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Healthcare Provider Update: Healthcare Provider for Occidental Petroleum Occidental Petroleum collaborates with Lyra Health to provide enhanced mental health benefits. This partnership offers employees access to cost-free mental and emotional healthcare, focusing on making effective services convenient and accessible. Potential Healthcare Cost Increases in 2026 In 2026, healthcare costs for employees at Occidental Petroleum are expected to rise significantly due to various market pressures. A recent forecast indicates an overall increase of approximately 8.5% in healthcare spending, driven by rising hospital and health system operating costs, along with increased demand for behavioral health services. Additionally, if enhanced federal premium subsidies for ACA marketplace plans are allowed to expire, many employees could face drastic hikes in their out-of-pocket costs. This scenario underscores the need for proactive planning and strategic adjustments in employee healthcare benefits amid a shifting economic landscape. Click here to learn more
Divorce can change financial stability; 'Yet being informed about your entitlement to Social Security benefits as the former spouse of a Occidental Petroleum employee may provide some comfort and security. As you wade through these maze of rules, review your options carefully to ensure a comfortable retirement,' says Brent Wolf of The Retirement Group.
Understanding how Social Security benefits work post-divorce is critical - especially for those previously married to Occidental Petroleum employees. Seek out financial advisors to explain these options and optimize your Retirement benefits, says Kevin Landis of The Retirement Group.
In this article we will discuss:
1. Eligibility Criteria: Knowing the requirements for claiming Social Security benefits through your ex-spouse - including age and marital status - is important.
2. Benefit Calculation: How much Social Security benefits you get depends on how much your ex-spouse earned over 35 years.
3. Strategic Claiming: Post-divorce timing of Social Security benefits to maximize Retirement income based on research by the Center for Retirement Research at Boston College.
Divorce can create special financial challenges. If you were married to a Occidental Petroleum employee for 10 years or longer, you can still get benefits through your ex-spouse if they remarried.
Social Security Administration lets you keep the benefits based on your ex's income if you remarry after age 60, 'she said.'
It has a few basic requirements. 62 or older. If you qualify, you need an ex-spouse who gets Social Security benefits. You must be eligible for less through your former spouse than on your own.
If you're under 60 and a Occidental Petroleum customer, you must be single to qualify for an ex-spouse's benefits. Our Occidental Petroleum clients over 60 who wish to remarry are welcome to do so. If you remarry after age 60, Social Security Administration lets you keep receiving benefits based on your former spouse's earnings.
Now consider quantity. How much money you get depends on how much your ex-spouse earned in average over 35 years. You receive fifty percent of the full retirement benefit of your ex-spouse. Be fearless if your ex-spouse is eligible for benefits but hasn't claimed them yet. You can still receive some spousal benefits if you are divorced for at least two years and your ex-spouse has not started Social Security yet.
These aren't the only important aspects of Social Security for divorcees - the interaction of the various Social Security rules is often confusing. Our Occidental Petroleum customers experiencing this need to weigh their options.
Read our e-book here for more: https://retirekit.theretirementgroup.com/cultivating-social-security-benefits-ebook-offer
Added Fact:
A Report by Boston College Center for Retirement Research in 2021 said that claiming Social Security benefits could raise Retirement income for divorcees dramatically. The report says delaying the claim until full retirement age or beyond may mean higher benefits for divorcees, helping them maximize their monthly income in retirement. It points out that timing Social Security claims for divorcees is important to optimize retirement income.
Added Analogy:
As a divorce could divide up couple's assets, Social Security benefits could be split as well. Social Security for divorcees is like a joint bank account. You could have some of their benefits if you were married to a Occidental Petroleum employee for at least 10 years - even if they remarried. It's like getting the interest on that shared account. Your share depends on what your ex-spouse makes - just like the interest on the account. And if your former spouse hasn't cashed in on the account yet, you still could get your share even if they haven't withdrawn any money. But the rules are complicated, so you might want to work with a professional to maximize your shared Social Security 'account' after a divorce.
