I know I can get a very small pension now. I am penalized for not having 15 years in and discounted to 56 also. Do I have any protection from OWPA? I really need to get a “full retirement”. I would retire now if they made me eligible (no age bump just eq to service threshold). Has anyone heard of service being waived? Mid ranked now former top ranked before this year. Nothing changed except my age.
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I was told by an XOM manager that they are making an effort to not PIP people within 2 years of 15/55. That is a lawsuit headache they would want to avoid. Everyone else is fair game.
To leave EM as a retiree and be eligible for retiree benefits (medical, dental, vision, discounted gas, etc) you must be age 55 with a min. of 15 yrs benefits service. There’s an exception for disability retirements, but you don’t want to go out by that route. If you’ve been financially responsible, you can avoid the pension discount by waiting until age 60 to commence your benefit. Each month you wait is a reduction of the discount because the discount is based on your age.
Additionally, if you’re thinking about a lump sum, be sure to consider playing the interest rate game. The lower the quarterly Interest rate, the higher the lump sum payment. If you don’t have a financial advisor, consider getting one, and one who has your best interests n mind. You can set up monthly annuity payments through your advisor.
If you elect an annuity from EM, you will NEVER EVER get a cost of living adjustment (COLA), even though EM is earning lots of interest on your pension funds. This has been an ongoing complaint from pensioners to the Pension Plan administrator for decades. It won’t change.
Person mentions the healthcare aspect below - and that's a hinge for sure.
You say you're in the 'middle' this year. You should make it to 15.
Study up on all the aspects. Also use company time to keep up on skills/tech in your area.
I left at 58 with 17 years (voluntarily) precisely because I could consult at my discretion with the EM benefits 'tucked up me arse' as my friend says.
It’s unethical but, that’s the culture these days. One manager asked his employee his age and then said, “ok you’ll be on the next round since you will be discounted. I’m safe since I’m in my 40’s.“ Jerk! Breaking all rules with a smile. What happened to letting people leave with dignity....just ridiculous!
You are "vested" in the pension plan after five years. Obviously your benefit amount is reduced further and I think there are less options on how and when you can take your benefits vs 55/15. Plus no retiree healthcare, a biggie for most. If you are worried about the integrity of the plan you should read about "PBGC." For more nfo about how the plan and its benefits work read about it at ExxonMobilFamily. I've found most coworkers to be clueless about the details. https://www.exxonmobilfamily.com/en/finance/pension/participation-vesting-and-cost
I wish you the best. I know of someone forced out. He had the age, but not they years of service. It was an unethical move, but XOM does what they want.
Gots to get to 15, pardner.
Try to hang on - and submit retirement on the day you hit 15.
There will be penalties for pre-60 retirement, but fairly trivial.
And if the pension is still around at that point - take the lump sum.
that pension is a thing of the past. soon.
You're being set up so they cab pull the trigger on you right at 15 years. Get ready for NSI next year
After 13 years you should know the answer to your question. It takes age 55 with 15 yrs to be able to retire. And don’t think they will bridge you. I know an attorney who was PIP’d who has almost 20 yrs but was only 51. She Gone!
Thanks. I know incentives or packages have a chance less than surviving a PiP. I am just hoping (foolishly?) to get the service threshold. I do think I was given a pretty big rank drop due to age and managers thinking I could retire. Oh well.
Good luck. In the current climate, I think the company would rather NSI you, than give you a financial incentive to retire.