As a Chevron employee, you’re eligible to participate in the Chevron 401k plan, Employee Savings Investment Plan (ESIP). You are always 100% vested in all the contributions you and the company invest into this plan.
All basic contributions to ESIP have a 4:1 match by Chevron. Basic contributions could be made on before tax, after-tax or Roth 401k basis. If you contribute 2% of your regular pay the company will match 8%. Beginning February 2015, Chevron changed the way company match contributions are invested into your ESIP. It is no longer made in Chevron stocks. Instead, these contributions are invested the same way that you chose to invest your regular payroll 401k contributions. With the fluctuations in Chevron stock price recently, the employer match change has proven to be positive. Company contributions are now invested in how you have diversified your portfolio among stocks, bonds and other investments.
Per IRS regulation, your 2016 maximum annual before-tax (or Roth) 401k contribution is $24,000 if you’re 50 or older. Anyone below 50 can contribute up to $18,000 for 2016 on a pre-tax (or Roth) basis. Please note that your maximum total contributions, including your personal contribution and Chevron’s match, cannot exceed $59,000 for the year if you 50 or older or $53,000 if you are under 50. We actively work with our clients to generate an optimal strategy to contribute to their ESIP to reach the maximum limit in a given year.
Read more about how we can help you understand your Chevron Employee Benefits.
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Company retirement plans are subject to change. For specific plan information consult your human resource department.