Retiring from Chevron in the next few years?

Your Chevron pension, 401(k) and retirement timing, in one place

Guides, webinars and answers for Chevron employees, and a complimentary call with an advisor who works with Chevron employees.

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The Retirement Group is not affiliated with Chevron.

Your Chevron pension: what to know

Vesting

You are eligible for a Chevron pension benefit if you are vested when your employment ends, meaning you have five years of service or you reach age 65.

Source: Retirement Guide for Chevron Employees, Chevron Pension Eligibility and Participation Requirements

Legacy plans

The Chevron Pension Plan includes legacy plans from Texaco, Caltex and Unocal. Each has its own calculation rules, so it matters which one applies to you.

Source: Retirement Guide for Chevron Employees, Legacy Plans and Their Differences

The Social Security offset

Your Chevron pension is reduced by a Social Security offset, and offset projections can be wrong. If Chevron over-projects it, a corrected offset can lead to a larger benefit, so talk with an advisor before you send in your Social Security statement.

Source: Retirement Guide for Chevron Employees, The Social Security Offset & The Risk of Mistakes

Lump sum or annuity

Instead of a monthly payment, you can elect a lump sum. It is actuarially equivalent to the Single Life Annuity and is calculated from your age and the interest rate in effect on your annuity starting date. No death benefits are payable under the lump sum option.

Source: Retirement Guide for Chevron Employees, Considering Your Chevron Pension Plan Payout Options

Interest rates and timing

Chevron looks back three months to set the interest rate for a lump sum, so a small change in your retirement date can change your payout. On average, a 1% change in rates can mean an 8% to 12% change in the lump sum, in the opposite direction.

Source: Retirement Guide for Chevron Employees, Interest Rates and Life Expectancy