Just to add insult to injury... if you have money in your SSP and you separate before 15 yrs service AND before 55 yrs old, yep. The company takes that away too. This is money that the company matched your savings with and if you go over your annual limit, XOM puts ITS money into the SSP, not yours, so if you separate for whatever reason they take it back. Check your plans!
12 replies (most recent on top)
Darren Woods fire these greedy employees please
Frankly - if you complaining about SSP funding - you are an insult and injury to this fine business.
The SSP is where the company match goes once your salary exceeds the IRS limit on compensation that can be counted towards the 401(k). It’s around $269k, I haven’t checked in a few years. Probably not the most complete answer.
The rules on the distribution of the Supplemental Savings Plan are very clear. This affects a very small percentage of "highly compensated" individuals. The company should use the money to pay dividends. This was NEVER Your money, it belongs to shareholders
Seems like $62,500 is the savings limit. Then contributions are zeroed until end of year.
The 401k annual contribution limits of $19.5k or the defined contribution maximum limit or $56k?
What is SSP?
When I exceed my contribution limits in last 3 months of the year, I just get more take home pay and my savings contributions go to zero.
I was breaking $325K/yr as an offshore lead sup for various EMDC deepwater ops through the years (28/28). Numerous WW locations. I had $SSP but claimed it when I retired. Interesting to see the rule has changed. Good luck
To get SSP you need to be well over midpoint of CL 28 salary.
so where does your money go if you exceed 401k contribution limits? i thought it went there
We’re you an experienced hire? If not please share tips for how you got your salary up high enough to be SSP eligible. You were making some serious money!
If you leave or terminated before you are retirement eligible, you do not get your SSP. That was announced a few years ago now.