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New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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10 Tips if You're Leaving for ConocoPhillips Employees

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Healthcare Provider Update: Healthcare Provider for ConocoPhillips ConocoPhillips provides its employees with access to various healthcare plans through third-party providers, primarily offering services via large insurers such as Blue Cross Blue Shield and UnitedHealthcare. These plans typically include comprehensive medical, vision, and dental coverage tailored to meet the diverse needs of its workforce. Potential Healthcare Cost Increases in 2026 As the healthcare landscape evolves, ConocoPhillips employees can expect significant premium hikes in 2026, driven by a perfect storm of factors impacting the Affordable Care Act (ACA) marketplace. With anticipated increases exceeding 60% in some states and the potential expiration of federal premium subsidies, many employees could face out-of-pocket costs soaring by up to 75%, compounding the financial pressure. The ongoing upward trend in medical costs, coupled with employers' shifts in cost-sharing strategies, may further challenge employees as they navigate rising healthcare expenses. Planning ahead and understanding these dynamics is crucial for effective budgeting and healthcare management in the coming years. Click here to learn more

This article is important to you considering your experience at ConocoPhillips as an employee. Many people ask about ways to stay afloat while they’re in-between jobs. What people fail to realize is oftentimes the steps you take before leaving your current job can be even more crucial. Here are a few tips to consider before leaving ConocoPhillips.

This article is important to you considering your experience at ConocoPhillips as an employee. Many people ask about ways to stay afloat while they’re in-between jobs. What people fail to realize is oftentimes the steps you take before leaving your current job can be even more crucial. Here are a few tips to consider before leaving ConocoPhillips.

  1. Open a line of credit  at your bank or credit union. You may also consider opening at least one credit card, or increasing the credit limit on cards you already have. It can be very difficult to get a loan, get a line of credit or open a credit card after you lose or leave your job at ConocoPhillips. Banks usually do not want to lend money to people who are unemployed. Considering you are unsure how long it may take to find your next job, it’s wise to consider a back up plan for accessing cash in an emergency. It's possible you've never been in a position where your credit score was low or you could not get a loan. When you are unemployed, your credit rating and ability to get credit will almost certainly take a hit.
  2. Write down everything . In a stressful time, it’s good to keep accurate notes, with dates and times of discussions and who participated in those discussions. Keeping a journal can be very helpful in tough times. It helps you keep track of crucial information and also helps you keep tabs on conversations you have with any superiors at ConocoPhillips regarding your activities, or impending layoff.
  3. Use Career Path to build your Resume . Once your resume is looking good, utilize LinkedIn to pursue opportunities and connect with friends, employers, or even old coworkers.
  4. Print out/download  any corporate training documents you have.

  • Make a list  of those around you who are in the same position. It may be a good idea to stay in touch and support one another. Make LinkedIn connections with those close to you. You may feel upset or embarrassed, and your instinctive reaction may be to lay low. It's wise to confide in positive-minded family, friends, and former colleagues. Career counselors and support groups can also make a big difference and can help you gain an alternative perspective on your situation. You are not alone. Many others at ConocoPhillips are in the same situation and will want to discuss their frustrations.
  • Resolve Anything You're Uncertain About . Many people in this situation are still wondering what the criteria was that dictated their removal from their position. Rather than dwelling on what the reason might have been, it’s wise and sometimes relieving to ask your supervisor or leadership team at ConocoPhillips what the decision criteria was based on.
  • Look Through All Documents Thoroughly . The ADEA sheets will list, by job title, the age of those in your universe, the population total of people in your universe with that title at that age, the number “selected” to participate in the surplus, and the number not selected. This will provide you with valuable information on age & job title. Look out for anything that may be considered age discrimination. You may want to use an excel document to sort this information.
  • Download all of your contacts . Anyone you’d like to retain in your life – friends, colleagues, etc.
  • Print out/download  all of your pay stubs.
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  • Keep Networking!  LinkedIn should be a major focus of your efforts. Whatever the source, attempt to make as many connections as you can, and maintain your contacts – with peers, supervisors, vendors, etc. Despite your employment ending at ConocoPhillips, your relationship with everyone at ConocoPhillips doesn’t have to terminate as well. Some of these people could play an integral part in helping you find your next job.
  • How does the retirement process at ConocoPhillips provide guidance to employees in selecting the most beneficial form of payment? In what ways can employees utilize available resources to maximize their understanding of the pension options offered by ConocoPhillips?

