Why are people saying our benefits are being reduced? Where are you hearing this?
9 replies (most recent on top)
@e3 pension diminished Jan of 2008
@da+1, if you've been with Chevron a long time (boo hoo, most of you currently working aren't going to make it), between pension and 401(k) $250k/yr is not an outlandish amount. That basically matches the salary of professionals who worked for 30+ years.
@e3+1, if you started before sometime in 2008 (I don't remember the exact date), your pension is more valuable than those of equivalent service who started after that. Other benefits are the same for everyone.
So if you were hired before 2009 your benefits are not cut?
@d8 boo hoo about having 250k+/yr in retirement! Life must be so hard.
@cs I retired with 40+ years during Alpha almost 10 years ago.... For anyone on Medicare the company has just been contributing around $100 to advantage plans, which is not much. The surprise you will find out about when taking Medicare (and CVX HR never alerts you to this), is that you also get to pay IRMAA for Part B&D. If your MAGI married joint filing is let's say $250,000, from you SS and investments ... then you have to pay an additional $259. The more you make the more IRMAA goes up.
@cs Great points. Is it legal though what they are getting away with? Can a shrewd lawyer go after them in a class action lawsuit based on cevidence from the workforce?
This basically allows the company to claw back your pay raise. As @bp+1 noted, this has been going on (in all companies) since the mid-80's. Chevron did a massive de-valuation of your pension for those starting after 2008. Retiree medical used to be free, now Chevron's contribution barely covers 35% of retiree medical insurance costs. In the future, no one will be around long enough to collect the "points" needed to collect retiree medical, effectively eliminating it as a benefit.
@OP Look at your open enrollment policies. This is the most obvious decline in benefits.
The company has been eroding benefits for years.