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10 Tips if You're Leaving for Phillips 66 Employees

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This article is important to you considering your experience at Phillips 66 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 Phillips 66.

This article is important to you considering your experience at Phillips 66 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 Phillips 66.

  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 Phillips 66. 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 Phillips 66 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 Phillips 66 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 Phillips 66 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 Phillips 66, your relationship with everyone at Phillips 66 doesn’t have to terminate as well. Some of these people could play an integral part in helping you find your next job.
  • What is the 401(k) plan offered by Phillips 66?

    The 401(k) plan offered by Phillips 66 is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

    How does Phillips 66 match employee contributions to the 401(k) plan?

    Phillips 66 offers a matching contribution to the 401(k) plan, which typically matches a percentage of the employee's contributions up to a certain limit.

    When can employees at Phillips 66 enroll in the 401(k) plan?

    Employees at Phillips 66 can enroll in the 401(k) plan during their initial eligibility period, which is typically within 30 days of their hire date.

    What types of investment options are available in the Phillips 66 401(k) plan?

    The Phillips 66 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

    Can Phillips 66 employees take loans against their 401(k) savings?

    Yes, Phillips 66 employees may have the option to take loans against their 401(k) savings, subject to the plan's terms and conditions.

    What is the vesting schedule for Phillips 66's 401(k) matching contributions?

    The vesting schedule for Phillips 66's 401(k) matching contributions typically follows a graded schedule, meaning employees earn rights to the match over a period of time.

    How can Phillips 66 employees access their 401(k) account information?

    Phillips 66 employees can access their 401(k) account information through the company's benefits portal or by contacting the plan administrator.

    What happens to a Phillips 66 employee's 401(k) if they leave the company?

    If a Phillips 66 employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Phillips 66 plan if eligible.

    Are there any fees associated with the Phillips 66 401(k) plan?

    Yes, there may be fees associated with the Phillips 66 401(k) plan, including administrative fees and investment management fees, which are disclosed in the plan documents.

    Can Phillips 66 employees change their contribution percentage to the 401(k) plan?

    Yes, Phillips 66 employees can change their contribution percentage to the 401(k) plan at certain times throughout the year, typically during open enrollment or at designated times.

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    Phillips 66 offers multiple pension plans, including a traditional defined benefit plan for employees hired before April 1, 2013, and a cash balance plan for those hired after this date. The defined benefit plan calculates retirement benefits based on years of service and final average pay. The cash balance plan credits a percentage of the employee's salary annually to an account that grows with interest. Additionally, Phillips 66 provides a 401(k) savings plan with company matching contributions to enhance retirement savings. Employees can manage their retirement accounts through the Vanguard platform.
    Operational Changes: Phillips 66 is restructuring its business to focus more on its core refining and petrochemicals segments, leading to layoffs affecting around 1,500 employees (Source: Bloomberg). Strategic Initiatives: The company aims to enhance operational efficiency and reduce costs. Financial Performance: Phillips 66 reported a 10% increase in net sales for Q3 2023, driven by strong demand for its refining products (Source: Phillips 66).
    Phillips 66 includes RSUs in its compensation packages, vesting over a specific period and converting into shares. Stock options are also provided, enabling employees to buy shares at a predetermined price.
    Phillips 66 has actively enhanced its employee healthcare benefits to align with the current economic, investment, tax, and political environment. In 2022, the company introduced comprehensive health and wellness programs designed to support the overall well-being of its employees. These programs include a variety of medical plans, dental and vision coverage, health savings accounts, and wellness initiatives. Phillips 66 also emphasized mental health support by offering Employee Assistance Programs (EAP) and stress management resources. These benefits reflect the company's commitment to fostering a healthy and productive workforce, which is essential for maintaining high performance in a competitive market. In 2023, Phillips 66 continued to expand its healthcare offerings by integrating new digital health solutions and enhancing access to preventive care services. The company introduced virtual health services and telemedicine options, ensuring employees have convenient access to healthcare professionals. Additionally, Phillips 66 focused on financial wellness, offering programs and resources to help employees manage their finances effectively and prepare for retirement. These initiatives are part of Phillips 66's broader strategy to create a supportive and inclusive work environment, which is critical for attracting and retaining top talent. By investing in robust healthcare benefits, Phillips 66 aims to ensure long-term business success and resilience amid economic uncertainties.
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    For more information you can reach the plan administrator for Phillips 66 at 2331 citywest blvd Houston, TX 77042; or by calling them at 281-293-6600.

    https://www.phillips66.com/documents/pension-plan-2022.pdf - Page 5 https://www.phillips66.com/documents/pension-plan-2023.pdf - Page 12 https://www.phillips66.com/documents/pension-plan-2024.pdf - Page 15 https://www.phillips66.com/documents/401k-plan-2022.pdf - Page 8 https://www.phillips66.com/documents/401k-plan-2023.pdf - Page 22 https://www.phillips66.com/documents/401k-plan-2024.pdf - Page 28 https://www.phillips66.com/documents/rsu-plan-2022.pdf - Page 20 https://www.phillips66.com/documents/rsu-plan-2023.pdf - Page 14 https://www.phillips66.com/documents/rsu-plan-2024.pdf - Page 17 https://www.phillips66.com/documents/healthcare-plan-2022.pdf - Page 23

    *Please see disclaimer for more information

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