    The retirement process at ConocoPhillips provides employees with various resources to guide them in selecting the most beneficial form of pension payment. Employees can access the "How to Choose the Best Form of Payment" link on Your Benefits Resources™ (YBR) to learn more about their options and determine what works best for their financial situation​(ConocoPhillips_Your_Ret…).

    What steps must be completed by employees at ConocoPhillips to ensure they initiate their retirement process accurately and avoid any delays? How crucial is the timing of these steps in determining the Benefit Commencement Date (BCD)?

    Employees at ConocoPhillips must initiate the retirement process by requesting their pension paperwork 60-90 days before their Benefit Commencement Date (BCD). Timing is crucial, as missing deadlines may delay the BCD and associated payments. Completing all steps on time ensures that the retirement process flows smoothly​(ConocoPhillips_Your_Ret…).

    Given the complexities associated with the lump-sum pension payment option at ConocoPhillips, what considerations should employees take into account before electing this choice? How does the current interest rate at the Benefit Commencement Date impact the lump-sum amount?

    Before electing a lump-sum pension payment, ConocoPhillips employees should consider the current interest rate at their BCD, as it directly affects the lump-sum amount. A higher interest rate typically reduces the lump-sum payment, making timing and rate awareness critical​(ConocoPhillips_Your_Ret…).

    In what ways can ConocoPhillips employees ensure their Pension Election Authorization form is completed correctly to facilitate timely pension payments? What are the implications of not adhering to the required notarized consent for married participants?

    Ensuring the correct completion of the Pension Election Authorization form is vital for timely pension payments. For married participants, notarized spousal consent is required, and failure to provide this could result in delays or issues with payment processing​(ConocoPhillips_Your_Ret…).

    How does choosing direct deposit for pension payments at ConocoPhillips streamline the retirement process for employees? What should employees know about setup and changes regarding direct deposit after initiating their pension benefits?

    Choosing direct deposit for pension payments simplifies the process for employees at ConocoPhillips, as it enables automatic payments to their bank account. Employees can set up direct deposit during their retirement process or update it at a later time​(ConocoPhillips_Your_Ret…).

    For employees considering rolling over their lump-sum pension payment from ConocoPhillips, what procedures should they follow to ensure compliance with IRS regulations and to avoid tax penalties? How can effective planning influence the success of this rollover?

    Employees electing to roll over their lump-sum pension payment must follow specific IRS regulations to avoid tax penalties. Effective planning, such as obtaining rollover paperwork and adhering to IRS rules, ensures compliance and smooth fund transfer​(ConocoPhillips_Your_Ret…).

    What resources does ConocoPhillips provide for employees to calculate and project their retirement income? How can these tools empower employees to make informed decisions regarding their future financial security?

    ConocoPhillips provides employees with tools such as the "Project Retirement Income" feature on YBR, empowering them to calculate and project their retirement income. These resources help employees make informed decisions about their financial future​(ConocoPhillips_Your_Ret…).

    How do deadlines play a pivotal role in the benefits process for retiring employees at ConocoPhillips, and what specific dates must be adhered to in order to avoid payment delays? Can you provide examples of consequences resulting from missed deadlines?

    Deadlines are critical in ConocoPhillips' retirement process, as missing them can delay pension payments. For example, requesting pension paperwork after the 15th of the month can delay the BCD by a month, affecting the pension payout date​(ConocoPhillips_Your_Ret…).

    What are the added advantages for employees at ConocoPhillips who actively seek assistance or information from the Benefits Center during their retirement planning? How can this proactive approach enhance their overall retirement experience?

    Employees who seek assistance from the Benefits Center during their retirement planning benefit from personalized guidance. This proactive approach ensures that they fully understand their options and deadlines, enhancing their overall retirement experience​(ConocoPhillips_Your_Ret…).

