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At Insight Wealth Strategies we have had the privilege of working with hundreds of Chevron employees as 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.

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 there are big changes on the horizon at Chevron.

It is our understanding Chevron will be offering buyouts and severance packages to many employees this year through a program called Expression of Interest (EOI). The initial timeframe of this program was thought to be around October, but in the past week, we have heard Chevron is also offering an accelerated Expression of Interest period that started on April 21 and will run through May 8.

While this is a fluid situation, and there are still a lot of unknowns with the COVID-19 pandemic, recent market volatility and the recent downturn in oil markets, we understand this news can be a bit unnerving for employees and their families.

Deciding whether to take a buyout or severance package at this time is a huge decision for you and your family. We’ve compiled a list of some important questions you may want to consider before making that decision:

  • If you were planning to retire in the near future and are eligible for a severance or buyout, is it beneficial to take advantage of that offering now? If you were considering the EOI, would it be beneficial to choose the accelerated EOI?
  • Are you ready to separate from service in the next couple months? For individuals interested in the accelerated EOI, it is looking like their last day on payroll would be around July 10.
  • Do you plan on taking your Chevron Retirement Plan pension as monthly payments or as a lump sum, and are you comfortable investing in a depressed market? Individuals separating from service and choosing the lump sum option for their CRP will have an opportunity to invest and put their money to work during an economic downturn when security prices are relatively low.
  • How will future economic conditions impact Segment Rates? There are a lot of unknowns in the economy right now. If interest rates begin to rise in regular intervals every month, the value of your lump sum pension could decrease.

For these and other questions, 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 your options and help you make the best decision for you and your family.

For employees impacted by the 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 completed correctly.
  • We can walk you through your When You Leave (WYL) packet and ensure it is completed correctly.
  • We can help you understand the potential impact of changing Segment Rates on your CRP.

We can 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 Investment Plan).
  • Understand Segment Rate analysis (as it relates to your Chevron Retirement Plan (CRP)).
  • Plan for your financial future following your separation from service.

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.