This information will help you understand when the recent Chevron Incentive Plan (CIP) payout and salary changes will be included in your Chevron Retirement Plan calculations, estimates and benefit payouts.

Chevron Incentive Plan (CIP) Awards

For purposes of your Chevron Retirement Plan benefit, 2013 CIP awards are deemed paid in April - even if paid in a month other than April - so awards will become part of your retirement plan earnings in April 2014. As long as you are on the U.S. payroll at least one day in April, then your CIP award (paid in March 2014) will be considered in the calculation of your retirement benefit.

For purposes of retirement benefit estimates generated on the Benefits Connection website, 2013 CIP awards (paid in March 2014) will be considered in estimates that are generated starting around mid-May. Online estimates generated before mid-May will not include the 2013 CIP paid in March 2014. That's because all earnings for April are not fully loaded into the system until around mid-May.


Salary Changes

For purposes of Chevron Retirement Plan benefit estimates generated on the Benefits Connection website, here's when you can expect that 2014 salary changes will be included in your estimate.

You can see two types of retirement benefit estimates from the estimator tool on the Benefits Connection website: the Accrued Benefits Estimate and an Estimate at a Future Date.

Accrued Benefits Estimate

The Accrued Benefit Estimate shows an estimate of the benefit you've accrued to date (applies to vested retirement plan participants only). 2014 salary changes will be considered in Accrued Benefit Estimates starting the month following the change. For example, if your salary change takes effect in April, it will be reflected in Accrued Benefit Estimates starting in early May.

Estimate at a Future Date

The Retirement Estimator and Comparison Projection let you to model your benefit at future dates.

  • The Retirement Estimator allows you to model your benefit for one date at a time.
  • The Comparison Projection allows you to model your benefit for up to three different dates at the same time.

2014 salary changes will be available for modeling future benefits on the Retirement Estimator and Comparison Projection two months following the effective date of the change. For example, if your salary change takes effect in April, it will be reflected in future benefit projections on the Retirement Estimator and Comparison Projection on or after June 1, 2014.