accord, perhaps burning bridges in the process, is there anything the company can do to withhold pension lump sum distribution if the employee elects to collect a lump sum within the required period (within 3 months of departure I believe)? Setting aside the poor response and communication others have reported post-severance.
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Pension not a reason to work at Exxon. Like others stated, you can do better on your own with a higher 401 match, max out 401, and invest bonus on your own, not to mention that most will never get to pension - you will be replaced before 15 years of service so no health insurance and the lump sum will be very little with higher interest rates. Also, Exxon will do away with the pension once Biden’s recession hits later this year.
No the company cannot deny it if it is stilly policy.
@1xzn, riding interedt rates always reduce lump sums, regardless of whether the recipient is an annuitant or not. For non-annuitants, there's additional discounts from not reaching full annuitant status
Pension payout are usually less than 1 year of salary for less than 15 years service. Thius is because it is based on 3 year average salary and it is discounted...not rising interest rates are cutting the payout.
@1kos there's no way your lump sum after 20 years was 10 times salary. I retired last May with 20 years and over age 60 and the lump sum was under 5 times salary. Lump sums now would be about half what they were Q2 last year since interest rates are much higher.
I’ve done a couple laps around industry, and have yet to see benefits as lucrative as @ EM. Medical, dental, stock matching to 7% + pension + generous salary + VIP grant program. All really, really good. But. It comes with a hefty price.
Can you tolerate the backstabbing, positioning, career jockeying / one upping, soul sucking hot desking grind, coupled with the subtle stench of dishonesty & rotting management? 🤢
@1kos no it wasn’t. Check you math
@1kos+1lx2jAdz, Kool aid drinker? If you had invested 10% of your 10 years salary it would have worked out the same or better. Stop selling pension as the best thing after slice bread. Yes, it is hard money but if you invested it or 10% of your own money while working somewhere else with a good bonus and better benefits, and invested well on your own you would have come out better.
The lazy ones depend fully on company and the pension the is something but not best invested of your money. You can go back to selling pension again.
Let's just ask our incompetent HR chief TG. TG would you mind answering please? You people are busy and can't serve other, as a leader please step up the plate, roll up the sleeves and do some real work.
My lump sum after 20 years was about 10 years of my salary.
Not small potatoes.
Yeah, pension is so pitiful that the HR benefits is even sending out congratulatory pension related mails out to those poor souls that got laid off. TG team and her competency at the best.
@lgo+1lx2jAdz yup! It truly is pitiful, considering it is merely 10% of your salary every year. Heck some companies pay more in bonuses every year. Now the job security being gone, salaries uncompetitive, pension is not even something new hires should even consider in their offer.
Nice try, Darren. Did you burn all the bridges with Law like you did with EMIT?
No dude. The pension is a pitiful amount and not worth the time for the company to fight for.
stop worrying
Quick answer is No.
Everything should be clearly documented in the pension plan statement that you received on an annual basis. Don't over think/worry about anything indeed, ExxonMobil is not going to play around this "small amount of money" (from ExxonMobil's perspective) against an individual.
No.