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
1. Social Security Administration. 'Ex-Spouse Benefits And How They Affect You.' SSA , 8 Mar. 2021, www.ssa.gov/benefits/retirement/learn.html .
2. Social Security Administration. 'More Info: If You Had A Prior Marriage.' SSA , last modified 29 July 2022, www.ssa.gov/help/iClaim_marriagePrior.html .
3. Social Security Administration. 'Family Benefits.' SSA , www.ssa.gov/benefits/family/ .
4. Social Security Administration. 'POMS: RS 00202.005 - Divorced Spouse.' SSA , 23 Aug. 2023, policy.ssa.gov/poms.nsf/lnx/0300202005.
5. Social Security Administration. 'Will Remarrying Affect My Social Security Benefits?' SSA Blog , 17 Feb. 2025, www.ssa.gov/blog/2025/02/remarrying-affect-benefits.html .
What are the key provisions of the Occidental Petroleum Corporation Retirement Plan that employees should understand to maximize their benefits, and how does the company structure its contributions relative to employees' earnings? As employees of Occidental Petroleum Corporation consider their retirement planning, it's vital to grasp how the company's contributions function, particularly concerning the wage base and annual earnings limits.
Key Provisions of the Occidental Petroleum Corporation Retirement Plan: The Occidental Petroleum Corporation Retirement Plan is fully funded by the company, with contributions based on an employee's annual earnings. The company contributes 7% of annual earnings up to the Social Security wage base ($137,700 in 2020) and 12% on earnings above the wage base. This structure is designed to help employees build substantial retirement savings. The plan's benefit limits align with IRS regulations, and employees should be aware of how these contributions are applied based on annual earnings limits to maximize their benefits(Occidental_Petroleum_Co…).
How can Occidental Petroleum Corporation employees manage their investment options within the Retirement Plan, and what resources does the company provide to help them make informed decisions? The investment options available through the Occidental Petroleum Corporation Retirement Plan serve as a significant tool for employees wishing to tailor their retirement savings according to their financial goals and risk tolerance. Understanding these options can be complex and requires an in-depth exploration of available funds, associated risks, and projected performance.
Managing Investment Options: Occidental Petroleum employees have control over how contributions to their Retirement Plan are invested. The plan offers various investment funds, including bond and stock market index funds, and target date funds. Employees can manage their investment elections through the online platform, oxy.voya.com, which also provides fund performance data and advice resources, such as Online Advice and Professional Management services, to assist employees in making informed decisions(Occidental_Petroleum_Co…).
In what ways do vesting schedules impact employees' retirement benefits at Occidental Petroleum Corporation, and what rights do employees have under the Employee Retirement Income Security Act (ERISA) regarding these benefits? Navigating the vesting schedule can make a profound difference in the go-forward retirement landscape for employees. Occidental Petroleum Corporation offers a structured approach to vesting, impacting when benefits are owned outright, and understanding the implications of ERISA for retirement planning is essential for all employees.
Impact of Vesting Schedules: Occidental Petroleum's Retirement Plan vests fully after three years of service. Employees are always fully vested in any Rollover accounts. Vesting schedules impact when employees can fully claim their retirement benefits, with protections under ERISA that guarantee the right to earned benefits. Employees who leave before vesting forfeit the nonvested portion of the company’s contributions(Occidental_Petroleum_Co…)(Occidental_Petroleum_Co…).
What are the distribution options available for employees of Occidental Petroleum Corporation when they reach retirement age, and how do these options affect their financial planning? The variety of distribution options at Occidental Petroleum Corporation can create a much more personalized retirement plan, allowing employees to consider how best to receive their benefits while factoring in tax implications and future income needs.
Distribution Options at Retirement: Employees reaching retirement age (60) have multiple distribution options from the Retirement Plan, including lump sum payments and annuity options. These choices impact financial planning, as each option has different tax and income implications, allowing employees to tailor their benefits to their future financial needs(Occidental_Petroleum_Co…)(Occidental_Petroleum_Co…).
