@ien, I too am retired from Chevron. This bit of news (rumor) is new to me, but if it's true, we retirees can take our retirement money anywhere we want. But, if we want want to remain in an ESIP arrangement of receiving the lowest expense ratios possible, I'm afraid we'd have to allow our portfolio to transfer over to Fidelity. We retirees could remain with Vanguard, but not as a 401k. Our account balance would be transferred to a Traditional IRA account with different expense ratios and different rules. If you are at least 59.5 years old, there wouldn't be as much to worry about, but if you are younger, you might as well let it transfer over to the Fidelity ESIP. Under an ESIP 401k, you will not be penalized by the IRS for early distributions, so long as you left Chevron in the year or after you turned 55. This news/rumor is interesting. I remember years ago when we had switched ESIP institutions from State Street Bank to Vanguard. When that happened, the employees actually came out better. One should expect if the rumor is true, employees (and hopefully retirees too) will come out with a better deal than what Vanguard offers.