I'm RE and plan to retire in 2023. If I'm ranked NSI, will I get the choice of taking the PIL v PIP? If given a choice, I want to retire with PIL and leave right away. Is this an option? I'd rather not wait until 3Q.
14 replies (most recent on top)
@6yxq+1nkY7oEx I am UK also, RE, no ranking feedback yet, expecting to be NI at best this year.
Make sure you’re retired at the best time for you. Don’t let three months pay entice you into staying longer if the interest-rate is changing. When I retired staying three months later would have cost me 150 K plus.
Any from the UK that have survived PIP? Specially Fife or Fawley?
Smart move on your part. The reason the MLRP team was calling multiple times is because the company wants you to sign the PIL release form that gives up all of your rights for future litigation. By not signing a release form, you may benefit from a future class action lawsuit that some law firm may file on behalf of the "retired" employees.
Even the most legally astute attorneys in our corporation will be hard pressed to defend a performance-based headcount reduction from 75,000 employees to 50,000 employees in less than three years and not call it a "layoff".
Who knows, some former employees may already be discussing out of court settlements with the ExxonMobil legal team to avoid a civil lawsuit.
One can reasonably expect that 1 or more employees in the 25,000 that are being let go for "performance based" issues has a legitimate case against the company.
I was presented this “option” at 55.5 yrs of age. Supervisor never even mentioned retirement. I waited till last day to notify and sent email that I did not choose PIP or PIL, but was retiring effective 2 weeks.
The responses were funny. My MLRP person called more than once trying to remind me I was giving up “free money” - all I had to do was sign the paper. NOPE. Was done with the scamming. Supervisor was surprised and sent me the link to HR intranet with note to make sure I follow all guidelines.
It truly helps when you have your ducks in a row in advance.
Oh - and I got a new job on first F2F interview, enjoy my work and the people!
If you are RE and want to retire then just do it. What you have should far outweigh playing some namby pamby game with all the hassle for a lousy extra 3 months pay. Certainly,your time at this stage of the game is worth far more than that.
In Europe and UK they cannot sack you for being NSI specially if you have worked at Exxon for longer than 2 years. So all that the pip system does is it creates more employees who distrust the organisation. They wait it out till they can retire at 55, doing even less work/effort.
How is this a good system for anyone?
If you are RE and PIL...Retire NOW before intest rates go up...YOu will have a pile of cash to deploy into a falling market (assuming recession is coming).
Make sure you have cash to pay all bills and taxes thru YE 2024... Be sure and use NUA on your low basis stock. Consider keeping your income low in 2024 and do Roth conversions to especially on any XOM helpd in Savings plan...This effectoively converts your XOM shares in a Roth to Zero Tax dividend...You can write covered calls in a Roth in increase your XOM dividends further (Tax FREE).
Have a lawyer review the PIL paperwork. I know of a guy that had his lawyer look over the agreement and he decided to Retire the normal way instead of PIL because of some clause in which EM could reduce benefits as if he was fired instead of the full retirement benefits. Maybe the PIL wording changed when they We-ponized it, just review in detail.
Congrats and lucky you to be RE! Good luck, I hope you get your wish! ☘️
I’m so sorry that you have fell victim to the Exxonmobil way. Take my advice you are much better off leaving. The company has a way of gradually sucking the life out of you like vines wrapping around a tree and you become accustomed to living that way.
Life after xom is so much better. Consider this a blessing.
You can take the three months with the PIL as leave but don't officially retire until 3 months are up.
In the past if you were RE and took the PIL your retirement date was the first of the month after your three month pay was done.
Yes, the same thing happened to a coworker last year.
You can PIP, you can PIL, or you can just retire on the spot.