When you retire or stop working for the company, you can generally receive a distribution of your account. You can decide what to do with your account balance from the following options:

  • Leave your money in the plan, as long as your balance is more than $1,000. However, you must begin taking minimum required distributions when you reach age 70½.
  • Rollover your balance to an IRA or another employer’s plan. It may be necessary to roll over assets based on before-tax, traditional after-tax and Roth 401(k) contributions into separate vehicles. Before deciding whether to rollover your assets, you should consider the investment options, administrative fees and investment expenses of the new account or plan.
  • Receive fixed-dollar installment payments.
  • Receive partial distributions or a lump-sum payment.

To receive a distribution, please contact Fidelity through the HR Service Center.

Note: Special rules govern the taxation of distributions from your Chevron stock funds. For more information:

Tax implications: You will be responsible for paying any federal, state, local or foreign taxes on a distribution or withdrawal from before-tax accounts. A distribution or withdrawal of Roth 401(k) earnings is usually also taxable unless the initial Roth contribution was made more than five years ago and you are at least age 59½. Early withdrawals may be subject to a 10 percent federal penalty tax. To the extent required by law, Fidelity will make the appropriate withholding for tax purposes.