Thread regarding ExxonMobil Corp. layoffs

OP: If you have participated in syphoning off plenty of investor's money and company resources for decades, what are you complaining about?

Humanity and fairness never existed in this organization. The only reason it is acknowledged and noticed by robot employees now is because their jobs are at stake now and they know that they have not gained any meaningful skills while cashing in fat paychecks.

Let us not distract with 401k and pension/lumpsum rulings.
That's all written down elsewhere. And wasn't a jot about it in the OP post.

OP is depressed. He is sad.
He's worked for the company up to age 59.
Sounds like he's in some type of supervisory position - PDS advising and all that.
And he's realized the entire career has been and will be pointless.

What a horrible state of affairs.

It’s a real thing and true….demoralizing, depression, etc. but, do everything to protect your health! Take your vacation, actually schedule your weeks away on the calendar, then take a medical leave for 6weeks or more. Have your medical provider complete the medical form. Come back and finish out your time. If you have to be around in 2022, schedule your new vacation again until you can retire! Take care of yourself until you retire!

Whether you can get disbursements from your lump sum or 401K before age 59.5 without incurring a punishing tax penalty depends on being “terminated” vs. “retired”. In the old days before EM went rogue, retiring was a choice, not something you were forced to do whenever the company decided to put you in NSI, so the tax rules were meant to discourage people from dipping into their retirement funds too early as a choice, as opposed to having been terminated. It’s also spelled clearly in the company pre-retirement course.

OP, don’t let this weigh you down. This is hard on everyone. It is, after all, just a job. And we all know the ranking system is flawed….like all levels of the organization know this. I also think everyone knows that ranking ends up lower at the end of career; no fair but reality and not your fault.

Make sure you take time to celebrate your career! That is still an accomplishment, and should not be dampened just because your retirement is hitting when the company is in a demoralizing place.

The IRS rule of 55 if for 55 to 59.49999.

That rule applies to age 55, by not 56-59.5. If the company PIPs you off as soon as you get to 55 (and that’s probably what’s going to happen to people just coming out of NRE status in the future) you have access to the money without penalty. If you’re already retirement eligible and forced to retire a few years before 59.5, you’d better have cash at hand.

The IRS rule of 55 (mentioned further down in the string) allows a 55 yr old to use their 401k penalty free from the company they separate from at 55.

There is actually a 50% tax penalty on disbursements from your lump sum (or your 401K) if taken before age 59 and 1/2. That’s why if you retire earlier than that age, you better have the cash needed to live until then. If you have doubts about this, schedule a free consultation with your Ernst&Young financial advisor, it’s that simple.

Who cares?

I am in the near retirement eligible protected class for another year. Last year and again this year I’ve been assessed as NSI. It is so demoralizing to know that I cannot leave before turning 55 without significant personal financial impact. My direct supervisors both years have confirmed that I do not belong in the NSI bucket and our system is broken. It is a quiet humiliation to carry around each day. I am thankful that I will reach 55 as an employee, but this is not the way careers were supposed to go here. I had plans to retire when I was ready, not when the system forced me out because of my age.

OP -
I did not take the management track. And I am highly technical. So I’m not taking anything up the bung, thank you very much. This kind of rhetoric is uncalled for. the hatefulness can be directed at way higher up the food chain than where any of us are sitting.

Before we bring out the guillotines,
there is a big difference between an older employee shifting into the Mgt role because they want to mentor or don't have the energy to keep up with the skills.

The younger ones - marked by the Bigs early in the career - for these I'd show no mercy.
But let their own kids take care of them, I'd say. Will happen in the long run.

If you took the management track, you are unprofessional and non-technical.
That's the only criteria other than narcissism and money in the bung.
So pardon the lack of empathy for you whining M-types.
Lack of empathy is your main quality.
Day one.

He’s right…most employees have no idea how hard the ranking process is for managers. It weighs very heavily on the supervisors that care about their employees.

It’s extremely hard to see how negatively we are perceived when there have been many sleepless nights trying to figure out how you can protect their jobs. Trust me when I tell you that most supervisors care about your outcome and are extremely stressed about the state of our business as well.

An honorable and virtuous supervisor at ExxonMobil!
Always something to surprise.

@OP Good for you for reaching out. That’s a strength, not a weakness.

When I found myself in a similar situation, I made the decision to move on. I’m sure you can tough it out for another year, but doing so will continue to impact your mental (and eventually physical) health. Only you can determine if it’s worth it to stick around.

Take care & good luck.

Another troll.

OP I disagree with your approach. Rather than fighting for “my” people and to he-l with everyone else I try to treat all the employees in the rank session fairly. Ranking shouldn’t depend on having a supervisor who pushes others around and unfairly ranks low those who happen to have a less experienced or less aggressive supervisor. I would say your approach is part of the problem. Are good people now ranked lower than your team not because of the quality of their work but because you were the loudest and pushiest person in the room? Your style is the old way. We can do better.

There is no 10 percent penalty for withdrawing from savings if you retire before 59.5.

Lookup "IRS rule of 55"

This is exactly why I am leaving! I want to be a leader, but I dont want to be a manager and have to argue for my staff every 12 months as to why they are better than someone else (who I may not even know). It ridiculous and another example of how XOM tried to objectify a subjective measure. I know its hard for all employees to get their feedback after PDS season...no one likes it.....its just as hard when first or second line managers have to "defend" their staff in a ranking/'assessment' session. It's a 1980's process in a world thats move way beyond it.

Well said. Quality of supervisor is ultimately how your ranking shakes out….

Because of the 10% tax penalty if you withdraw anything prior to 59.5 is the reason.

Why be around another year? Lump sum is likely higher now than it will be.