Thread regarding Chevron Corp. layoffs

I also chose the annuity. Still happy on making that decision.

Although the Chevron pension is calculated as a single life annuity, the ability to choose another type of annuity or conversion to a lump sum payout is also offered. They flexibility to choose what is best for each retiree is an excellent benefit. But, I am pretty sure Chevron smiles every time a retiree elects to take the lump sum and run and cringes when the annuity is chosen. The annuity keeps Chevron on the hook to deliver a guaranteed stream of cash coming each month, no matter how the market, the economy or their own business is doing.

I took the annuity too. Did my own analysis and consulted with a Certified Tax Specialist/Accountant for validation.

I'm one retiree who opted for the 100% joint & survivor pension annuity. I had borderline reservations, and I put off the deceision for almost 6 months while I mulled things over. It has been nearly 18 months that I'm retired and very happy to have made the choice I did. What worries me now is managing to get decent future returns out of my Chevron 401k portfolio. The market is rigged.

What idiot below posted that employees don't contribute to the pension fund? Employee's are the ONLY ones contributing to the pension fund. It's a part of your salary. Your salary consists of what you take home and other components including what the company puts in the pension fund IN YOUR BEHALF. That's a contribution that EMPLOYEES EARN THROUGH EVERY PAY PERIOD. I have worked in numerous company accounting depts. and can assure you that is the case. The fewer employers working, the less that goes into the pension fund per pay period. No different than your SS contribution. It is a set percentage and exclusive and individual to YOU. And NO, there's no retirees on this site or anyone else who CONFUSE pension funds and 401k's. Please speak to a Financial Advisor before embarrassing yourself again.

Precisely my thoughts -71xot. There's the eternal axiom that says: You get what you pay for. Saving money on toilet paper and coffee is one thing. Don't applying that rule to managing our pension money.

Xerox was probably the low bidder and BCG probably recommended them to the DRB. Done deal in that case.

The trick is to not use recycled paper in your photocopier. As for the Xerox Corporation, I'd be very interested to know why Chevron made them the trustees of the employee's pension fund. Not a smart move if it's true.

Then my advise for you is to retire early. Xerox copier quality is slipping, nothing than paper jams and smudged copies. Don't trust a company like they to hold your retirement savings before they go bankrupt. Chevron should keep their employee's pension with bankers, not manufacturers of photocopiers.

Not misinformed. Call HR and ask about your "retirement commencement package" and ask them who manages the pension fund. Also, pension documentation upon retirement comes from Xerox Corporation.

Affirmative. State Street Bank has been the trustee for years.

No sir. You are misinformed. Chevron's pension fund is administered by State Street Bank.

Just a tidbit...in case anyone is interested. Did you know that Xerox Corporation manages the pension plan for Chevron. I found this out last year when I retired at 60. It was news to me. Nonetheless...Took the lump sum and moving forward.😃

Dang -6Zgdm. Lucky bastard you. Let us know how things are going on your next anniversary of Chevron paying out the lottery.

Chevron does not and would not make those statistics known. Taking the monthly annuity or the lump sum is a personal choice based on each retiree's personal circumstances. I don't think publishing those stats would be of any help to making a sound decision. It may likely confuse or lead to making the wrong choice.

just tagging this so folks can find it:

#GOLD thread #USEFULTHREAD #Annuity #Chevron

Lump sum vs Annuity

Are there any statistics on what percentage of folks take the Lump sum Vs the Annuity ?

" It's just the right thing to do. It's very simple"... that just about says it all. If money falls off a truck and nobody is looking do you keep it or return it to its owner. If you can shoot a person in the head and grab their money with confidence you will not be found out do you do it? There is a lot of grey between good and evil, but you know your in the down slope to the latter. How does it feel to know that when push came to shove in the morality play your not only a dirt bag but you glotted about it. Congradulations on your windfall, but I think I need a shower.

70khq, you are confusing the ESIP 401k with the Pension Plan. The employees and the company both make contributions to fund your 401k account. Only the company makes the needed contributions to fund the Pension Plan. If you want to be credible, know what you're talking about.

70qkr, I would not consider the poster below with a conscience a goody 2 shoes pastor just because they would choose to be honest. It's amazing how many people these days are envious and greedy and would steal in a heartbeat. And yes, the pension is funded by current workers contributions as well as investment returns. That's the way all pensions work. So if you are taking more than your share, you are in essence stealing from the system that you and your co-workers contribute to collectively. It doesn't bother me personally, I do not get a pension from CVX, but if I was in one of your shoes, I would report the selfish thief. Also, if there are errors with your system of that magnitude there may be other problems, many which could threaten the health of your pension program. It's just the right thing to do. It's very simple.

