I'm less than thrilled that we're transitioning our Vanguard funds to BlackRock, who mandates the "current thing", aka ESG to companies their invested in, and overemphasizes ESG scores vs. profit in the funds they offer.
17 replies (most recent on top)
Transferring the Chevron ESIP to BlackRock will turn out to be a mistake. All employees can do is chip in their 2% minimum contribution to their 401k to get the 8% company match. Any more retirement savings up to maximum IRS allowable amount can be placed into an IRA outside the company. Diversity and safety is key.
Another catastrophic decision ftom BlackdeathRock obedient servant MW and the slaves on board.
BlackdeathRock has full control of most of S&P 500 and their policues. BlackdeathRock is behind all evil agendas that is destroying our values, assets and pensions.
Hey little devil Larry, hit me with another letter so i can wipe my a** with!
I always opted to contribute 2% toward my ESIP 401k to get my 8% company match, and I reallocated my holdings twice of three times a year among the limited core investment choices to keep things balanced. However, I contributed the annual maximum towards my Traditional and ROTH IRAs outside the company. I had more investment choices and control over my retirement money. If I was still working for Chevron, I would have some concern over my ESIP being managed by BlackRock. I would prefer Vanguard or Fidelity instead, but would only contribute the minimum amount to receive the full company match and contribute up to the maximum annual amount in an outside Individual Retirement Account.
This is a terrible love because the MER is going from .08 with vanguard to .5 with blackrock.
That is all, you may return to shooting bud light cans.
The chevroid droids all hang out on the layoffs site because they rarely work and are very familiar with their prospects of being laid off. If they had any drive or ambition they would simply find another place to work if it's as bad as they say. Why be miserable?
I hear a lot of empty talk from the chevroid droids today. Marching to mediocrity, spending time building spreadsheets at work, nothing else to do, extrapolating to retirement, and now the solve for X function produces a different result and you are diving for the panic button. I despise this company.
Not everyone wants to settle for the mediocre returns from the target date funds. Making it harder and harder to build a truly diverse portfolio. This is a giant kick in the cajnes / ovaies.
This depends. For the bulk of CVX in default VG Target Retirement funds, the BlackRock LifePath funds are arguably slightly better than VG, with less bonds and less international.
For the more seasoned investor who didn't use the VG Target Date Funds, the alternative fund choices appear to be huge downgrades.
BlackRock LifePath funds seem to "suck less" than the rest of the new options. Maybe that was their intent.
If they fu-k us with lousy woke ESG options, does it make sense to just contribute 2% to get the match and then save the rest to a true index like VTSAX? Problem is getting mu---red with high marginal tax.
This SUCKS!!
They better offer the "Fidelity Brokerage Link" option or we're fu---d.
This was an asinine decision, as it also hurts the top brass where it matters as well as the hoi polloi.
At the very least I hope they just offer a regular vanilla pure S&P 500 index fund, not neutered for "woke/sustainability" screening.
In that case at least I can move other things around to get the needed balance. If we don't at least get the S&P 500, we're totally fu---d!
I mean come on WTF!! Earnest Partners Smid Cap Core? The performance is abysmal and it has a high fee. But it has a near perfect sustainability rating, with ridiculously poor returns.
I work to be free and this change really HURTS my ability to do that and makes it HARDER. I've been unhappy with a number of changes and this really hits it home where it matters.
Chevron Employee Survey just came out. Even if nothing will come of it, perfect timing to tell it like it is.
Can you move to Fidelity specific funds but remain within the 401k? Do not want a Traditional IRA since need to keep that at 0 balance for annual backdoor Roth conversions.
Whoever decided on Blackrock is HURTING the employees chance at becoming F.I.R.E. which was the only thing keeping me going, given how ridiculously overworked we are these days.
Yes, this is terrible. You can move <50% of your Fidelity 401k funds to a brokerage account at Fidelity. You and/or your financial advisor can then invest it in pretty much anything and outperform the BlackRock ESG garbage. If I can do it without a finance degree, anyone can. But seriously--talk to a professional before you jump off that high dive.
I love how the low information workers complain about "record profits" here without acknowledging the other side of the equation. That's one definition of "woke" for you.
Vanguard is the only fund company that is owned by the fund holders. Blackrock is a publicly traded company looking to turn a profit.
This is a terrible mistake.
I really hope we will have option of just DIY Fidelity funds and not be forced into these wealth ki-ling Blackrock funds.
I'm really upset with this.
Current ESIP was really good. Would have been fine if they also switched to Fidelity Index.
What does "Equity Index" mean? Is that S&P 500 or something else?
What is their "Extended Market"? The ESIP options from 4 years ago were the best, it got reduced a bit, and now its terrible.
Can't they just leave a good thing alone???
The throw away tag “woke”, which no one seems to be able to define, and go broke somehow doesn’t fit CVX having record profits in of $36.5 billion.