Is it true that, going forward, our pension will be eliminated?
29 replies (most recent on top)
So is it true or not?
@bul truth b0mb
Formally, the benefit might still exist, at least for a while. The company’s actions in the last year have however made it meaningless. The corporate strategy for recovery relies on eliminating “high cost” employees, which means over 50. The coming MLRP will probably eliminate the last remaining REs (retirement eligible), and those aged now 52-54 (NREs) will be eliminated as soon as they get to 55 in the next years. The layoff has already taken care of almost everybody around 50 and that will continue to be the elimination age, to prevent having new NREs and REs. The pension, or at least the real, full retirement that used to be a key magnet for sticking with EM, is gone forever (except for the “chosen ones”, of course!).
Any regular EM employee should be perfectly aware of these things: we are now all on one-year contracts, without pension and without training, in an industry that will be around for a few more decades but will be continuously shrinking. If you expect a formal canceling of the pension benefit to be your wake-up call, you’re going to be in deep trouble.
Aren’t pensions mandatory in certain countries? I thought Australia, UK and Europe?
Who knows. Any answers on this are pure speculation. I know how things are today and that's it. Unless someone here is a member of the executive leadership dealing with compensation and benefits their guess really isn't worth much.
Yes, you can bet that the pension will be eliminated, but it will probably be done for new employees. Others will likely be grandfathered in.
I have heard nothing about the pension plan being eliminated. If it was, the cash lump sum payout at the time of elimination would be significant.
It will be eliminated some day. I would expect the first sign of it’s elimination would be voluntary opt out and payouts.
Of course it will be eliminated...why do you think they cut the 401k match...when the cancel the pension they'll reinstate the 401k match and say that it has more present value to employees...#Winning!
Good luck recruiting with no pension, match, stuffy atmosphere, no work from home flexibility, and no 9/80.
No.
just got source from VP level....pension will be removed, 401k matching not coming back at least for 2021..possible 2022.
Why not. They’ve eliminated or reduced every other benefit.
I got mine. Thanks EM. Now, every day is a vacation.
Navigating the oil industry over the last 38 years was not the easiest thing to do. I was able to figure it out.
Keep In mind, no one but you really cares about your career, your goals or aspirations. No one. (With the possible exception of your family).
Good luck to every one!
If I was at Caesar's Palace...I would bet 100k that the pension is over, that is an easy bet. former mobil and exxon employee
401k when it returns will have smaller match. Pension eliminated with cash out of what you’ve earned to date. But it is competitive per HR so we should all be smiling right?
Many will quit if this is true
Get those dry adult diapers ready!
Have not heard this rumor but ultimately not counting on pension being there for me when I can actually cash in on it (much like social security). As a young adult with 20 more years in my career I know better than to count on it…pension is not something keeping me here at this point as I don’t have faith they won’t take that too. I have heard that raises likely aren’t happening this year but as always just speculation. I don’t expect 401K to return until 2022 and even then I’ll bet it’s not the same as it was.
What is NRE that you commented on
Us boomers don’t care what you drown in…..as long as you drown
if this happens, we will drown in boomer tears
Excluding government less than 8% of the private sector workforce has pension and retiree Healthcare. All the jobs that have been offshore over the years and are currently being offshore do not have a pension and retiree health care. The rumor is that pension and retiree health care will be eliminated 4Q21 with 45 and older grandfathered, however the way they PIP age 52 or less these days very few will make it to NRE. This is the next step in our Senior Management's progression in their minds in right sizing our company. And do not count on 401k match returning in 2022 either and when and if it returns it will be one half of its former self.
Rumor says our dividend will be halved next starting next year
Hi OP. I sympathize with you. You absolutely can't get an honest answer out of the toxic as-----s that make up the majority of the EM workforce. I have not heard this rumor circulated but nothing would surprise me at this juncture.
100% true. In fact, they are going to take back any money they have paid to your pension thus far. Dems da breaks amigo!
OP here, not a troll. Heard these rumors multiple times now and was looking for an honest answer. That's what you get working at this place. Thanks.
nothing better to do?
@OP is an id--t
Is it true you’re a troll 👹?