Over heard it was discussed during the business planning process. No pension for new hires, will stop contributing current pension with option to let it sit or roll over to 401k
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Interest rates keep ticking up which means the "payout" will be less if rolled over to our 401k. Can't wait to see the new projection after today's rate hike. :/ Brilliant timing by XOM for once if this happens. We may actually be executing a project when the payment will be at a 22-year low due to rates. It almost makes up for XTO and the ghost town of a campus. I'm sure the decision makers of those disasters are enjoying their fat pensions.
Anyone still at ExxonMobil is foolish. I left and life is sooo much better. Wait too long and all the other jobs will be taken. Never hurts to at least look around to see what is available in the same industry and other industries, most engineers have skills that are transferrable. Know your worth and accept nothing less.
If this happens, all levels of management can eat sh!t.
Great for all us non-RE planning to leave in the next few years. A bird in the hand is worth two in the bush.
it was about time!
I’m buying XOM!
I heard from a reliable source who confirmed this is true.
Pension will be rolled into savings plan and matching will be increased to Chevron's level.
Just because someone here cried #admin this is definitely a news to believe. Last time someone cried #admin people got laid off, 401k got frozen, people got NSId, and more. DW appears to be interested in cutting, cutting, cutting to fund his own bonus as well as funding shareholder bonus without any improving any core of the business that has generated actual increase in profits. By the time everyone will realize he will retire and leave the bones for his successor. I mean how can someone so NSI worthy like him can make all the way up to the top? A mean, arrogant, careless, unempathetic person climbs at the top. The EC couldn't find anyone, I mean anyone else. Ridiculous!
This place has launched off into the toilet Big swirly going down!
If they stop paying into my pension at 15-20 yr service, I am a free agent again. Even if this comes with a bonus program to replace, I doubt it is as good as other companies. No more golden handcuffs keeping me from looking for combination of highest pay and bonus.
Lol at site leadership denying rumors. Last time they said something wasn’t happening 401k froze and involuntary program came out months later
I read the retire in five yammer comments that had a link to an HR page and it just talks about changing a few ways you can get your pension, but not changing who is eligible. I also heard from my site leadership team that this isn’t true
No grandfathering? Just stopped for everyone? Jeesh.
People, take screenshots of this before the clown who just posted “admin” gets this taken down.
So, if you've got five years or more, your pension is treated as if you left the company at YE24, and it's "bought out" and put into a 401k? What if you have less than five years (it hasn't vested yet)?
Also, what about the retiree medical plan? Is that also going away if you haven't already retired or reached 15 years of service?
Well I guess that's one way to free up another couple buildings on campus for the leasing plan.
Yeah Durwood and his goons are sure to cut the pension then show high survey results next year. The fix is in
Good, fk it, gives me a reason not to stay for the last couple of vesting months I need.
ExxonMobil does not want to employee Americans unless they are needed to run a plant.
EMTEC, you are up to be fully offshored first.
The financial consultants have already been talking around this in the end of career financial planning classes and apparently some of it is leaking onto yammer. Company is changing long term focus, thinking the older employees will stay and they get out cheap. The new ones know they won’t be around long enough to get a pension. The company really needs to stop listening to these consultants who take short cuts for short term gains and then are long gone by the time the chickens come home to roost. The have been told labor is “commoditized” but there is a quality aspect the consultants conveniently leave out.
Stock will pop 5% the day this hits the street. Selling opp for us all.
It must be true if posted here. All rumors posted eventually come true. Posted here before informed by XOM. The layoff.com is the true source for XOM insider news!
More evidence they want us all gone
When will this get rolled out?
Last time we heard a rumor like this posted here was when they paused the 401k, so I would not be shocked it these mor0ns pulled this cr@p.
Holy chit!
If pension is gone, it’s a paycut. It’ll be the last bit to push me to leave. This place is a shadow of what it used to be
Anyone who is dependent on the pension after a full career with Exxon has not saved/invested well. The pension can be icing on the cake, but should not be something you count on - least of all if you are a relatively new employee.