Thread regarding ExxonMobil Corp. layoffs

XOM can keep its pension for wage and union workers, while shifting HC10 professional work to India. Best of both worlds. We keep high talent, craft level, union talent but rid XOM of high cost whiners in HC10 countries. XOM should cut its HC10 professional employment in half over next 10 years.

What’s your point OP? People stick around because they value the pension. So why are you asking whether people value the pension?

So sorry for all you frustrated senior exec wannabes. You accepted a mediocre position for the second half of your career because doing so was the best thing for your family. We’re all still here so we all did the same. It’s called being an adult. So what’s your complaint?

With 30 year and 10 year bond yields rising and US debt increasing, the discount rate for lump sum of XOM pension will increase...not decrease. If you are retirement eligible, you may be working for free if you stick around another year or 2. Getting Pip'd could be a blessing

200k/y on 2-3 mill asset is a very high withdrawal rate. Unless you have another source of income or die early, you might outlive your retirement fund. You should get a second opinion!

@er if your financial advisor is telling you they can get you a safe, consistent 10% return, run away

I just met with my financial guy today. He is with morgan Stanley. My prospectus is to retire at 57 or 58 and I can generate 200K per year. This is with a 2 to 3 million principal investment. I am ready to pull the trigger but waiting on the discount rate to drop. It is predicted to be under 3% in 2027 or 28. My pension comprises only about 40 percent of my retirement balance.

@cc doing something similar w kids. And on track!

Pension doesn't look attractive when you are fresh off school looking for the highest starting salary. It gets more attractive as years goes on, long as you are not in HC10. Let's face it, Exxon not a career long company anymore. Retirement age in NA is 65, fresh graduate at 22, do you really see yourself working for XOM the next 40+ years, 30+ heavily discounted.

I like it. A nice pension + a flush 401k + SS + Misc Other Income, means we have multi legged income stream. Actually, the 401k doesn’t need to be touched. So, this arrangement is working nicely well for us.

So, yes, all good on this end.

Carry on.

@CC good luck with that

@cd your entire post is dead wrong.

The pension after 15 years of service and age 55 is called the "golden handcuffs".

If you have 20 years of service at the age of 40 to 45, the company can dictate to you the location where you will work and what type of career advancement (if any) you will have for the next 15 years.

If you resign before age 55 and 15 years of service, you get "ZERO" pension.

@a4+1jvtwgdzy That’s great, but some people don’t want to work here until 60? Some people are willing to give up an extra $1m or $2 to leave work 20 years earlier. Time is fleeting.
You may have truly enjoyed your job everyday. For me, working at Exxon has just been okay. I’m certainly not doing what I love here. If I can work 15 years, save up, and then go do something I enjoy or feel like I’m making a difference without having to worry about finances, why wouldn’t I? I can leave here and work a flexible, stress free job and live off that income while my investments grow. If I save up a couple million by 40, with a modest 6% return, that will grow to $6.5m in 20 years if I don’t touch it. My family can easily live on $40-$50k a year.

a9+1jvtwgdzy I think you mean you will be PIPd around 40, after failing that you will be ‘retired’

To-ser

Ill probably retire by 40. Just need 2M in investables assets and ill be fine. pension is great for those w more ambitious retirement plans.

Anyone that thinks the pension is of no value is probably the type of person that thinks they can retire at 40. lol

I will get close to 2 million at age 60 with 31 years at the company. How many other jobs have that?

Pension gone within 5 years.