I found out that the new employees no longer have a pension plan. They do however have a higher 401k match. I know a lot of us are waiting for the 80points to be accumulated even though we know we can get much better jobs outside Shell. But seeing how mismanaged this corporation is makes me feel that it would be really easy to declare bankruptcy and get out of their pension obligations.
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Shell Oil Company (US) closed its defined benefits plan to new or rehires 1 January 2013. You’re just finding this out, are you?
OG poster should be on the redundant list soon.
Of course. Shell USA Pensions funds are held in a separate account that is nearly fully funded. Shell contributes to it annually ( if required by law). They can stop contributing, and if no new pensioners added, all existing pensioners will be paid in the USA.
D-mbest post ever and designed to bait .....
Thinking that Shell could go bankrupt is stupid talk at least for next 50 years. There is nothing better than hydrocarbons to fuel the worlds hunger for energy. Way out there…who knows but with cash in their bank I’m sure Shell, Exxon, BP, Chevron will have a piece
When age plus years of service = 80, you're there, but this hasn't been available to new employees for at least 10 years. Also, everyone gets the same 401k match. If shell US goes bankrupt, and you are on the old 80 point plan, you will be at least partially covered by the federal government pension insurance.
How long does it take to get 80 points typically? If I haven’t hit 80 are you saying pensions are going away for US employees?