What happens if you are laid off before you reach retirement age? For instance, let's say I am 40, have ten years with XOM, and am laid off. When can I start receiving my pension and how much do I receive every month? Thank you.
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OK, millenial? I thought you knew how to read? Just go to the intranet, I thought you were the experts at that, no?. Jeez, people, do you need everything cut up and chewed up and spoonfed? No wonder we are doing so poorly. Glad I am making it out
55 and 15 yos is the eligibility for annuitant status. If you do not meet this eligibility you are a terminee.
You you are still eligible for a pension if you are vested, based on your years of service and salary but you cannot collect until age 65. And you do not qualify for annuitant status perks such as medical and fuel discount. If the company is sending out small lump sums to terminees than that could indicate a future pension freeze. Similar to what GE is doing right now.
I know of 3 people who were cut or quit recently. All had over 5 but less than 15 years. They received a lump sum pension check in the mail. They did not file for it or even know it was coming. Their 401k is still in tact as they rolled it over into a new plan. The check was not from their 401k. To those saying people are confusing 401k with pension, I can tell you that when you have $200k in your 401k and you get a check for $275k while your 401k balance remains the same, that money is not coming from the 401k. You’re vested after 5 but it doesn’t get real sweet until 15+. It was discounted but it was a pretty good chunk of change. They all 3 mentioned HR and the benefits people did not mention this happening, yet it was a pleasant surprise for all 3. In the end, you will get something if you have over 5 years.
Every spring, XOM sends US employees a link to a summary called "2019 Compensation & Benefits Statement". You should still be able to access it if you are still employed. It contains a section called "Your Retirement Outlook" The first thing in that section in my statement is a blue box with a number telling me how much I would receive at age 65 had I left the company on Dec 31, 2019 WITHOUT 15 years of service, but MORE than 5 years of service..
It is a pretty nice summary so everyone still employed might want to take a look at it for 2019 and look again for the 2020 summary next spring. I print mine out each year, (or did print it out each year).
A quick search of the internet says your completely wrong. You may want to look up the definition of vested. This plan description is for the US and is a few years old but it hasn’t changed what terminee’s get as an annuity starting at 65 and can get it earlier with a very large discount.
https://docplayer.net/8020623-Exxonmobil-pension-plan-summary-plan-description.html
I just retired and have had extensive talks with HR and Ernst and Young. You need to be 55 AND with 15 years service otherwise there is ZERO pension. 5 years and 3 years etc or age 50 is all false. I have just seen the latest and this has always been the case. Some of you guys may be confusing 401K savings plan which vests quickly.
Just look it up in the intranet! Whats up with people needing to be spoofed today?
SeeingBetterDays is an f-ing mo–n. Check the internal website. It's all there.
It was mentioned earlier about financial illiteracy and yammers retire in 5. All the answers you want and a calculator are on the benefits site. SSO from a company computer.
The simple version
At 5 years vested
If you leave prior to 55 & 15 years s you are a terminee and get annuity only at 65 (below this age it’s discounted)
If you retire at least 55 & 15 years then you can take lump sum and get health care benefits.
In some very limited circumstances a terminee is allowed the lump sum at age 50
https://www5.lifeatworkportal.com/opglobal/pub/logonlw.jsp?client=exxonmobil
Pension vests with 5 years of service. Please just go read the pension info online. You are usually not allowed to take it until 55 but I’ve seen people talk about exceptions when you get laid off with some potential option for one time lump sum but not sure if that’s just for people with 15 years ( it was definitely younger folks than 55 who got offered a lump sum)
Talk to HR.
You should be vested in at some level with 10 yrs.
Thanks for the answer. I thought they vested my pension already at three years of service so that I can receive something when I turn 55? Are you sure that I get nothing at all in my life?
To get any pension at all, you need to be 55 years old and have 15 years of service. Otherwise pension is zero. Then you will have only 401K but no pension. The 55/15 year rule has no exceptions, both >55 and >15 required. Find a new job now and get the hell out. I left 2 months ago, have a new job, no pension but 15-20% annual bonus and savings plan has like 30 mutual fund options and 6% match. ExxonMobil culture and the bureaucracy is not worth it. Yes their base pay is a little more and yes there is pension for now, but with bonuses and better savings plan options, other company packages are comparable. I burnt 24 years in ExxonMobil, did get a pension, but looking back if I had to start all over again, I would have left ExxonMobil a long time ago. Just like you want a good husband or wife and relatives in your personal life, you spend 8+ hours daily at work and you need good colleagues and supervisors. ExxonMobil toxic culture, the insanely crazy ranking system, the unneeded SLSs and managers - whose job positions will not exist in any other company than ExxonMobil all result in a intolerable quagmire of filth and sewer that is not worth it. By sticking on for 24 years I am sure I damaged my health. Now trying to relax more and recover. Very pleased and fortunate to now work at another company where I am appreciated and people are helpful to each other. Nothing like ExxonMobil. I say it again - get the hell out. Pension not worth it. Also I know many people from ExxonMobil that retired and died in less than 5 years, partially because of all the stress they endured. A reputable medical magazine has an article that states that prolonged periods of stress, anxiety, discomfort, intimidation etc can make the human body more predisposed to cancer, heart diseases and other serious illnesses.