I went through a few internal documents on preparing for my last day of work as a severanced employee. I also wanted to ask here for any extra advice? Vacation days, pension, health care, ect. Anything not obvious that I should make sure to do before my last day?
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Look up IRS Rule of 55 for 401k. If you haven’t moved anything into or out of the account after your last day of employment, and you are aged 55 or older, you can withdraw money from the account penalty fee (but still taxable).
Once you move the money to an IRA, you lose this ability.
Once you turn 59.5, you can take money out of an IRA penalty free.
You don’t have as many investment options in the 401k, but the ability to access the money if you need it trumps this.
CVX is like a supertanker. If you fall off the stern, the wake closes immediately and the ship continues on like you never existed.
@d9 Some choose to do a rollover out of 401k into an IRA to have more control and options. Why do you recommend otherwise?
Give out all your R and A points
Don't look back. Protect your nest egg. Plan for better days ahead.
It appears that HR may be responsible for downvoting posts on this site. What a strange use of resources.
If you can afford it, change your 401k withholding to try and capture as much Chevron match that you can while you are there. I am gone now but I did it and got most or all of the annual max done in a couple of months.
@d9 can you elaborate on why stay in the 401 vs IRA for over 55s? Is it just the Chevron stock?
If there is any chance you reside be in a different state with a different state tax in the next year or so, think very carefully about the timing of your move and maybe consult a tax expert. For example, if you live in Texas now and plan to move to NM you should hold off until Jan 2026 lest NM tax your severance. On the other hand, if you live in CA now you might want to relocate to NV before the severance hits your bank account. Same applies to any pension restoration plan money, only probably order of magnitude larger taxes.
If you are 55 or older, I’d recommend NOT rolling the 401k into an IRA. As long as you haven’t touched the account or changed anything after your last day, you can access the funds in the 401k for income or emergency penalty free. (Still taxable though.). Roll the pension into a separate IRA if you take the lump sum, but don’t touch the 401k. Just a thought.
Great advice by others . I would like to add that if you have a company mobile device and you wanna keep that number with you then drop an email to the mobility team so they can transfer billing
If you are talented with excel, powerpoint, etc. they won't want to "See" what you illegally copied from your last employer, or client(in my case) at all which is legally their property, not yours. They don't care and anyone could have produced that other than you. You will have to actually SHOW them you can.
You guys need to learn to stand on your own two feet. It's as simple as that.
@c2 unfortunately they’ll be tracking anything you send to yourself that might be considered “company confidential”. Just be careful about that. If your tools/ excels/ PowerPoints have Chevron info/chevron data, probably best to leave them be. Not worth it.
Copy all of the documents and projects you worked on so you can show your next employer. Any PowerPoints you did, excel tools you made..etc
Go through your emails, copy out all your personal and professional contacts and delete personal emails. Similarly, review your work drives and copy or delete any personal files, such as resumes, performance reviews, happy birthday letters to Aunt May, and love letters to your ex-mistresses. Go to payroll and copy a year's worth of pay stubs (sometimes required for loans or new employment). Visit the Benefits website and ensure you know how to log in from a personal account. Review all your benefits documents to ensure you know how to access health insurance, stock options, Fidelity, and other benefits after you lose employee access. Start moving personal items out of your office at least a week before your final day.
one of the options to consider is to rollover your 401k and pension to a traditional IRA. Gives you full control over your money. if you leave your pension the % increase is usually less than if you invested in stock market.
I recommend you get professional advice on the pension. The 10-year bond yields are high, resulting in a reduced lump sum. I’m going to live off SS & 401k and wait for the rates to drop. But everybody’s case is different.
If you have a Flexible Spending Account, (FSA), you might want to spend it as it will disappear when your Chevron health ends.
I just left too. Just make sure all your benefits connect/ fidelity is going to your personal email. If you want to send yourself your pay stubs you can (just be sure to use the share point process as dictated), and any other personal info that you may need from your Chevron machine, if you have it on there. You can roll your pension into your 401K, I have heard that’s a good approach but open to others feedback. After years at the company, I couldn’t believe how little I actually needed to take with me once it was all said and done.
Your accrued vacation and unused PCHs will be paid out in your last check. That will come in the mail via fedex and you will have to sign for it, so just a heads up. They send in within about 48 hours of your last day. So similarly, just make sure your personal info is up to date in workday.
Hope that helps. Being on the other side, I can say there is life after Chevron. I wish you all the best!