leaving chevron with severance
impact on pay and benefits
for U.S.-payroll employees
to-do list
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benefits that are enhanced with severance
who is eligible for enhanced benefits?
To qualify for benefits under the SESP, which includes the benefit enhancements discussed here, you must meet all SESP eligibility requirements.
- The eligibility requirements are the same for all participants, including those who participate in and are accepted for an Accelerated Expression of Interest (AEOI), an Expression of Interest (EOI) and for those who are left standing from a selection event without an EOI.
- These requirements are summarized below but visit the Severance page and review the applicable SESP summary plan description for further details.
An Eligible Employee under the SESP must meet these general requirements:
- You must be PSG 30 or below.
- You must be an active participant in the Chevron Retirement Plan.
In addition, you must also meet the following requirements:
- Be in an organization, location, function, or classification that has adopted the SESP – this is commonly referred to as being in-scope.
- Receive formal written notice from Chevron that your employment will be involuntarily terminated (AEOI, EOI or left standing) or that you are being offered a demotion. This notice will also confirm you are eligible to participate in the SESP. This formal notification is often referred to as your severance notification.
- You must properly complete and sign – within the time limits set by Chevron – a Settlement and Release Agreement and you don’t revoke it within the seven-day revocation period.
These are eligibility highlights only. Chevron retains the right, in its sole discretion, to determine who is an eligible employee. Consult the applicable summary plan description (SPD) for further details.
who is not eligible for enhanced benefits?
You are not eligible for the benefit enhancements discussed here if:
- You aren't eligible to receive SESP benefits or have lost your eligibility to receive benefits.
- You are not an active participant in the Chevron Retirement Plan.
- You are not eligible to enroll in medical and/or behavioral health COBRA coverage when your employment ends.
- You don't timely enroll in medical and/or behavioral health COBRA coverage when your employment ends.
what is vesting?
Without severance, you’re eligible to receive a pension benefit under the Chevron Retirement Plan if you are vested when your employment ends.
- Vesting refers to whether you have a right to take your pension benefit with you when your employment ends.
- Generally, you must have at least five years of Vesting and Eligibility Service to be vested in your pension.
automatic vesting
If you are eligible for SESP and your Chevron employment ends due to lack of work, you are automatically vested in your Chevron Retirement Plan, regardless of your years of service.
- This means you can take your pension benefit with you when your employment ends.
- Immediate vesting is the only change to your pension benefit due to severance.
taking your pension benefit with you
If you are leaving with severance, you'll become a vested terminated member of the Chevron Retirement Plan when employment ends. This means you're eligible to take your pension benefit with you. You have two choices at this time:
- You may elect to start your benefit right away - as soon as the 1st of the month following the date your Chevron employment ends.
- You can defer commencement to a later date. You aren’t required to start your benefit immediately upon leaving Chevron; it’s your choice.
Normally, the only time you are required to start receiving your pension is in accordance with IRS Required Minimum Distribution requirements. And keep in mind that if you elect to receive your benefit before age 60, it will be reduced for early commencement.
Severance only affects vesting; it doesn't change:
- Standard Chevron Retirement Plan eligibility rules.
- How your pension benefit is calculated.
- Pension distribution options available to you.
Good to Know: Your pension benefit when you leave Chevron provides more detail about your pension distribution choices and other important considerations as you think about taking your pension benefit.
We strongly encourage you to speak to a financial or tax advisor to assist you in determining what is best for you based on your personal circumstances and goals.
learn more, get started
Use these resources to learn more about what happens to your pension when you leave Chevron, including the choices you'll need to make and how to start your benefit.
Videos
- U.S. Severance Program Overview - More about the severance program and how it affects your pension.
- What Happens to My Pay and Benefits - More information about what happens to your pension when you leave, with or without severance.
Read About It
- Good to Know: Your pension benefit when you leave Chevron - Important information about decisions you need to make regarding your Chevron pension benefit.
- Chevron Retirement Plan - Learn about the plan, including the benefit formula, eligibility information or access the summary plan description.
Take Action
- You can generally estimate your pension benefit on BenefitConnect. See Get Your Benefit Numbers to get started.*
- How to start your post-employment benefits, including pension.
- Leaving with Severance: To-do Checklist and Milestones
*Please note that if you have less than 5 years of service, you’ll need to contact the HR Service Center after your employment ends for an estimate of your pension benefit. Sorry, your estimate cannot be generated before termination in this situation - online or otherwise.
