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New Update: Rising Oil Costs are Affecting Retirement Plans. Will you be impacted?

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Women of Phillips 66: 4 Helpful Retirement Strategies

March 20, 2026
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Oil Market Update: Phillips 66

The $50 to $120 crude range and 80% volatility create different challenges for Phillips 66's two main businesses. The refining segment must manage input costs and crack spread timing, while midstream transportation contracts provide earnings ballast. This combination offers operational stability but not the natural commodity hedge that upstream-to-downstream integration provides. For Phillips 66 employees building retirement savings, this commodity exposure means that employer contributions, stock compensation, and career stability may all correlate with oil prices, requiring deliberate diversification. Consulting with a financial advisor can help you build a diversified strategy that accounts for commodity cycle uncertainty and protects your long-term financial goals.

These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put Phillips 66 employees ahead of the curve.

  •  Talk about money.  Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
  •  Be proactive about your retirement after Phillips 66.  Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Phillips 66 retirement accounts stand today? Being proactive with your Phillips 66 retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.
  •  Make room for your future in your budget.  Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.
    • Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.
    •  Transamerica.com, 2026
    •  GAO.gov, 2026

    Before finalizing any estate plan, it is worth examining how Phillips 66's employer-sponsored benefits fit into the broader picture. According to publicly available information, Phillips 66 maintains a cash balance pension plan, which defines your retirement benefit as a hypothetical account balance that grows over your career through pay credits and interest credits. Under ERISA, cash balance plan benefits vest on a three-year cliff schedule. Phillips 66 also offers retiree healthcare benefits to eligible employees. Because the specifics of your cash balance account balance, vesting status, and benefit options depend on your individual employment history and plan documents, We encourage you to review your Summary Plan Description (SPD) or speak with Phillips 66's HR or benefits team for the most current details.

    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

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