By David Chazin
Major corporations are constantly changing – whether it’s expanding, acquiring new departments, selling old departments, transferring employees or simply redirecting their focus. Chevron is no stranger to this constant change: from the acquisition of legacy companies such as Texaco, Gulf and Unocal, to the more recent transfer of 400 Chevron ITC, ETC and procurement employees to Houston, TX – almost 11% of its San Ramon workforce. More recently, Chevron moved to sell their Energy Solutions department to OakTree Capital.
What have these changes meant to the affected employees? In some cases, they needed to decide if they wanted to transfer to another part of the country to stay with the group. In other cases, they have been forced to decide if they are going to simply retire. In most cases, the employees were forced to assess their current situation from a financial perspective and make some very big decisions. A few examples of some of the decisions include; what to do with the ESIP? What to do with the CRP? How much do they need to support their lifestyle? Can they afford to retire or not? If the employee is a PSG 26 and above, how do they handle the Stock Options or the RRP?
The sale of CES is not a rare occurrence. Corporations like Chevron constantly have to adapt to the ever shifting global economy. Even if you aren’t expecting a change like a sale of your division, a relocation, or a ROM, it doesn’t hurt to at least consider what you would do if you were faced with such a decision. The stress of change can be overwhelming and it’s important to keep in mind the resources available to help you understand your options. A financial planner can walk you through the specifics of what you need to consider and how those decision will impact you financially. If you can retire sooner rather than later, wouldn’t you like to at least know that this is an option?
I’d be happy to sit down with you for a review of your finances and help you explore your options going forward. Because I work with well over 200 Chevron executives, managers, employees and retirees, I’m knowledgeable about your ESIP and CRP, stock options analysis, plus other issues specific to Chevron employees (in addition to the retirement, investment, and estate planning issues everybody faces). In fact, chances are you may know one of my Chevron clients and you can ask them how working with a financial planner has helped them.
Please contact us at (800) 318-7848 with specific questions or to schedule a time to meet in our San Ramon or Point Richmond offices.