CIP, salary changes and your retirement benefit
2017 chevron incentive plan (CIP)
CIP is our annual incentive plan that rewards eligible employees for meeting key company financial, operating and safety goals.
chevron incentive plan (CIP) awards
For purposes of your Chevron Retirement Plan benefit, 2017 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 2018. As long as you are on the U.S. payroll at least one day in April, then your CIP award (paid in March 2018) will be considered in the calculation of your retirement benefit.
For purposes of retirement benefit estimates generated on the Benefits Connection website, 2017 CIP awards (paid in March 2018) will be considered in estimates that are generated starting around mid-May. Online estimates generated before mid-May will not include the 2017 CIP paid in March 2018. That's because all earnings for April are not fully loaded into the system until around mid-May.
For purposes of Chevron Retirement Plan benefit estimates generated on the Benefits Connection website, here's when you can expect that 2018 salary changes will be included in your estimate.
You can see two types of retirement benefit estimates from the estimator tools on the Benefits Connection website: the Accrued Benefit Estimate and an Estimate at a Future Date.
accrued benefit estimate
The Accrued Benefit Estimate shows an estimate of the benefit you've accrued to date (applies to vested retirement plan participants only). Any 2018 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 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.
Salary changes in 2018 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 starting in early June.