Thread regarding Occidental Petroleum Corp. layoffs

Don't worry, @2fsa+14RNVKbm, I'm getting a pension. Geez some of the people on this site are incredibly rude with very nasty comments.
Very, very sad and pathetic, but mostly lacking courage. Bet they vent here because they can't put two words together to communicate effectively in person. Some posters, not all.

"I’m confused. Will the Anadarko defined benefit pension plan be frozen July 1st?"

If that's the case you are too dumb to deserve a pension.

I’m confused. Will the Anadarko defined benefit pension plan be frozen July 1st?

Remember when APC took over Kerr-MCGee and all us Anadarko people saw how bad we had it compared to them. Did you as an Anadarko employee ever wish we were on the Kerr McGee plan. Maybe all of this is to bring employees equal. I know it used to bother me that my co-workers from Kerr-McGee had it better than me for doing the same job.

@2vux Yes I have looked at the investment of the Oxy PRA and it still does not compare to the L-KMG plan. Even if I made $200 k a year which I don’t. That would only be around $20k put into the PRA. Being KMG we were expected to gain between $80k and $120k a year till 60. With only getting $20k from the PRA it would have to earn 400%-600%. Which is highly unlikely. Thank you for your response however.

I think everyone on this thread needs to read the email and those of us that were moved to the Oxy plan in January need to open our mail. They are freezing the service credit not the interest credit, and if you read the email they cannot take away the benefit already earned. While we are losing an awesome above market benefit at least those of us in the PWA at the lower end if the scale are getting more money in the Retirement Plan. Those of you with these legacy pension plans need to look around these went the way of the dinosaur that’s why us newer employees have the PWA. We had it great for a long time something had to give and I guess Covid and Oxy did it. S—s but many of my friends have taken worse hits then us. I leave as soon as I can get a comparable job but tell me where cause I feel like it will be a while. My fingers are crossed the recovery will allow us younger more open to change people, jump ship as soon as we can. Let’s leave the captain of the ship to sink with it. I can hear the theme of titanic playing now.

@1ujy did you factor in return on investment? You can invest the 7% match in the 401k and the 7% Oxy contribution in the Oxy Retirement Account in a variety of mutual funds that may yield more than the LAPC KMG pension.

The way I read this is, they are freezing the legacy ACP, legacy KMG, legacy APC PWA and legacy Oxy pensions. They will now move everyone to the Oxy PRA plan which is contributed at a rate of 7% up the the SSWB then 12% contribution over that. This is in addition to the 7% 401K match. I for one being L-KMG, am losing out on roughly $400k if I were to retire at 60. That is huge in my book.

The contributions to the Oxy plan are suspended. It's right there in the email:

"Consequently, Occidental will freeze benefits under the Occidental Oil and Gas Consolidated Retirement Plan effective June 30, 2020.”

So it really is not goodbye Oxy pensions yet. Sounds like APC had a nice PWA plan, but OXY actually matches 7% to your 5% for the 401K, and then the other account is like is stated below. So you put a total of 5% in and end up getting 14% match. It might not be Anadarko, but it is up there or better than a lot of companies. If you are lucky enough to get to the current Social Security limit you get 12% on that part.

The bigger question is when Oxy pulls the plug on the plans I have stated, and then you get zero match and just what you contribute.

@ibtc, yes, that is exactly what is happening. LAPC is being integrated into the Oxy planS. 401k with 7% match and PRA with Oxy contribution of 7% of salary up to SSWB and Oxy contribution of 12% on salary above SSWB. LAPC Pension funds are frozen and can be accessed if we leave the company.

This is a poorly communicated change. APC is being moved to the Oxy retirement plan and their legacy pension is going to stop receiving interest and salary credits. It’s as if a company was bought and is being integrated or something. Covid19 is a red herring.

@1ycz+14RNVKbm, that is jacked up. So basically we're down to 401K matching. That really s—s.

If they we’re just rolling it over why would they say anything g about having to reduce cost due to Covid and oil market and they were freezing benefits. If you read the documents it says no other deposits will be made to the Occidental Plan, which is where they are rolling over our PWA balances to.

Are you sure that we are not just rolling into the oxy plan? 7% matching and 7% to the retirement account? It seems like it is just part of the integration. Nothing to screw over LAPC, just rolling into the OXY plans? If this is not correct, can anyone substantiate your claim?

@aej+14RNVKbm I read the message the same way as you. We no longer get the PWA until the lift the freeze on it, if ever. They could have explained it a lot better but I think they want to keep people confused on how deep these cuts to our benefits are now and headed in the near future.

