A lump sum pension buyout was offered to more former xom employees. Any insights to share on whether to take the option? Thanks.
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Hold on. Are we talking about the now-standard lump sum option that’s offered right after resignation? Or are buyouts now also being offered to people who resigned and chose the annuity, but for whom that annuity hasn’t started yet ?
If ours is discontinued, will current employees be grandfathered in?
Take the money and run. S&P is down big time, great time to take the cash and buy into the market.
We are moving toward a model to eventually discontinue the traditional pension and focus exclusively on the 401K retirement plan.
According to Ernest and Young (EY) in our XOM early, mid, and late career retirement courses, there are only three major companies that still have a traditional pension and EY expected ExxonMobil to end ours sooner than later.
Best to talk to your financial advisory and run your own calculations rather than to take advice from this layoff site. It’s nice to know but everyone has different priorities and needs based on their own personal situation.
You may want to call EY to talk things through. This is a service that is available and free.