Chevron Retirement Plan, commonly known as CRP, can be taken in the form of lump-sum or monthly lifetime annuity. Election of CRP option requires completion of the When You Leave paperwork.
CRP Lump Sum is currently the most popular election made by Chevron retirees. It is widely believed that over 80% of the retirees opted for it in 2014. It is important to note that CRP lump sum calculation is calculated using several variables like your age, year of service, highest salary, and segment rates etc. The most significant factor in the calculation is the segment rate which is based on a blend of interest rates and change every month. All else being equal, lower segment rates will result in a higher lump sum amount, while higher segment rates will result in a lower lump sum amount.
CRP annuity can be taken in various forms of monthly payments. Other than single life annuity, all other options offer a continuing payment for your beneficiary. Keep in mind that CRP annuity has no cost of living adjustment (COLA) so the payment stays the same throughout your lifetime.
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Company retirement plans are subject to change. For specific plan information consult your human resource department.