I got the news this morning. The HR guy thought I was heritage Phillips and assured me that in case of workforce reductions, the early retirement age drops to 50 (you get a bump in your payout at 55). Problem is, I'm heritage Burlington and I don't know if that provision applies to me. I'm trying to search the comments to find information but if anyone knows the answer I would really appreciate it.
7 replies (most recent on top)
Question answered - thanks COP HR!
So am I. Retirement plans are governed by Federal law which trumps other "jurisdictions." Don't waste your time or money.
Employment law is different in every jurisdiction. I wouldn't dismiss it out of hand. Speaking from experience.
Definitely contact the Benefits Center and get them to give you accurate information based on your specific situation. Your situation is too complex to try and get it sorted out here. Go straight to the "horse's mouth" and be very clear in your questions.
As for consulting an employment attorney to negotiate your retirement benefits...don't bother. Retirement benefits have very specific governance and can't be negotiated. Even if COP wanted to, they can't pay out something unless you are truly entitled to it under the terms of the plan. Heavily regulated area with very good reason, so it already is what it's going to be. If you are going to consult an employment lawyer, it would need to be because you thought you had a case for age discrimination and nothing you said in your original post made me think that you might.
Your best bet is getting the facts straight so your understand exactly what your entitlements are for retirement benefits and everything else. Then sign the release, get your severance, move on, and be happier somewhere else. Good luck...I really hope this all works out for you.
You should check if you notice period is included in your age. If so and your severance is more than 3 months, you should be good... just a thought. If not, ensure you consult and employment lawyer and attempt to negotiate.
Might try calling The Benefits Center - they should be able to view the plan and interpret it. Here's the contact info:
The Benefits Center
(800) 622-5501 or
International: (718) 354-1344
Monday – Friday 8:00 a.m. to 6:00 p.m. Central Time
http://resources.hewitt.com/conocophillips
Don't know in your exact situation, but 7 years ago I got laid off in June and would not get 20 years until December. They gave me the 20 years. I think that you get whatever you are entitled to for the whole calender year, not pay, but anniversaries and such. Any HR person should be able to tell you....Good Luck
PS I have been happily employed by another major for the last 7 years. So thanks COP for the 60 weeks severance. It went a long way for a nice down payment on a house.