Chevron offers its executives who are at PSG 26 or higher a non-qualified payment called Retirement Restoration Plan (RRP). The RRP can be taken in different ways – either as a lump sum or in annual payments over up to ten years – this election must be made when you first enroll. If you do not chose any option at the time you first became eligible, you are assigned the lump sum option by default.
RRP is distributed at least 5 quarters after separation from service. The distribution can be changed at least twelve months prior to first payment but defers payment at least five years. Please note that your RRP amount grows at the ten-year treasury rate.
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Company retirement plans are subject to change. For specific plan information consult your human resource department.