How does Occidental Petroleum Corporation support employees who experience disability, and what provisions are in place for continuing retirement contributions during such periods? Understanding the support structure provided by the company, specifically in relation to short-term and long-term disability, is crucial for employees who may find themselves in unexpected circumstances. It’s important for them to know whether retirement contributions will continue during their disability or if they might need to make adjustments to their financial planning.
Disability and Retirement Contributions: Occidental Petroleum continues to contribute to the Retirement Plan if an employee is receiving short-term disability benefits. The contributions are based on the employee's actual pay during the disability period. This provision ensures that retirement savings can continue during times of temporary disability, supporting long-term financial planning(Occidental_Petroleum_Co…).
How can employees at Occidental Petroleum Corporation ensure their beneficiary designations remain current and what are the implications of these designations for estate planning? The process of maintaining accurate beneficiary designations is critical for the smooth transition of retirement benefits, and employees must be aware of how changes in personal circumstances can impact these designations.
Beneficiary Designations: Employees should regularly update their beneficiary designations to ensure their retirement benefits are directed as desired upon their death. Changes in personal circumstances such as marriage, divorce, or the death of a previously designated beneficiary should prompt an update. Failure to do so may result in unintended allocations(Occidental_Petroleum_Co…)(Occidental_Petroleum_Co…).
What are the specific eligibility requirements for the Occidental Petroleum Corporation Retirement Plan, and how do these requirements differ for various employee categories, such as full-time versus part-time employees? Recognizing the nuances of eligibility criteria within the retirement plan is essential for employees to understand when they can begin to participate and what contributions may apply, especially if they transition between roles.
Eligibility Requirements: Full-time and part-time non-union employees and some union-represented employees are eligible to participate in the plan. Contributions begin automatically on the first day of the month of employment or eligibility. Understanding the specific eligibility requirements, especially for employees transitioning between full-time and part-time roles, ensures accurate participation and benefit accumulation(Occidental_Petroleum_Co…).
How can employees reach out to Occidental Petroleum Corporation for assistance regarding their Retirement Plan benefits, and what are the best practices for ensuring their inquiries are addressed promptly? Effective communication with the company is key during the retirement planning process. Employees should know how to navigate company channels to maximize their understanding of benefits available to them.
Contacting Occidental Petroleum for Assistance: Employees can manage their retirement plan and address inquiries through the Oxy Retirement Service Center and the oxy.voya.com platform. Best practices for ensuring prompt responses include using the appropriate online tools and staying informed about plan updates and changes(Occidental_Petroleum_Co…).
What are the tax implications of distributions from the Occidental Petroleum Corporation Retirement Plan, and how can employees plan accordingly to minimize their tax burden during retirement? Having a comprehensive understanding of how taxes will impact withdrawals is crucial for employees as they strategize their retirement income, and these tax considerations can play a significant role in long-term financial planning.
Tax Implications of Distributions: Distributions from the Occidental Petroleum Retirement Plan are subject to standard federal and state taxes, including required minimum distributions (RMDs) starting at age 72. Employees should consider consulting a tax advisor to minimize tax burdens and maximize retirement income by understanding the specific tax consequences of various distribution options(Occidental_Petroleum_Co…).
How does Occidental Petroleum Corporation's retirement plan structure address the needs of employees transitioning from active service to retirement, particularly in terms of investment performance and management of existing accounts? As employees consider retirement, they should be well-informed about how the company manages contributions already made, ensuring that their investment strategy aligns with their anticipated retirement lifestyle and goals.
Transition from Active Service to Retirement: Occidental Petroleum supports employees transitioning to retirement by continuing contributions and offering a range of investment options that align with long-term financial goals. This structure allows employees to manage their investments effectively during retirement, ensuring that the plan remains aligned with their financial objectives(Occidental_Petroleum_Co…).
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