David Chazin No Comments

At Insight Wealth Strategies, LLC, we have had the privilege of working with our Chevron clients for more than 18 years and have been helping Chevron executives, managers and employees in California (San Ramon and Point Richmond) and in Texas (Houston) with their financial planning. 

With hundreds of Chevron employees as clients, we strive to keep as up to date as possible with the latest news on Chevron and how potential company changes could impact employees. In recent weeks, we’ve gotten word from many clients that there are big changes on the horizon at Chevron. 

Some of our clients are reporting Chevron will be offering buyouts and severance packages to many employees later this year. There have also been reports in the news of possible company-wide restructuring, divesting of assets in some regions and the winding down of some projects. 

While this is still a fluid situation, and there are a lot of unknowns, we understand news like this can be a bit unnerving for employees and their families. 

Insight Wealth Strategies is uniquely positioned to help Chevron employees facing these uncertain times. Our planners are well-versed in the Chevron world and can help you better navigate the current situation and make the best choice for you and your family. 

We Can Help You: 

  • Help you better understand your Chevron benefits 
  • Figure out when you will be able to retire 
  • Map out a retirement plan 
  • Identify any missed coordination gaps in your current plan 
  • Understand specific tax strategies to put money back into your pocket 
  • Determine how much you should be contributing to your ESIP (Employee Savings Investments Plan) 
  • Understand Segment Rate analysis (as it relates to your Chevron Retirement Plan (CRP))
  • Plan for your financial future following your separation from service 

For Employees impacted by the “Expression of Interest” (EOI) program or potential layoffs: 

  • If you are affected by the EOI program or are ultimately laid off, we can help you determine if retirement is a viable option at this time 
  • We can help you better understand the critical decisions about company benefits following your separation from service 

For Employees Retiring from Chevron: 

  • We can assist you with making the appropriate decisions about your CRP and whether it is more beneficial for you to take the lump sum or annuity option
  • If applicable, we can assist you with your Retirement Restoration Plan (RRP), help you create a plan for contributing to your Deferred Compensation Plan (DCP), and understand the impact of your retirement on your Chevron Incentive Plan (CIP) and Long-Term Incentive Plan (LTIP) awards 
  • We can walk you through your When You Leave (WYL) packet and ensure it is done correctly 
  • Help you understand the potential impact of changing Segment Rates on your CRP 

If you are a Chevron employee and would like to discuss what these changes at Chevron could mean for you and your family and how it could impact your retirement, please reach out to us at 1-800-878-1665, and we can schedule a complimentary meeting with one of our knowledgeable financial planners. If you are already a client, please reach out to your financial planner. 

Authored by Dennis Culver, Insight Wealth Strategies. 
Insight Wealth Strategies, LLC is not affiliated with Chevron.
Securities offered through Mutual Securities, Inc., Member FINRA/SIPC.  Insight Wealth Strategies, LLC is not affiliated with Mutual Securities, Inc.
Insight Wealth Strategies, LLC is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Insight Wealth Strategies, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Insight Wealth Strategies, LLC unless a client service agreement is in place.
Insight Wealth Strategies, LLC (IWS) and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.