Is the company match in effect till the last paycheck of the severance? This is for over employees with over three years in service.
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The key word is "may", "may cease upon my commencing new employment"....you will continue receiving "benefits in accordance with the Benefit Plan terms."
I was told they will pay you till the end of the third month even if you quit a month after starting your PIP. I am not 100% sure if 401k contribution is included to benefits but benefits will also continue with pip or resignation. But check with HR. I managed to talk to our local one. They are not as informed but was still helpful. I could not get hold of a corporate HR as they insist on communicating through my supervisor.
If you take the 3 months salary, they give you a lump sum to leave. If you take the PIP and leave prior to 3 months, they stop paying you because you left the company.
This is the way that I interpret it.
So severance stops if you get hired elsewhere?? How will they know if you take a new job though?
You can take another job you just won’t get paid from XOM anymore. 3 months or new employment whichever comes first.
According to the information I received, you maintain employee status for the 3 months of the severance. 401K and medical/dental is maintained, but you cannot take another job in that time.