Questions?
- Financial guidance and advice services with Fidelity.
- Call the HR Service Center if you have pension questions. Choose the Benefits option, then Pension benefits.
cobra basics
Before going over how severance affects COBRA coverage, let’s refresh a few key points about standard COBRA coverage in general.
- COBRA is a federal law that entitles you and your eligible dependents to continue participation in certain health benefits beyond the time they would normally end.
- COBRA coverage generally lasts for 18 months.
- COBRA coverage is available for these health plans: medical (includes prescription drugs and basic vision), dental, behavioral health, Vision Plus Program, health care flexible spending account (Health FSA), Health Decision Support (second medical opinion service) and Healthy You.
- COBRA coverage is only available for the health benefits that you and your eligible dependents are enrolled in on the day before your termination. If you aren’t enrolled as an employee, you cannot elect COBRA coverage.
- Standard COBRA coverage costs more than employee coverage because Chevron does not contribute to the cost of COBRA. When you enroll in COBRA, you’ll be responsible for paying both the employee and company contributions to coverage, plus a 2% administrative fee.
- These are only highlights, learn more about COBRA coverage here.
subsidized cobra
Chevron will subsidize your COBRA coverage for medical (which includes prescription drugs and basic vision) and behavioral health for a period of up to 6 months if you meet all of the following requirements:
- You are eligible for a benefit under the SESP when your employment ends.
- You are eligible to enroll in Chevron medical COBRA coverage.
- You timely enroll in Chevron medical and/or behavioral health COBRA coverage after your employment ends.
- You continue to timely make the required medical and/or behavioral health COBRA coverage premium payments.
Subsidized COBRA coverage is simply standard COBRA coverage offered at a reduced rate.
- The subsidized COBRA rate applies to the first 6 months of the full COBRA eligibility period, which is typically 18 months.
- Severance only changes the cost of your coverage for the first 6 months of coverage. After the subsidy period is over, your cost of coverage will revert to the full standard COBRA rate.
- Severance does not reduce or extend the total period of time (typically 18 months) you're allowed to stay enrolled in COBRA coverage.
- The same standard COBRA eligibility, enrollment, and plan choices apply to subsidized COBRA.
- Subsidized COBRA only applies to medical (which includes prescription drug and basic vision) and behavioral health coverage. It doesn't apply to dental, Vision Plus Program or other COBRA health benefits.
- If you are enrolled in subsidized COBRA for medical and behavioral health, you can also be simultaneously enrolled in other non-subsidized COBRA benefits, like dental or the Vision Plus Program. You'll pay the subsidized COBRA rate for medical and behavioral health and the full standard COBRA rate for everything else.
cost of subsidized cobra
With subsidized COBRA, Chevron will continue to contribute to the cost of medical and behavioral health continuation coverage for the subsidy period.
This means you will pay the same monthly premium for your subsidized medical COBRA coverage as other similarly enrolled active Chevron employees
- The subsidy period applies to the first 6 months of the 18-month total COBRA coverage period.
- Subsidized COBRA applies to Chevron medical (which includes prescription drugs and basic vision) and behavioral health (Mental Health and Substance Use Disorder Plan) only. It doesn’t apply to other COBRA health plans like dental or vision.
- The 2% administration fee does not apply during the subsidy period.
- The medical premium reduction, the Wellness Credit, ends when your employment ends and doesn’t apply to COBRA – whether subsidized or not. This means if you pay $0 per month for your Chevron employee medical coverage, you’ll have to pay a monthly COBRA medical premium even with subsidized COBRA.
- Severance only changes the cost of your plans during the subsidy period. It doesn’t change any other COBRA eligibility rules, coverage period, or process.
When the subsidy period ends, your subsidized COBRA coverage ends.
