Exxon set to reinstate employer 401(K) match on October 1

Jul. 02, 2021 2:56 PM ET
Exxon Mobil Corporation (XOM)
By: Carl Surran, SA News Editor

Exxon Mobil (XOM -0.2%) says it plans to begin reinstating the employer match to employee 401(NYSE:K) plans on Oct. 1, a year after it was suspended.

Exxon suspended the match because of unprecedented losses as COVID-19 crushed demand for petroleum products.

The company had contributed 6% on an employee contribution of 7% or higher.

Exxon disclosed this week that its upstream division likely gained ~$1B from higher oil and gas prices in Q2 compared with Q1, likely pointing to strong Q2 results.

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3 replies (most recent on top)

Why are we reading articles about the 401k match coming back when we can just read the email sent out on Thursday to all the employees?

This article is just wrong. The employer contributes 7% on an employee contribution of 6%. Company note to employees was that the 7% was being returned in full, no modification.

This is good news. I'll be surprised if they go back to the very generous 7% for 6% in addition to the good pension program. If they do, great. However, it would be unusual in the current American corporate culture.

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Exxon set to reinstate employer 401(K) match on October 1

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