Just curious how many of us at Oxy are ready to retire and can, but find it hard to walk away from the job because of the pay and benefits. I am still able to perform at a high level, but the routine of waking up so early and then working all day seems to be getting old fast lately. I have no complaints about Oxy, but it just seems I have lost my drive to keep chasing it all. Anyone else find this happening after the age of 60? My current goal is to make it to the next bonus round, and cash in my stocks and take the final bonus and make 2026 my final year working.
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@q6 go away you fossil!
Yes, you can roll the Personal Retirement Account over to an IRA.
The plan referred to would be a non-qualified deferred compensation plan. So it isn’t eligible for rollover like a 401k.
@1ks+1k42zsyzm - Can you just roll the regular retirement account over to an Traditional IRA if it is not the supplemental fund? I was thinking that would be what I do and pay taxes as I take it out of the IRA.
If you set up a taxable retirement account to payout lump sum instead of over time you should retire in the first part of the next year(2026). That way this retirement lump sum will not be paid out until the following year(2027). What you don’t want is a huge lump sum to be in the same year as severance pay paid in 2026. Unless you like to overpay taxes.
As long as you work until 12/31 and then retire, your 2025 bonus won’t be pro-rated. But, your manager can adjust it based on performance depending on which bonus plan you are in. You won’t be eligible for a 2026 bonus if you retire before July 2026.
I'm at OXY and I'm going to retire soon - trying to figure out if they prorate the bonus if you retire before it is paid at end of February/beginning of March. I have a good friend at Shell and they prorate bonus the year you retire (not if you quit). I haven't found anything on the intranet site and would prefer knowing this before approaching HR.
@19m, why so upset about HR? Did they help facilitate your rear end out the door? You know they did.
@mv Those who can't get a real career go into HR.
@q6 I’m not petty. You’re petty.
There are the classic Oxy responses. Nothing but insults and petty jibes. The Oxy way. Still no solid facts, examples or information to form a rebuttal? No response to the long list of examples showing what Oxy really is? Shows the courage and intellect when you degenerate to that behavior. Always strike a nerve when I post the facts. Tells you everything. Keep taking our rejects - people who couldn't make it having to actually perform and be professional and were let go. They all end up at Oxy for some reason.
@jf Actually, I am in HR. One of my best projects, and by far the easiest, was preparing your termination papers, so I think my work benefited the company and was very personally satisfying at the same time. Maybe I should thank you……but then again, let’s be real.
@hx Which projects did you work on? Petrolia? North Dakota $1 billion loss? Thunderball at Elk Hills or maybe their pipeline corrosion program at 35R? Snyder properties? Libya? Tatweer? Piper Alpha? Please enlighten us on which stellar projects you are proud of.
Tell them exactly that. There is no way to transfer all of knowledge but you will try your best. After you retire you can work out an arrangement for consulting. If you take severance there is normally a waiting period.
@f0+1k42zsyzm I share the same January month birthday with you, and will be doing the same. As well Oxy has done right by me and I am working to transfer what I know to the younger ones. The hard part is transferring the actual knowledge I have after 40 plus years in the industry. The workflows are easy to document, but the actual knowledge is tougher. I find it hard to transfer my thought processes when working problem areas the most. When faced with the more complex issues it in my knowledge and thought process that allow me to figure things out. It is not the workflow, but what is actually going on in my mind during the process. I am not sure we can ever transfer experience from the knowledge we have. That is something that I struggle with documenting because it is the actual process in my mind that is guiding me on solving problems.
I’ll be 68 in January and yes tired of the “grind”. I’ll be checking out next spring 2026. I feel very fortunate to have worked at OXY. They support their employees better than most any place I have worked. If not for the hybrid schedule I would have checked out long ago. Thank you OXY!
I'm turning 65 in two weeks. In the last couple of years I have seen school mates, co workers and bosses pass away. I am glad I took early retirement at 59 and am doing the things I want while I can. Don't wait too long.
If you have no issues with Oxy with everything they have done and their culture, switching companies is not an option. You won't be tolerated at any other O&G company and will find it very difficult having to actually navigate round a real company. Retirement is the only option and that is simply a function of money. The only thing Oxy has ever cared about.
If you are 70 your life expectancy is not 73. It is much higher, even for males.
lol the average life expectancy for males in America is 73 not 90. You boomers should all ride off into the sunset and retire now.
You will always leave lots of money on the table in unvested LTI. You didn’t say how old you are but once a body reaches 70 there only 20 years of life left. Out of that 20 years there may only be about 15 years where mobility is not a problem. Try to see what those online life expectancy calculators give you for life expectancy. If you are overweight, smoke, drink excessively, and have a chronic disease with a bad family history of heart problems then retire now. Don’t wait until the next bonus. But by all means be happy, wealthy, and wise.