I'm so glad this thread is revived. I went with the lump sum, invested it and never could be happier. It is in an IRA and has increased in value 35% due to my investment choices. Haven't had to touch it. I was skeptical at first, but am happy that I made the decision.

6Zfup, some people would call you goody two shoes or a wannabe church pastor. Nobody is stealing money from their former coworkers. Chevron is still on the hook to pay them their pension. Every year I receive Chevron's report on the health of the pension fund. It's getting healthier each year. I guess when a company throws lots of good hard working employees under the bus to lessen their financial burden, lots of people get hurt in the process. It's refreshing to see how higher forces in the universe has a way of passing justice to some. Ponder that.

Yes indeed, Life has a way of Rooting out and unearthing criminals and thieves, Like the one who, left to his own means, ended up stealing from his coworker's pension fund. There's no score to settle here, His undeserved pension is very generous, as noted by others. Just the revelation of a back-stabbing thief. Good to know!

To 6Zzkm: I hear what you say. You wouldn't stay quiet and allow this error to continue. That's you. In today's world of low morals and lesser values, we also have a more cynical citizenry. More and more people see our leaders in government making rules for us to live by, while many of them who fall into corruption get exonerated by slick lawyers skirting the law. It's not a stretch for me to empathize with the person receiving the windfall annuity payments. It's not hard for me to see his point of view when the law of the land in Texas states he gets to keep everything he has received over 12 months ago if it's not claimed back. The law is the law. I can only speculate one of his strongest motivations for keeping silent has to do more with the way Chevron went about in laying him off. This may be his way of settling the score. Sometimes life has a way of rewarding the good people and punishing the unjust.

What I don't understand about some people is why they would rather live their lives as dishonest thieves and criminals when all it would take is a phone call or two to straighten all of this out. I really could not live with my self everyday knowing that I was stealing monthly from my coworkers who fund the pension fund. But that's just me, and that's the difference between me and a dishonest thief, rapist or murderer.

After twelve months without contact with Chevron it is abandoned property and must be reported to the state. Make no mistake - it is not and will never be yours. Chevron can claim it any time. By moving part to another account you may be committing fraud. Be careful.

6Zgdm -- I hope the advise you got from your lawyer is accurate. Most amazing is how long this has been going on. Man, you must have done well your legit annuity amount is pretty good compared to mine.

Last month on May 31, 2017, I received my Chevron pension annuity payment. For the 24th straight month, Chevron direct deposited $8,778 in my account. Again, this is double the $4,389 amount I'm supposed to be getting. Ever since the first double payment, I've been transferring the redundant payment into a separate savings account and leaving it untouched. My attorney has assured me several times that Texas law makes all such payments mine that have been received and not reclaimed for 12 months. Of the $105,336 received year to date, plus earned interest, half this amount is legally mine to keep and cannot be reclaimed by Chevron. It's amazing. The company is oblivious to this error or someone there doesn't want to bring it to their attention. The legal advice I keep getting is to do nothing at all unless I'm contacted by the company and to keep transferring the extra payments to a separate account as I've been doing all along.

@GEjhx1M-4Avmi , I suspect that you and the so-called "double dipper" are one and the same. Being a liar and a cheat does not allow you to skirt the law. Texas is full of thieves and d---beats, it's no surprise. You will have to pay back your illegally obtained distributions that you have stolen from the pension plan in due time. It is obvious that you have a guilty conscience otherwise you would not be so paranoid and keep posting your pathetic circumstance seeking approval. None to be found here. Most of the posters here may be hecklers and jecklers and pick on each other's political stance but criminals they are not. If you plan on stealing from a retirement plan you are on your own. Good luck with that.

@4Aojq, it seems to me you have all along been the only poster denouncing the poster, dubbed "double dipper". I've been following this thread since this annuitant first posted his situation. If you recall or read from the beginning, he has admitted to not spending any bit of it, in the event Chevron finally gets off its incompetent backside and demands the return of the duplicate payments. By the way, I looked into what he originally claimed; that under current Texas law, Chevron can legally reclaim only up to 12 months of the duplicate payments, since the statute for Unjust Enrichment expires after 1 year. To each his own is my motto. I invite the poster to keep us informed.

Thanks again 4sbpc for admitting your guilt as someone stealing from the pension program and compromising it's integrity as a person without any morals and integrity yourself. Please slither back into your little hole, you pathetic little criminal parasite mooching worm. Sleep tight, my little criminal. No need to come back and post that you sleep just fine after stealing from your co-workers, we know that you don't because you are a piece of trash with no morals or respect for others.

