Thanks!
You can leave it in Voya or roll it over. A big item that should be considered is the implications of your age, plans for future employment if any, and if you need any funds and withdrawals in advance of age 59-1/2.
The US tax laws can get complicated, but in summary if you leave it in Voya and are younger than 59-1/2 and do not take another job after leaving, you can take distributions from Voya without paying 10% penalty on the withdrawals.
If you roll your Voya funds into a new institutions IRA, and take out withdrawals and are less than 59-1/2, then this withdrawals are subject to 10% early withdrawal penalty.
The key for avoiding early withdrawal penalty when less than 59-1/2 is that the withdrawals have to be made from the qualified plan of your last employer after separation from last employer after age 55.
Be very very very careful and suggest you seek financial expert advice if you are less than 59-1/2 and don’t plan any further work after retiring if you think you may need to make withdrawals before 59-1/2 as you probably don’t want to inadvertently be hit with an incremental 10% early withdrawal penalty just because you rolled over your Voya 401k to a fidelity or Schwab traditional or Roth IRA.
Would move it to your new employer plan via rollover and under no circumstances take a distribution of it. Keep savings savings and roll it all over. Definitely be smart about your next choices and where to allocate that investment. Plan will likely be different than voya and have different fund options. Recommend considering speaking to an investment advisor who will likely recommend and aggressive investment strategy given you say you are younger. But definitely completely disconnect yourself from ExxonMobil in all ways possible. Make sure you take all user/password, employee number info with you! You’ll need it to login externally.
Plenty of internal and Voya sources for this information.
Get it out of the EM plan.
And avoid this board for a happy future.
You might not receive any communication from either Voya nor HR re your 401K after you leave. You will need to manually initiate the rollover to your new employer's 401k or IRA or cash it out (don't do this). I have a big chunk of my 401K in Voya and I left it there since: 1. Voya's gains are normally spectacular, 2. Voya's fees are small. If your savings are not yet that big, you might as well just roll it over.
Will you receive any instruction from HR regarding what to do with the assets in your your saving plan? No, you will need to call Voya and have them write a check to your institution of choice
Do people usually move their savings to new employers' plans (or IRAs), or just leave them in EM's plan? Typically move to new employer's plan or personal IRA
If you choose to move your savings, how many days do you have to take action after leaving EM? No set timeline
If you leave your savings with EM's plan, will there be extra maintenance fees as you are no longer an employee? The plan can be kept with Voya (not associated with XOM anymore at that point). Only fees will be the normal expense ratio on the funds