- This means your cost for medical and/or behavioral health coverage will increase and revert to the full standard COBRA coverage cost, which is the total cost of coverage plus the 2% administrative fee.
retiree medical vs. cobra
If you are eligible for retiree health benefits when you leave Chevron, you must enroll for coverage during certain retiree health enrollment milestones. If you miss these select milestone opportunities to enroll, you and your eligible dependents must wait until the next applicable enrollment milestone, if any, to return to Chevron retiree health benefits. These enrollment milestones are:
- When you leave chevron (with or without severance)
- At the loss of Chevron COBRA coverage, including Chevron subsidized COBRA
- When you turn age 65 and become Medicare eligible
- When you lose Chevron or other employer group health coverage
Leaving Chevron is an important enrollment milestone for retiree health benefits. If you are eligible for retiree health benefits at the time of your termination of employment with Chevron, you will have these options for you and your enrolled, eligible dependents:
- Enroll in COBRA coverage (including subsidized COBRA) and waive Chevron retiree health benefits until you reach another enrollment milestone (if any).
- Enroll in COBRA coverage for some plans, and Chevron retiree health benefits for others (referred to as split coverage).
- Enroll in Chevron retiree health benefits and waive COBRA coverage.
- Waive both COBRA and Chevron retiree health benefits.
Should I enroll in subsidized COBRA first, then retiree health benefits later? Unfortunately, there are no one-size-fits-all answers. There are an assortment of rules - from Medicare rules to retiree health plan rules - that will affect each person differently. For one person, enrolling in COBRA might be the best answer but for another it may not. The answer depends heavily on a variety of personal factors including:
- Your age
- The age of your eligible dependents
- Are you already covering dependents, or do you need to add them to your coverage
- Are post-65 participants already enrolled in Medicare
- If you don’t enroll at the Leaving Chevron enrollment milestone, are there other retiree health enrollment milestones you can use to enroll yourself and desired dependents?
The best answer we can give is to do your research. Understanding the rules and features of each choice will help you weigh your options against your personal situation. See our suggested resources below to get started.
do your research
Use these resources to learn more about COBRA coverage when you leave Chevron, including the choices you'll need to make and how to start your benefit.
Videos
- U.S. Severance Program Overview - More about the severance program and how it affects your COBRA coverage.
- Retiree Health and Protection Benefits - Discusses retiree health benefits and considerations when choosing retiree medical vs. COBRA (including subsidized COBRA)
- What Happens to my Pay and Benefits - More information about standard, non-subsidized COBRA coverage.
Read About It
- COBRA Continuation Coverage - Additional important details about COBRA, including special considerations for situations like leaving with severance and Medicare eligibility.
- Retiree Health Enrollment Milestones - Before making enrollment decisions, be sure to review these critical details about each milestone you're considering.
- Retiree Health Benefits - For pre65 participants
- Retiree Health Benefits - For post65 participants
Take Action
- How to estimate the cost of COBRA coverage (subsidized and unsubsidized).
- Am I eligible for retiree health and protection benefits? See Get Your Benefit Numbers to get started.
- How to start your post-employment benefits, including COBRA or retiree health and protection benefits.
- Leaving with Severance: To-do Checklist and Milestones
Who to Contact
- COBRA coverage questions (Note: Cannot help with retiree medical or the enrollment milestones)
- Retiree health benefits and enrollment milestone questions - HR Service Center. Choose the option for Benefits, then Preparing to Retire or Leave Chevron.
Leaving Chevron with Severance only affects the vesting of your pension and provides access to subsidized COBRA for medical and behavioral health benefits. Leaving with severance does not affect retiree health and protection benefits - medical, dental, vision, supplemental life insurance - in any way.
- You do not become automatically eligible for retiree health and protection benefits if you aren't already eligible on the day your employment terminates.
- You do not get additional years of service credit because you leave with severance, even if you came to Chevron through an acquisition.
- You do not get an increase to the company contribution for which you’re eligible.
The retiree health and protection eligibility requirements are the same for all participants, including those who participate in and are accepted for an Accelerated Expression of Interest (AEOI), an Expression of Interest (EOI) and for those who are left standing from a selection event without an EOI. To be eligible for retiree health and protection benefits you must generally meet all of the following requirements on the day your employment terminates:
- You are at least 50 years old
- You have at least 10 years or more of health and welfare eligibility service
- You must have at least 5 years of health and welfare eligibility service since your most recent hire date.
You can see your eligibility status for Chevron retiree health and protection coverage at any time on the BenefitConnect website. See Get Your Benefit Numbers to get started.
learn more, get started
Use these resources to learn more about retiree health and protection benefits.
