Chevron Incentive Plan (CIP) award payouts are considered part of your regular pay* in the Chevron Employees Savings Investment Plan (ESIP). This means a portion of your CIP payout will automatically be included in your usual paycheck deduction to the ESIP (up to IRS limits); you do not need to do anything. But, if you’d rather save more or less of your upcoming CIP towards retirement, you can just change your ESIP paycheck deduction in advance of your CIP payment.

  • If you change your ESIP paycheck deduction to a lower contribution percentage, less of your regular pay (and your CIP payout) will go into your ESIP account.
  • If you change your ESIP paycheck deduction to a higher contribution percentage, more of your regular pay (and your CIP payout) will go into your ESIP account.

If you want to make a change, you must take action in advance of your CIP payment, by the deadlines listed below. Try to change your paycheck deduction as close to the deadline as possible so your change affects only the paycheck that includes your CIP payout. If you change your deduction, don't forget to change your percentage back again when you receive your CIP payout, (see the chart below for suggested dates).

Remember – to receive the company match (also known as the company contribution), you must contribute a minimum of 1% of your pay.

  • If you contribute 1%, the company match is 4%.
  • If you contribute 2% or more, the company match is 8%.

How to Change Your ESIP Deduction

  • On the Vanguard website.
  • Call Vanguard at 1-888-825-5247 (610-669-8595 if outside the U.S.), option 1.

Deadlines to Change ESIP Paycheck Deduction
Prior to CIP Payouts (U.S.-Payroll Employees)
If you are …

Last day to change your ESIP deduction prior to your CIP payout:
Hourly GOM
G3 Payroll
March 1, 2017
(CIP paycheck date is March 10, 2017.)
Hourly GOM
G4 Payroll
February 22, 2017
(CIP paycheck date is March 3, 2017.)
Hourly Employees March 1, 2017
(CIP paycheck date is March 10, 2017.)
Expatriate* February 23, 2017
(CIP paycheck date is March 7, 2017.)
Salaried*
Exempt/Nonexempt
February 24, 2017 (Revised)
(CIP paycheck date is March 7, 2017.)

*Note: If you are a PSG 28 or higher, then only non-deferred CIP is considered regular pay in the ESIP.