I know I can directly ask HR but…
I have a post 1996 pension. It’s $200,000 based on time served (7 yrs). After 60 yrs of age does it increase if I do not claim it?
5 replies (most recent on top)
If you are out of the company and over 60 get it out asap! You are not even getting interest on the held amount, and increasing interest rates will gradually ki-l your lump sum!
the amount is not "locked" if you take the lump sum, in that its value will continue to change with bank interest rates (it will go down when rates go up!). In this economic climate, there is no advantage to leaving it in!
Definitely get in touch with the Chevron Benefits Center. You are not doing yourself any favors by leaving your accrued pension alone. Whatever amount it may have incremented in value has probably been locked and not growing in value. Start your pension papers asap.
It is not locked after you retire. It is discounted for some employees if you claim it before age 65. Interest applies for some employees after age 65. The details are in the pension doc which anyone can access. Variables include "points" at retirement, age, and which plan you were on. Call HR.
If you are still working with the company, it will increase at 14% of your 5 year average salary plus some additional for your extra year of service. (Plus, your highest 5 year average salary will increase with the latest raise.)
If you are already retired, the amount is locked.
Contact the HR service center to verify my response, but I’m ninety nine percent sure this is true.