A Very Happy new year for Me, for I am honest, wealthy of my own accord, and do not nor have any need to steal from others, and sleep well at night.

For you....... uhhh not so much!!! LOL!

Happy New Year, 4sbpc.

My end of year Chevron pension annuity payment was deposited today, December 30. For the 19th straight month, Chevron direct deposited $8,778 in my account, double the $4,389 amount I'm supposed to be getting. This post is only to keep everyone up to date with the latest concerning my annuity. I'll post again at the end of the March 2017. Happy New Year.

Thanks again for admitting your guilt as someone stealing from the pension program and compromising it's integrity as a person without any morals and integrity yourself. Please slither back into your little hole, you pathetic little criminal parasite mooching worm. Sleep tight, my little criminal. No need to come back and post that you sleep just fine after stealing from your co-workers, we know that you do because you are a piece of trash with no morals or respect for others.

It's me again, the guy some of you have dubbed the pseudonym; "double dipper". I received the deposit advise in the mail today for my Sep 30 annuity payment. For the 16th straight month and counting, Chevron direct deposited $8,778 into my account, double the $4,389 amount I'm supposed to get. I'm thinking by now that this will be be norm. I won't post an update here again until my second anniversary of receiving the double annuity from Chevron or I'm notified of the error. Until then, I will continue to transfer the excess amount they are paying me into my separate savings account ad not spending a cent of it. Current Texas law under the title of "Unjust Enrichment" allows me to keep everything I've received more than 12 months ago that has not been claimed. One year is the statutory limit. I have no idea why Chevron hasn't discovered or acted on this error yet.

-2zqty: Thanks for the advice! I guess one can learn things of real use here, even if they have to wade through a lot of filth posts to find it.

-2zbkn, I'm sure you already know you can download the Chevron Retirement Plan (SPD) in PDF format off the Benefits Connection website from work or the external web portal at www.hr2.chevron.com under the "Retirement" tab. It's good to become familiar with the smaller details of the plan, as most folks can easily recite the main features of the plan.

One more thing, dig into understanding the "Social Security Offset". If your benefit accrued service at Chevron was 20 years or less (and in some cases, 25 years or less), it's very likely that presenting Chevron HRSC with your actual social security earnings will boost your pension benefit, both annuity and lump sum payout. You can do this before commencing your pension or within the first 6 months after starting the pension. I had 24 years with the company before retiring and presented Chevron with my SS statement. It boosted my pension benefit by 7.5%. I rewarded myself for reading the Chevron Retirement Plan closely and asking questions about the "SS Offset" part of the pension formula. The SPD does not provide enough details on it. There is a thread on this Chevron Corp Layoff forum that discussed it fairly well.

-2zmzn Thanks. Good to know the reduction ends at 60 rather than 62. For some reason I was under the impression there was growth beyond the 100% on moneys untapped, but if that not the case then yes for sure directly out at 60. Someday I will find time to dig in and figure out all the details. Thanks again.

-2zzap, the decision is yours to make. One can make assumptions about the future that perhaps never work out. If you can afford to wait until you're 60 to start taking your pension, it will grow by the 5% since the early retirement factor is eliminated at age 60. That in itself can be called a 5% annual gain. Don't wait a month after 60, as there's no growth with the exception of gambling on the outcome of the average corporate bond rate and the mortality table being used.

-2zjqv Thanks, I figured that was the case. The point was, however, that if interest rates rise the terms of an annuity set later might be more favorable long term. So if we assume the short terms dollars out from the annuity invested will mostly be offset fall in the reduction factor, then it might pay to wait if one is betting interest rates will rise in the near term. I am sure it a marginal gain (even a 1% rise in the prime might not make a huge difference), but the longer one waits, potentially the easier to decide between annuity and lump. If in five years time I still have not set the annuity start and I am diagnosed with cancer I am switching to the lump! Once I make the choice I am locked. I am sure I will be happy either way, and I have not explored the numbers in detail (I am just starting to do that), but if indecision does not cause a a big loss outright, this may be one of the few times procrastination has advantages.

-2yuac, there is an Early Retirement Factor that reduces your Chevron pension by 5% annually (or 1/12th of 5% per month) if started before age 60. However, don't be too concerned with it, because if you take your pension as a lump sum, you can start investing it now, thus offsetting that 5% factor. As for the annuity, it is also reduced by the same factor, but you start collecting on the annuity now. You also offset the reduction factor over your lifetime by starting the annuity that much sooner.