Long held rumours of pension changes.
What’s the scoop?
12 replies (most recent on top)
“It’s going to happen soon”!! Blah, blah, blah. Been hearing this for 10 years and nutin’. Go back to denigrating India you trollz.
I just want to get out with my lump sum and medical. If they get rid of the medical then there is no reason to stay. I will take the retirement asap. I will also take social security at 62. These may all go away or be insolvent soon. Get out while you can when things are good.
It’s in the works, annually, there are small changes leading up to discontinuing the benefit.
@dy “Going forward, EY expected ExxonMobil to grandfather the pension and focus on the matching 401K only.” Grandfather means they will still honor pension to the existing employees ?
If you attended the 2-day Late Career Retirement course that Ernest and Young used to provide to all ExxonMobil employees at no cost, you would have heard the Ernest and Young (EY) professional state that ExxonMobil is only one of a handful of companies that offer a parallel pension annuity or lump sum pension and a matching 401K plan in the United States.
The EY retirement professional said that we should not count on ExxonMobil offering a traditional pension program long-term. Going forward, EY expected ExxonMobil to grandfather the pension and focus on the matching 401K only.
honestly I could not care what they do, will be submitting my papers soon and once I get my huge check from EM, I really won't care.
When I searched DC pension on emconnect there's some reference about Defined Contribution (DC) program for EM Company Canada, but couldn't see much beyond that. Does anyone know if they are offering DC for new hires now or specific countries?
They have been clear they do not offer a career or long term job anymore so keeping the pension makes no sense at all. I expect it to be gone very soon.
It's inevitable. Defined benefit pension costs are going "extinct" mainly because they have become too costly and risky for employers, they are complex to manage, and workforce trends have shifted toward more flexible, portable retirement benefits. Many companies found themselves facing large, unfunded pension liabilities, leading to freezes, terminations, and, in some cases, government bailouts. Very few companies now offer a defined benefit plan.
At this rate I just wish they'd buy us out of it vs hearing about it constantly. All those near retirement to go ahead and retire with their benefit and the rest just buy us out. There's a number of people hanging on because of the pension. The company doesn't want or value us
I would expect for XOM to get out of the pension business at some point. Maybe replace it with increasing the company’s match.
There is no scoop. It’s likely that in 5 yrs something will happen. Low oil price will trigger changes.