There is a lot of talk about NRE and retirement eligibility. My questions are if you leave before you have 15 years and after 15 years. I believe at or after 15 years you get the medical and either the lump sum or annuity. If you don't get to 15 years no lump sum no medical coverage and annuity at 65. I am at a decision point in my career and don't want to miss a chance to leave. I as ked HR and they were no help. I don't think many of us young ones will make it to 55. When I say 15 years I also mean 55 years of age. I think I can make 15 years but not to 55 years old. Any advice is helpful.
10 replies (most recent on top)
@gg you’re totally right, it will happen to you one day.
Tell your friends. Spread this information far & wide tell. Tell everyone.
No medical no future. No pension no future. I'm in 5 years and ready to go. It looks like what happens to the old will happen to the young.
Dont count on medical in the equation. That can be removed at any time.
@aj+1
You are spot on. That’s is why I left and that’s how I look at it.
@bs that’s literally right of the XOM website. Lol
You can also go on the Alight app and do a pension calculation to see what you will get.
@bk- don’t think your formula is correct. That’s way too low
I guess they don’t tell new hires anything about the pension. I have talked to many people that have 4-5 years with the company and have no clue how the pension works or didn’t even know XOM had one.
15 years and at least 55 years old qualifies you as a retiree. Anything over 5 years means you are vested in the pension and will receive a lump sum or you can keep it in until you are retirement age if you leave the company or they sell your asset.
Your basic pension benefit is determined by this formula:
1.6% x years of pension service x final average pensionable pay
minus
your Social Security offset
I made it to just a hair over 50, with 20 years. Not NRE, so no guarantees I’d pass the PIP. While I missed getting medical - @ 55 which stings, when I heard I could take lump sum on pension and roll it into 401K, it made decision to leave a whole lot easier. My 401K has since more than doubled in the past 3.5 years and my sanity, morale, mental & physical health has been restored.
If you’ve received great feedback and treatment and are happy with your team, stick around. But realize that dynamic can shift at any time. All it takes is a new manager coming in, or an opportunity assignment for you.
Also, as you move along - your ranking will slide, most notably once you’re in your 40’s.
If you’re ok away with that and have your eye on the prize - knowing that it’ll likely be a blood bath once you’re in your late 40’s to 50’s, good luck.
As for me: life is too short to be BEATEN DOWN all the time despite performing what can only be considered miracles on a dysfunctional team.
Go on, take the money and run.
You don’t need to wait until 15 years and 55 to get the lump sum pension. Just talk to your financial advisor before you roll the lump sum into a 401K.
Check your scenarios in the pension calculator to see what makes sense.
I took the lump sum a few years ago when interest rates were low. Doubled my money. Glad that I didn’t make the mistake of staying.
If it us true about having to make it to 55 then I am outta here. There us no way I can make 20 years. My ranking is already dropping. I will leave and start over at a new company. I can get at least 10k more with the jump. If they get rid if the pension exxon will have a max exodus. I guarantee that most employees will stay for only a few years to get experience.