Chevron employees may withdraw money only under certain circumstances.

Age 59½ withdrawals. Once you reach age 59½, you can make withdrawals from your ESIP.

Disability withdrawals. If your claim for total disability benefits under the company’s Long-Term Disability Plan has been approved, you can withdraw money from your ESIP.

Hardship withdrawals. You can withdraw money from your ESIP for a serious financial hardship, including:

  • Purchase of a principal residence.
  • Unreimbursed medical expenses.
  • Tuition and fees for postsecondary education.
  • Prevention of eviction or mortgage foreclosure.
  • Funeral expenses for a family member.
  • Expenses for repair of damage to your principal residence.
  • Before making a hardship withdrawal, you must first exhaust other options, including loans. In addition, you cannot contribute to the plan for three months after a hardship withdrawal.

Military duty withdrawal. You can withdraw money from your employee before-tax and Roth accounts on a pro rata basis after 29 days on active military duty.

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.