Is this transfer something that was going to happen anyway and we are just suspicious because of the timing? I can’t tell if it’s a set up to reduction in comp or just part of the integration

Does anyone think that everyone publicly keeps giving VH excuses for her mistakes, and keeping applauding for the Anadarko buy, but secretly think it’s the worst move. David Ramsden keeps going on and on about how much he’s a fan of hers, and it just doesn’t jive from what we are seeing at a Oxy internally.

Feel so sorry for the LAPC folks. You guys could have been better off with CVX and kept a similar pension regime and truthful integration. Oxy management continue screw ups: CRC, APC and now itself. Best asset portfolio in the USA managed by some of the worse possible board leadership. Hope this doesn’t trigger COC, but just plan for the worse because here they are clueless.

Hey Karma Troll, this isn’t hurting the Oxy people. This doesn’t affect Oxy people at all. It’s hurting the Anadarko people. How good is their karma?

Dumpster Fire!!!!!!!!!!!...pack your stuff and run for your life. They tell the timing... OXY has chose worst time to acquire a company.

I feel bad for the LAPC pensioners! Anybody above 57 with a mature pension, 20 years or more should cash out and invest their cash now. We still have tons of older boomers that can’t help but stay on wishing for more cash. No cash out now. Know when to hold’em and fold’em. This is a fold’em moment. But hey if you can’t see that maybe you deserve a 30% cut.

Compared to a lot of companies the ability to get 14% plus contributions is not bas at all. Anadarko was just way above most companies. The Oxy contributions are pretty good when you compare to like companies. The biggest thing is if they stop contributions to both plans during these tough times. Companies are cutting plans all over. We could be at zero before this is all over.

@iak Ahomo says what?

HSRU, I think you’ve got it right regarding the LAPC PWA funds. I’m pretty confident about Oxy starting contributions for us on July 1 in the Oxy Retirement Plan. There is a link to the Oxy Retirement Plan in question 15 of the Q&A.

@kyp Thanks for the reply. I've gone over the email and FAQ again. How confident are you in the way you read it?

It seems to me that they are moving our LAPC PWA funds into the consolidated plan, but as of July 1 they will not make further contributions to that plan. Those accounts will continue to draw interest, but they will not add further to the accounts.

I agree on how we will be rolled into the Oxy 401k with the 7% match.

Thanks for helping.

With all the other benefit reductions, does it add up to good reason for LAPC?

@aej they are keeping us in the 401k with a match up to 7% and they are putting us in the Oxy retirement plan with a 7% Oxy contribution on our salary up to the SSWB plus a 12% Oxy contribution on any salary we make above the SSWB.

I agree about not losing both. My friend at a large company got their 401k at no match and the pension plan was cut as well. If someone has a lot in the pension plans it may be time to leave and take a lump sum transfer to an outside plan. It is my understanding the pension plans are mostly put away and Oxy can’t touch, but I would never believe they could not get it. A few years back I left a company and moved all my pension to my Schwab account. Got it all paid in 90 days and that company was Anadarko. Maybe they now this and want more people to leave on their own. Our own US govt borrows from Social Security and look where that got Social Security. I would be more worried about protecting what I have in the pension plan for now.

How much lower can they go? So far we have: 30% wage cut, no bonus, no retirement incentives. No wonder they can lower G&A to pre 2018 levels with ownership of two companies. They are f—ing us every way possible. I guess VH has a BDSM fetish.

The way I read it is that our LAPC PWA accounts are being moved to the Oxy plan, but that no payments will be added into the Oxy plan on our behalf after July 1.

So before we were getting 6% into PWA with an added 4% to the 401k for a total PWA kicker of 10%. As I read it that's going to 0 and we get whatever 401k match that Oxy offers. Did anyone else read it that way, and what is the Oxy match?

30% salary reduction for LAPC is next...

Hopefully they don’t hit the 401k match next ☹️

I am LOXY and did not see this email. Is this for the Oxy 7% plan. Not the 401k but the retirement plan.

I knew this day was coming from the day they bought us. Just didn’t expect it to happen until August. Oh well. The Oxy Retirement plan will give me 7% and the 401k matches 7%, so I’m getting a total of 14% savings from Oxy. If my salary is ever restored to where it was I’ll be a bit over the “Social Security Wage Base” and I’ll get 12% from Oxy on that part of my salary. It won’t ever be as good an my APC Pension, but I can live with this. I just want my salary back to where it was.

OP pull yourself up by your bootstraps. Nothing will be handed to you in this life. Sorry you should have come from a 2 parent household and made better decisions.