Videos
- Retiree Health and Protection Benefits - Discusses retiree health benefits and considerations when choosing retiree medical vs. COBRA (including subsidized COBRA)
Read About It
- Retiree Health Benefits - For pre65 participants
- Retiree Health Benefits - For post65 participants
- Retiree Health Enrollment Milestones
Take Action
- Am I eligible for retiree health and protection benefits? See Get Your Benefit Numbers to get started.
- How to start your post-employment benefits, including retiree health and protection benefits.
- Leaving with Severance: To-do Checklist and Milestones
pay and benefits that don't change
When your employment ends, you will receive your final pay. Your final paycheck includes:
- Payout of earned, unused vacation hours, if any.
- Unused current year personal choice holiday(s), if any.
- If you owe debt to the company (such as cash advances or payroll loans) the amount of your final pay may be reduced.
- If applicable, benefit deductions may be taken depending on the timing of your employment end date.
If you’re eligible for a severance payment, that’s not included in your final pay. Severance is paid separately through a different process.
Your final pay is issued consistent with the payroll preferences you had on file in Workday as an active employee – whether that’s through direct deposit to your bank of record or by physical check to your permanent or mailing address on record with Chevron.
If you have a remaining balance of earned and unused vacation as of your termination date, you’ll receive a payout in your final paycheck.
- Payout as of day of termination, minus vacation already taken.
- Vacation payout is considered supplemental pay and is subject to income tax withholding in the year received
- The payout is not benefits bearing. This means no benefit deductions are taken out – such as medical and dental – it’s not eligible for 401(k) company match or contributions, and the payment is not included in the calculation of your pension benefit in the Chevron Retirement Plan.
If you have a negative vacation balance when your employment ends, you are not required to pay this vacation back to Chevron.
If you are leaving Chevron for an involuntary reason – for example, due to Expression of Interest (AEOI/EOI) or you are left standing due to a selection event – vacationing out is not available. Vacationing out is a special process that allows employees who meet certain eligibility requirements to extend their termination date by using vacation.
who is eligible to receive CIP
If you terminate on April 1 or later, you will be eligible for a U.S. CIP payout for the current performance year award if you meet either one of these requirements:
- You become eligible for Chevron severance plan benefits
- You have 75 points or more at the time of a qualifying termination
If you leave Chevron during the first quarter of the performance year, you are not eligible for a CIP payout, regardless of the reason your employment ends.
As a reminder, CIP eligibility does not guarantee an award. All individual awards are at the sole discretion of the company.
how many points do I have?
good to know
There are a few additional points to keep in mind about CIP after you’ve left Chevron:
- If you’re eligible for an award, it will be prorated. Payment is based on eligible earnings for the portion of the year that you worked
- Payment for terminated employees is processed at the same time as active employees. So, CIP for the current performance year would be made in March of next year.
- Your CIP is issued consistent with the payroll preferences you had on file in Workday as an active employee – whether that’s through direct deposit to your bank of record or by physical check to your permanent or mailing address on record with Chevron. If this is acceptable, no action is required. But if you need to change this preference for any post-employment payments, submit an Authorization for Direct Deposit of Pay for Former Employees (Form F-2R) in advance of the payment.
- CIP received after termination isn’t considered regular pay for purposes of your Chevron pension and 401(k) plans. This means it’s not eligible for 401(k) company match or contributions and the payment is not included in the calculation of your pension benefit in the Chevron Retirement Plan.
taking your benefit with you
If you participate in Chevron's 401(k) plan, the Employee Savings Investment Plan (ESIP), you can no longer contribute to the plan when your employment ends.
There are a variety of distribution options to choose from. In general, your choices include:
- Leave all your money in the ESIP.
- Take a lump sum distribution of your entire balance.
- Leave it in the ESIP and elect partial distributions or installment payments.
Normally, the only time you are required to start receiving a distribution is in accordance with IRS Required Minimum Distribution requirements.
Approximately two weeks after your termination date, you will automatically receive a separate package with information about your ESIP distribution and loan repayment options, if applicable. You don’t have to move your money out of the plan upon leaving Chevron, so you’re encouraged to review the information you’ll receive and discuss your options with a financial or tax advisor before making decisions. If you want this package sooner, contact Fidelity.
lump sum distribution options
If you choose a lump sum distribution of your entire ESIP account, you can have it paid in several ways:
- You can roll over the entire balance to an IRA or another employer plan.
- Receive the entire balance as cash.
