Got an offer and trying to understand more about Exxon benefits
What to expect on the pension after 15 years of work?
Offer close to. $150
10 replies (most recent on top)
You can go into the new benefits portal and set the pension to lump sum and end date as the current date to see approximately what amount you would receive if you left the company.
Make it damn clear you want the lump sum of your pension on the way out the door though. Otherwise you’ll get about 200 bucks a month when you are 65
Don’t expect 15 years of work.
God man learn to spell or at least use spellcheck before you post anything.
After 2020 it’s useless to even talk about pension benefits at EM. The setup is such that regular employees are not even supposed to ever get to RE status anymore, the company has an entire mechanism to get you out before then. HiPos are supposed to get their pension but the entire system will probably crash in less than 15 years, so even most of them will end up high and dry.
The only realistic pension benefit we could talk about, if you make it to your 5 year mark, is a heavily discounted cash out from the pension plan when your employment will be terminated.
Don't be misled. Pension vest schedule is 5 years not 15 years
Good luck making it to 15 months
The competitive companies are aligned with Vanguard for their 401k’s it’s just better for the employee. Look at the math, you will find that the pension is not as competitive as some other peer companies. I cannot speak for all peer companies, but my current employer is definitely a step up in terms of retirement benefits, not even close in comparison. Personally, I am thankful for my current employer, it really opened my eyes about EM after I had drunk the Kool aid.
Extremely unlikely to make to 15 years. Most new hires get PiP and severance within 1st or 2nd year through the “hire to fire” program
Just walk away, friend. Money ain't everything.
Pension: if you are 55 and have at least 15 years of service, you could retire then, and take your pension with you, either lump sum or spread out. The bigger question is: Will you survive 15 years? I see a lot of new hires being PIP'd after just 1 year.