2 years from retirement. Are they going to steal my pension .
15 replies (most recent on top)
Your pension is in a protected account. Now your insurance benefits are another story.
The rule is NOT 55... it is if you have 15 years of service and you are 55 you are eligible, but NOT required... why do people have to be so ugly to those that are older... guess that comes from nothing but BULLIES and not being taught to respect your elders... 55 going on 56 and get emails and calls everyday on how do we do this, what does this mean, how do we find this...
@1vxm+173WNV6P Is this really true? Is there a minimum age limit? In other words if someone in their 40's with more than 15 years service, would they be eligible?
HR confirmed that they updated pension rules such that someone not eligible for retirement (terminee) now has a 1 time opportunity to receive a lump sum Pension 90 days after their last day of work. This allows those PIPd to get the lump sum. However, the age penalty could be very high as 65 is the retirement age for a terminee.
@1jbx+173WNV6P How do you know this person wasn’t a contractor for years before being hired that may have worked twice as hard as you during that time? You don’t so no point spewing ignorant antics.
Seriously now, you only joined ExxonMobil at ... 48 with an entire career behind you, who knows in what g_d forsaken places, worked here for 13 puny years, you are 61 which , lets not kid ourselves, is not exactly peak capacity, and now you are calling it "your" pension? We built this company you only care to loot sir; the rules are 55 y.o. and 15 years experience. If it works, good for you, if it doesn't, go back to your previous employer(s) who made your name important enough to get hired here. Enough with the opportunists.
No, they’re not going to “steal” your pension (whatever that means).
Thanks for your replies. I really appreciate it. I’m 61 but only have 13 years service. If they lay me off does this disqualify me from receiving lump sum option .
They can and probably will through what is called a distress termination. If you think the pension is yours it is not yours until the money actually ends up in your bank account. Don't take the companies word for it and realize that there are loopholes in how they can get out of paying a full pension to people. Trust me I guarantee you ExxonMobil being the slimeball they are will find a way to cut down the massive entitlement to their service employees.
I think what is at risk if you leave before 55 is 5 years of pay. What you would receive between 60 and 65 as monthly pension payments. And the option of lump Doehear people being let go have a lump sum option. Would like to know the formula for this.
Vested but not yet eligible for lump sum. Need 2 more years.
You’re protected by law, thank god. And the assets in the pension fund can’t be accessed by the corporation.
If you are vested, the pension is yours. It cannot be stolen.
No. EM is not going to alter the pension of someone so close to retirement due to federal labor law / liability exposure. Hopefully you have saved adequately in your 401k as well. Buckle up. You may be told to retire early.
For sure!!! Thank you for finding the dividends!