Can experienced ExxonMobil persons post here the approx value of pension say after 20-25 years? Trying to decide whether I ought to continue my suffering and anxiety for the pension or quit now. I do not like to work for ExxonMobil anymore. I know pension depends on salary etc but I am looking for a ballpark number, given the variation in salaries. Assume for a grade 25-27 process engineer - staff or senior staff engineer kind of average salary. If he or she leaves at 55-60, what will be approx pension. Thanks for your help and posts.
11 replies (most recent on top)
If you’re an employee, you should receive a pension statement every year that gives you that info (monthly amount, commuted value, etc) and you can use those numbers to do forecasts. It’s dead easy to calculate.
There is a personlaized pension calc at the HR site, if you are XOM you have access to it. For 20-25 years, engineer, about $200k final salary, should be just above $1M, depending on interest rates
You need to talk to a financial advisor.
OP, it’s all listed in the Compensation and Benefits summary. Lump and monthly. Every employee knows this.
So..........
Thank you all, OP again. I knew the 1.6% x #years service x annual pay formula, but was a little unclear about how the lumpsum was calculated. The above formula shows regular monthly annuities payment but not lumpsum. But two of the posts gave me a good ballpark feel. Thank you for help. The information in these posts is really helpful. Thinking of leaving.
Troll. Employees have the pension formula and can handle simple 8th grade algebra to calculate. For you future earnings you can assume you ain't gonna be no executive
Calculate it. 1.6% x #years service x annual pay = annual pension. 15 years would be approximately 25% of your pay if you take the monthly payment option
Such silly goof replies.
And OP - there is a Pension Estimator at the HR sight.
If you don't know about that.... well.
You ain't even a 22.
OP, Below are my numbers and some background, Maybe they will be useful to you. Good luck to you.
I worked for 15 years at EM, retiring in 2016 at 65 years old. I was an engineer working EMDC (Drilling). My focus was front-line, offshore Deepwater drilling & completion operations. By the time I retired from EM I had set 26% of all EM's SS DW trees using wire on a crane/ROV vessel - used Maersk Installation/PSV vessels (great food, ha!), FMC and Cameron trees. (Those of you on this side of the industry will know what I'm talking about) .
My salary in my last year before retirement was $328K/yr (plus the 401K match and benefits). Some of my salary was tax protected. I never got a bonus, I was not that high up. My EM retirement is now $40K/yr + sup health insurance which continues for my wife if I pass before her. (I picked a pension form BP in 1995, those were the days when companies were offering pensions).
OT
I honestly never knew what my grade level was. Never paid much attention to it. I think I was 27 or 28. The raking was another thing I never paid much attention too; it was just noise to me...
If you are young: keep your head down, tow the company line, do a go job, keep your eyes open for the next job, move on when you get a better offer, pray for some luck..... and, above all, remember that the company does not love you (that is for your account :)
Poster below is way off. Pension should be above $1M ... mine was over $1.5M for 40yrs.
Should expect at least 100k. The pension is generous because it is a tax effective place to park profits and keep people working at XOM.