    How can employees at ConocoPhillips contact the Benefits Center to receive personalized assistance in navigating their retirement options? What specific resources and support can they expect when reaching out for help?

    ConocoPhillips employees can contact the Benefits Center by calling 800-622-5501 or accessing YBR online. The Benefits Center provides personalized assistance and guidance, helping employees navigate their pension options effectively​(ConocoPhillips_Your_Ret…).

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    ConocoPhillips offers a defined benefit pension plan called the ConocoPhillips Retirement Plan, vesting employees after three years. Benefits are calculated based on final average salary and years of service. The ConocoPhillips Savings Plan (CPSP) is the company’s 401(k) plan, matching 6% of contributions and adding a discretionary 3% based on performance. The plan includes immediate 100% vesting and supports traditional and Roth contributions. [Source: ConocoPhillips Benefits Overview, 2022, p. 20]
    Merger and Layoffs: ConocoPhillips is set to merge with Marathon Oil in a deal worth over $22 billion, which will likely lead to at least 500 job cuts. The merger aims to achieve $500 million in cost savings and increased operational efficiency, though it may result in localized negative impacts, particularly in Houston (Sources: KTRH, Yahoo News). Financial Performance: ConocoPhillips reported strong financial results for the first half of 2024, with a production increase and substantial cash flow. The company generated $10.2 billion in cash from operations (Source: ConocoPhillips). Operational Strategy: The merger is part of a broader consolidation trend in the oil and gas industry, aiming to enhance production and shareholder value (Source: KTRH).
    ConocoPhillips grants stock options and RSUs to incentivize employees. Stock options allow employees to buy shares at a set price after vesting, while RSUs are awarded with vesting conditions such as tenure or performance. In 2022, ConocoPhillips focused on RSUs to retain talent and align with strategic goals. This continued in 2023 and 2024, with broader RSU programs and performance-linked stock options. Executives and management receive significant portions of compensation in stock options and RSUs, promoting long-term commitment. [Source: ConocoPhillips Annual Reports 2022-2024, p. 91]
    ConocoPhillips made notable changes to its healthcare benefits in 2022, including expanded preventive care and chronic disease management services. The company introduced new telehealth options and wellness programs by 2023. In 2024, ConocoPhillips continued to focus on comprehensive employee healthcare and integrating innovative solutions. The strategy aimed to support overall health with enhanced mental health resources and preventive care services. ConocoPhillips’ updates reflected a commitment to maintaining robust benefits and addressing employee needs effectively.
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    For more information you can reach the plan administrator for ConocoPhillips at p.o. box 4783 Houston, TX 77079; or by calling them at 918-661-6199.

    https://www.sec.gov/Archives/edgar/data/1163165/000119312523077649/d367442d10k.htm - Page 9, https://hrcpdocctr.conocophillips.com/Documents/HR-Benefits-documents/AE/Retiree_Handbook.pdf - Page 18, https://static.conocophillips.com/files/resources/conocophillips-pension-plan_implementation-stateme.pdf - Page 13, https://hrcpdocctr.conocophillips.com/Documents/HR-Benefits-documents/2022_SARs-ConocoPhillips.pdf - Page 22, https://hrcpdocctr.conocophillips.com/Documents/2024_Annual_Enrollment/COBRA_Guide.pdf - Page 15, https://hrcpdocctr.conocophillips.com/Documents/SPD/Savings_SPD.pdf - Page 25, https://retiree.uhc.com/content/dam/retiree/pdf/conocophillips/2024/2024-PG-ConocoPhillips-15750.pdf - Page 20, https://retiree.uhc.com/content/dam/retiree/pdf/conocophillips/2022/2022_Plan_guide_ConocoPhillips_15750-15773.pdf - Page 27, https://hrcpdocctr.conocophillips.com/Documents/2023_Annual_Enrollment/COBRA_Guide.pdf - Page 30, https://retiree.uhc.com/content/dam/retiree/pdf/conocophillips/2023/2023-conocophillips-pg-15750.pdf - Page 35

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