Starting June 1, participants in the Deferred Compensation Plan will lose access to 10 Vanguard mutual funds. They will be replaced by 8 new funds, 5 of which are managed by BlackRock. BlackRock has been at the forefront of the anti-fossil fuel movement on Wall Street. Why are we funding our opponents?
22 replies (most recent on top)
@1pyi, you left Chevron 7 years ago yet you still hang out on their layoff site? Wow. what an exciting life you must have.
For short term, which ain't bad, Vanguard money market fund was paying as of 5/31 5.07%, curious how the "BTC GOV SH TM INV", i.e. Black Rock ST fund pays in compare for us conservative folk.
If you believe ESG initiatives are more important than profitability, stick with ESIP BlackRock funds managed by Fidelity and take a big gulp of more Chevron Kool Aid. Maxing out your tax deferred contributions is a great retirement strategy. What a bonehead move to chose BlackRock over Vanguard.
Just rolled over my IRA. Probably should have done that years ago when I retired, but this change was a good reminder. Now everything will again be back in Vanguard.
Black rock provides more favorable terms with sponsor admin costs, that was their hook. Vanguard costs the employee less due to lower fund fees, whereas Blackrock fees are higher, but, only to the employee not the company. Simply read the fine print and it’s there clear as day.
@3tfb: 1) Comparing any number to pandemic numbers is the very definition of "cherry picking" and mis-representation. Furthermore, 2) compare Chevron's numbers to competitors (XOM, CoP, BP, take your pick), and you will see they all have the same earnings trends over the last few years. Moral of the story? It all has to do with the prevailing price of oil, not any internal shenanigans. The point others are making here is that if we focused on core assets and core competencies, Chevron would outshine the competition. As it is now, we're just middle-of-the-pack. (Readers: get ready for more cherry-picked ROCE or ROI financials to show how "good" we're doing.)
Apparently our board liked the oily sounding name, Black Rock.
Did you get any of that profit or did it mostly go toward DEI initiatives?
Yes, it's true - Go Woke, Go Broke.
Doubling the year prior profit to $36.5 billion somehow doesn’t seem like “broke”.
First Vanguard does not have terrible customer service, but secondly the overall plan is currently administered by Fidelity! They are just removing Vanguard funds as a choice: A choice that gets in many cases a 4 to 5 Morningstar rating, indicating it has good performance in its class.
Vanguard has terrible customer service and that was a major part of the decision to change.
Go woke go broke
Every Chevron decision is driven by money, money, and money. Moving to BlackRock benefits Chevron, not you. That's why over the years your pension calculations have been re-structured downward, your medical insurance has continually gone up (along with higher deductibles), and your pay (other than Execs and their cronies) has consistently failed to keep pace with inflation. Take consolation that you are helping support the dividend and stock buy-backs. Remind yourself that Chevron still operates in Venezuela and operated in Myanmar for years, both human rights hellholes.
@gnq is exactly right. What's happening is the full merging of the corporate world with the federal government. This is happening globally. In the end, there will be a few mega corporations and banks that will be allowed to survive. Our every transaction will be policed via CBDC and we'll be able to do nothing unless it's government approved.
We're only in the beginning of this process now.
@trm, I totally agree. I left Chevron in 2016 after 29 years at Chevron. Got my severance, took my lump sum pension and transferred everything in the 401k, then held at Vanguard, and moved it all into two IRAs. On retrospect, I had could not be more satisfied with the outcome.
Glad that I am retired: Time to rollover into an IRA. I wonder if there is will a mass exit in the net two weeks.
Chevron is beholden to woke, ESG fund managers so executives can achieve high social credit scores to be invited to hunt humans at the next Davos gathering.
Because HR negotiated a commission for the company. Do you think HR ever makes a benefit change for the employees benefit?
Why? Because this company isn't capable of making logical decisions. It is 1,000% a mistake. Mike and his cronies will get paid either way so they don't care about your retirement or mine.
Fees at Vanguard are already very low, and Vanguard is a much large (more stable?) company. This might have been a mistake.
Because the fees are cheaper dummy. Those fees add up and compound overtime.