How will Oxy handle the differences in paid time off and pension? It looks like Oxy does not have a pension plan. Oxy only has a 401K match. Also, vacation time is very limited. Will Oxy reduce your compensation package by automatically reducing our PTO?
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Most companies don't have pension plans any more so if an APC employee has a pension plan from the KMG merger years ago, what will happen to the pension plan? When does the deal close and is there and ETA on Benefit reassignment?
Accounting and HR will look at both companies various benefit plans. What ever best positions the new organization financially will be adopted. It could go a lot of different ways. In the 90’s when this happened to one of the service companies the “new” company dropped both companies benefit structure and created a new one. You could either accept the new plan or quit.
Asking what Oxy has, and what Oxy will offer Anadarko employees in the transition could be two totally different things. But that being said...
Oxy has 2 different retirement accounts. They run parallel and one does not affect the other.
1: OXY contributes the entirety of this retirement account. Oxy contributes 7% of your salary into this account. Vesting period is 3 years for this account. You determine how this account is invested through a Voya account.
2: a 401k program that you contribute to. Oxy matches your contribution to that fund up to 5% of your income. The matches are 2:1 up to 2% and 1:1 for every dollar after that up to 5%. This is 100% your money with no vesting period.
Vacation time is accrued throughout the year and is based on years of service. 3 weeks being the minimum and works up to 6 weeks.
There is 8 weeks maternity leave and 6 weeks bonding leave for those still young having kids. They have a FMLA leave for family care of 2 weeks available with lots of paperwork. But it allows you to be able to care for a dependent that is in the hospital, or requires assistance to appointments and such.
I don't know how this compares to Anadarko's programs. But it's better than MOST companies I myself or friends have worked for. Their insurance is excellent with different options. Family insurance is definitely affordable through their programs. Dental and vision both are extremely affordable. Oxy may not be the best benefits in the business. Heck for all I know they could be dead last. But I know it's better than any company I've worked for.
Amazing how educated professionals can act so childish and write unprofessionally.
Let’s hope so! I’ll be the first to sign up! 👍
OXY will terminate your employment
Boy 6 week parental? Awesome will get to work today itself!
Oxytocin's will not handle anything....you are doomed...run .....while you can!
Guys it really is not that bad at Oxy. We have very good benefits and the work environment is nice and safe. With the upcoming move to a totally revamped campus things will be even better. Don’t forget Anadarko has not always been in The Woodlands. For many years they were in Greenspoint in a not so good location. The towers are really nice but only a few oil companies are in The Woodlands. In the last few years Exxon and SWN moved in along with Newfield and a few others. If one works in the oil business you most likely work out of The Woodlands. You can also take The Woodlands Express buses to Greenway.
Oxy also has 6 weeks of parental leave (vs. Anadarko's 4 weeks) and unlimited sick days (vs. Anadarko's 0 sick days).
Oxy has a 401k and a defined contribution plan, which is called the Oxy Retirement Account. The company puts a percentage of your income into the retirement account every paycheck. It isn't a pension plan, but the advantage is that it requires no contribution from you and you can take it when you leave even if you aren't retirement age.
As for PTO, Oxy currently has 3, 4, 5, 6 weeks of vacation depending on years of service (0-9 years, 9-19 years, 19-29 years, 29+ years, respectively). Vacation can be rolled over and banked year to year up to a limit of 8 weeks or so. They will credit prior service in determining PTO, and hopefully all prior experience, not just Anadarko. As for existing PTO, I would imagine it will transfer over but they might just pay it out.
At times like this, there is no need to be rude like "YZEknDP-lwc". Assumed that people actually did their best in checking Oxy's website. How come you did not comment on the second half of the question? Learn to educate rather than pretend to be a know it all.
Oxy does have a retirement plan in addition to 401k. Get your facts right.
Based upon historical records for these type things, they will compare the two companies and pick the benefits that are best for the company. The employees from both organizations generally take a hit.