Can someone provide details on this, such as % and which investment company is used (fidelity, vanguard, etc)? Also, is the match invested into the investment of your choosing or into something else? If something else, do you have the option to sell it and reinvest?
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5% from you = 14% from Oxy. Plus they put money in your 401K and retirement for bonuses as well. If you don't want the Oxy stock move it to another investment.
I'm not too familiar with Voya. Does it offer decent investment options or will the choices be quite limited?
Not sure what the last poster is talking about. I held my oxy stock and bought more with the company match when the price went down. I’ve made a ton thanks to the match while the price was low during covid.
Oxy uses Voya…one of the worst options out there but it’s also one of the cheapest options for Oxy…par for the course. Fidelity and Vanguard would be much better options.
If Voya is all you’ve known…it may seem great, but much better options out there the 7% match is into an Oxy stock fund. You can sell but encouraging employees to load up in Oxy stock isn’t great for the employees. Your livelihood is already tethered to Oxy. The Oxy employees that didn’t diversify got totally screwed by the APC purchase. How many people are still working because they were way overweight in Oxy stock at 70+ and watched it drop below $10?
I’m all for being optimistic about the company you work for but gambling isn’t a good recipe for financial security
Make sure you move the Oxy stock into an investment that is worthwhile. Otherwise you end up getting screwed by lackluster stock performance and cr-ppy dividends.
Your 401K contributions are vested immediately
The company's 7% match in your 401K is vested immediately
The 7% match in the "pension" is fully vested after three years of service
What is the vesting period for both?
That's a decent match! Thank you for your detailed response.
OXY provides employees with a 14% total contribution if you contribute 5%. Their 14% is split into two parts. 7% goes into a 401K, and this contribution is automatically invested in the OXY stock fund. (You get 26 free fund transfers a year, so technically you could sell your OXY stock every paycheck) The other 7% goes into a defined contribution pension that we call the "OXY retirement plan". This account lets you elect exactly how your contribution is initially invested. You cannot contribute your own funds to the "OXY retirement plan".
OXY uses VOYA for both of these accounts.
Why not just ask HR?