retirement plans
total rewards snapshot
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At Chevron you have not one, but two employer-sponsored plans – the Chevron Retirement Plan (CRP) and the Employee Savings Investment Plan (ESIP) – to help you save for retirement. The Chevron Retirement Plan is a defined benefit (pension) plan – you accrue a benefit simply by working for Chevron.
- You do not need to enroll in this benefit, and you are automatically covered from your first day as an eligible employee.
- All contributions are made by Chevron; you do not contribute to this plan.
- Your benefit is calculated according to a formula and generally increases as your years of service, age and salary increase.
- Generally, you are vested after five years of service, at which time you can take your benefit with you when you leave Chevron.
- When you are ready to receive your benefit, you can choose to take it as a single lump sum or in the form of an annuity.
- The Plan provides a death benefit for your beneficiary if you’re vested and die before you start receiving your benefit.
See the section(s) below for further details about Chevron's pension plans.
plan highlights
Log on to the BenefitConnect website for more information about your benefits and to access these tools and features:
- Run pension estimates to help make informed decisions around when and how to commence your benefit. Note: due to the complexity of some calculations, online estimates may not be available for everyone. However, you can call the HR Service Center to request an estimate.
- Use the pension modeling tool to compare your pension benefit for up to three different scenarios.
- Start your pension benefit. You should do this at least 30 days, but not more than 90 days, in advance of the date you want to start your pension.
These provisions apply to you if you are an eligible employee and were hired, rehired or first eligible for the Chevron Retirement Plan before January 1, 2008.
Your benefit is calculated according to a formula that uses a percentage of your Highest Average Earnings, your years of Benefit Accrual Service and a Social Security offset. Therefore, it increases as your years of service, age and salary (both base pay and Chevron Incentive Plan (CIP) pay) increase.
- Consult the Chevron Retirement Plan (Hired before January 1, 2008) summary plan description to learn more about the plan, including the definition of an eligible employee, the benefit formula and the forms of payment available.
- If you were a represented employee at the Questa Division mine, you should also refer to Chevron Retirement Plan (Supplement VV Molycorp)
Social Security Offset
The benefit formula is integrated with Social Security using the “offset” method. When you're ready to receive your Chevron Retirement Plan benefit, you need to decide whether you want to provide Chevron with documentation of your actual Social Security earnings history (to use in calculating your Social Security offset) or have Chevron estimate the earnings. There are important factors to consider before you make this decision, so be sure to review the Social Security Offset section in the summary plan description for the details. The Social Security Administration (SSA) offers an online Retirement Estimator you can use to model a Social Security benefit amount for you based on your actual Social Security earnings record. Please keep in mind that this is just an estimate, but the tool may be useful to help you make decisions about which Social Security Offset method you want to use.
These provisions apply to you if you are an eligible employee and were hired, rehired or first eligible for the Chevron Retirement Plan on or after January 1, 2008.
Your benefit is calculated according to a formula that uses a percentage of your Highest Five-Year Average Earnings and your years of Benefit Accrual Service. Therefore, it increases as your years of service, age and salary (both base pay and Chevron Incentive Plan (CIP) pay) increase.
- Consult the Chevron Retirement Plan (Hired on or after January 1, 2008) summary plan description to learn more about the plan, including the definition of an eligible employee, the benefit formula and the forms of payment available.
The Retirement Restoration Plan (RRP) is designed to provide benefits for eligible employees whose Chevron Retirement Plan benefits are limited due to certain tax codes. You'll be contacted directly if you should becoming eligible for this benefits.
- Learn more about the Retirement Restoration Plan (intranet).
Information about other retirement plans are available in the summary plan descriptions below. If you don't see your plan, contact the HR Service Center.
Log on to the BenefitConnect website to run a pension estimate, use the pension modeling tool, or start your pension benefit.
Fidelity offers financial and retirement planning guidance, tools and resources that can help you evaluate how all of your retirement sources are working together to build your financial future.
