Has anyone that was a part of the August RAE exercise received their severance yet? Also I heard they changed it to a years pay instead of the 2 weeks X years for service, any truth to those rumors?
11 replies (most recent on top)
I don't think you missed a match unless you maxed out 401k to $53,000. So, if you didn't, that should make you feel better. Once you reach the $18,000 limit (for personal pretax or roth contributions), your 2% basic and any supplemental changes to aftertax and you continue to get the match until you have contributed a grand total of $53,000 in personal tax advantaged, employer match, and after-tax contributions. Only the personal pretax/roth contributions are subject to the $18,000 cap
If only I had spent more time ding my job and less time researching my 401k plan...
I had already maxed out the yearly 401(k) contribution so I don't know if they would've matched
Does the Severance come with 401k match?
My severance came today, direct deposit.
Thanks everyone for the feedback!
To my disappointment, once you leave Chevron, your former HR Business Partner back at the office will no longer speak to you. You need to handle everything through the HR Service Center at 1-888-TALK2HR or go online to the Benefits Connection webpage. I did find the folks at the HRSC were quite helpful to me. Just speak your needs clearly to them. They are receiving lots of irate calls from less-than-informed laid off employees right now. So, try to be patient when you call them with a question or request for help.
033 is correct. Also keep in mind that 25% will be withheld for federal taxes (IRS rules), also deducted from your severance will be your contribution percentage toward ESIP 401k and Social Security taxes. Any unused vacation the company owes you will be included in this check. The pay stub will itemize everything. Just hold on a while longer, the check is on the way. Good luck.
Folks, you will get your severance. I did after I was RAE'ed in April. If you have signed your severance papers and mail it back already, just be patient. It took 2 payroll periods for me to get mine. Remember, that payroll is paid on the 7th and 22nd of each month. You will receive your severance check in the mail (not FedEx), so allow another 2 or 3 days for the mail to arrive to your address of record.
No, I haven't received the severance yet. The 1-800 talk to HR folks told me to call my HRBP, which I did last week, but I have not heard back from her yet. No surprise there.
I'm sorry but I've got to come
back to this post... OP, WyTF would you even care to post this question when unless you had 26 years with the company, the math on 2 weeks/year service = 1 year free salary? Were you with Chevron, Texaco, Unocal...?
*tired of crap, trolls, and generic questions being posted.*
What was told to you when they sat you down and explained your benefits to you? CVX severance is a
"Benefit"...which, well, honestly is a moving target... Apparently year/year changes. You're dam* lucky you got that, men with 35+ years would trade boots with you.