If you're preparing to leave Chevron, learn about what happens to your benefits, what you need to do, and how to plan ahead.
plan documents
The summary plan descriptions (SPD) provides specific details about your benefits, such as eligibility, covered services and participation rules. If there recent updates to the SPD since the last publication date, look for the summary of material modification (SMM) included in the very front of the book. If you have questions regarding a plan not listed or referenced on this website, contact the HR Service Center.
Chevron Retirement Plan
- Chevron Retirement Plan (hired before January 1, 2008)
- Chevron Retirement Plan (hired on or after January 1, 2008)
Chevron Retirement Plan (Supplement VV Molycorp)
- Chevron Retirement Plan (supplement VV Molycorp)
Chevron Retirement Restoration Plan
- Retirement Restoration Plan (intranet only)
MEBA Marine Pension Plan
Pasadena Refining System, Inc. Retirement Plan
STAR Enterprise Retirement Plan
SUP Marine Pension Plan
Pension Plan of Chevron Mining Inc
The documents listed below are called a summary of material modification (SMM). An SMM explains recent updates to your plan that are not yet captured or updated in your summary plan description (SPD) since the last publication date. Be sure to review the SMM for an understanding of important plan updates. If you have questions regarding a plan not listed or referenced on this website, contact the HR Service Center.
Chevron Retirement Plan
- There are no plan changes at this time.
Chevron Retirement Plan (Supplement VV Molycorp)
- There are no plan changes at this time.
Chevron Retirement Restoration Plan
- There are no plan changes at this time.
MEBA Marine Pension Plan
- Updated definition of beneficiary (January 1, 2021)
- New address for benefits correspondence (June 1, 2020)
- Added definition of required minimum distribution (January 1, 2020)
STAR Enterprise Retirement Plan
- New address for benefits correspondence (June 1, 2020)
- Added definition of required minimum distribution (January 1, 2020)
SUP Marine Pension Plan
- Updated definition of beneficiary (January 1, 2021)
- New address for benefits correspondence (June 1, 2020)
- Added definition of required minimum distribution (January 1, 2020)
Pension Plan of Chevron Mining Inc
- New address for benefits correspondence (June 1, 2020)
- Added definition of required minimum distribution (January 1, 2020)
contacts
chevron retirement plan (CRP)
This contact information applies to the CRP for eligible employees hired both before and after January 1, 2008.
- Plan Type Defined benefit (pension) plan
- Eligibility U.S. Payroll Employees
- Enrollment Coverage automatic, if eligible. View coverage on BenefitConnect or call the HR Service Center
- Administrator The HR Service Center administers this plan
- Phone Call the HR Service Center, choose Manage Benefits, then Pension Benefits from the menu
- Website BenefitConnect (Estimates, benefit modeling, to start receiving your benefit)
- Mobile App N/A
- Beneficiary Designations Get started here
- Email Submit a secure message from the Message Center on BenefitConnect
- Address Use the pension mailing address for the HR Service Center
retirement restoration plan (RRP)
- Plan Contacts See the Executive Compensation Programs - Nonqualified Retirement Plans page (intranet)
- Beneficiary Designations Get started here
other retirement plans
- If you have questions regarding a plan not listed or referenced here, contact the HR Service Center (choose Manage Benefits, then Pension Benefits from the menu).
This communication provides only certain highlights about benefit provisions. It is not intended to be a complete explanation. If there are any discrepancies between this communication and the legal plan documents, the legal plan documents will prevail to the extent permitted by law. Oral statements about plan benefits are not binding on Chevron or the applicable plan. Chevron Corporation reserves all rights, for any reason and at any time, to amend, change or terminate these plans or to change or eliminate the company contribution toward the cost of such plans. Such amendments, changes, terminations or eliminations may be applicable without regard to whether someone previously terminated employment with Chevron or previously was subject to a grandfathering provision. Unless required by applicable law, there are no vested rights with respect to any Chevron health and welfare plan benefit or to any company contributions towards the cost of such health and welfare plan benefits. Some benefit plans and policies described in this document may be subject to collective bargaining and, therefore, may not apply to union-represented employees.
plan documentation
contact
Here's where to get phone numbers and websites for all your benefits.
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