- Choose a combination - rollover a portion of your balance and receive the rest in cash.
loans
If you have outstanding 401(k) loans, you’ll receive a package with more information about your repayment options. Repayment options generally include:
- Continuing repayment directly to the plan. This option is only available if you leave your account in the ESIP.
- Pay off your outstanding loan balance.
Should the loan default, be aware that penalties and tax consequences will apply because it will be treated as a distribution from the plan.
taxation of distributions
It’s important to have a general awareness of how your distribution will be taxed, including how Federal and state taxes may apply. See the resources listed below for an overview of basic concepts, but you should also consult a financial or tax advisor for further details and considerations that may apply to your situation.
In addition, when it’s time to move your company stock balance out of your plan, there are tax consequences. This liability can vary, depending on what distribution option you choose. Review Fidelity's brochure, Taking a Company Stock Distribution to learn more.
learn more, get started
Use these resources to learn more about retiree health and protection benefits.
Videos
- What Happens to my Pay and Benefits - More information about what happens to your 401(k) when you leave, with or without severance.
Read About It
- Chevron Employee Savings Investment Plan (ESIP) - Learn about the plan and access the summary plan description
- Taking a Company Stock Distribution
Take Action
- Manage your account online. See Get Your Benefit Numbers to get started.
- How to start your post-employment benefits, including 401(k).
- Leaving with Severance: To-do Checklist and Milestones
Questions?
- Call Fidelity if you have pension questions. Choose the Benefits option, then the ESIP option.
Leaving Chevron with severance doesn't affect how your other employee health and protection benefit plans and programs will transition when your employment has ended. To learn more, you should review these resources:
- What Happens to my Pay and Benefits - Provides a foundational understanding and is a good place to begin.
- Good to Know: Health and Protection Benefits When You Leave Chevron - A plan-by-plan summary of what happens to your coverage and what you may need to do.
- COBRA Continuation Coverage - More details about standard COBRA, including special considerations for situations like leaving with severance and Medicare eligibility.
Take Action
- How to estimate the cost of COBRA coverage (subsidized and unsubsidized). See Get Your Benefit Numbers to get started.
- How to start your post-employment benefits.
- Leaving with Severance: To-do Checklist and Milestones
If you’re eligible for retiree health and protection benefits, leaving Chevron (with or without severance) is an important enrollment milestone opportunity.
- Be sure to review all the materials and resources we've provided in advance of your employment end date to understand your choices and know what to do.
- If you or a dependent is age 65 or older and/or eligible for Medicare, don’t delay! Advance action is required to enroll in Medicare to activate Chevron retiree health benefits.
enrollment milestones
If you are eligible for retiree health benefits when you leave Chevron, you must enroll for coverage during certain retiree health enrollment milestones. If you miss these select milestone opportunities to enroll, you and your eligible dependents must wait until the next applicable enrollment milestone, if any, to return to Chevron retiree health benefits. These enrollment milestones are:
- When you leave chevron (with or without severance)
- At the loss of Chevron COBRA coverage, including Chevron subsidized COBRA
- When you turn age 65 and become Medicare eligible
- When you lose Chevron or other employer group health coverage
Leaving Chevron is an important enrollment milestone for retiree health benefits. If you are eligible for retiree health benefits at the time of your termination of employment with Chevron, you will have these three options for you and your enrolled, eligible dependents:
- Enroll in COBRA coverage (including subsidized COBRA) and temporarily waive Chevron retiree health benefits.
- Enroll in Chevron retiree health benefits and waive COBRA coverage.
- Waive both COBRA and Chevron retiree health benefits.
does severance change my benefit?
Leaving Chevron with severance does not affect retiree health and protection benefits - medical, dental, vision, supplemental life insurance - in any way.
- You do not become automatically eligible for retiree health and protection benefits if you aren't already eligible on the day your employment terminates.
- You do not get additional years of service credit because you leave with severance, even if you came to Chevron through an acquisition.
- You do not get an increase to the company contribution for which you’re eligible.
The retiree health and protection eligibility requirements are the same for all participants, including those who participate in and are accepted for an Accelerated Expression of Interest (AEOI), an Expression of Interest (EOI) and for those who are left standing from a selection event without an EOI. To be eligible for retiree health and protection benefits you must generally meet all of the following requirements on the day your employment terminates:
- You are at least 50 years old
- You have at least 10 years or more of health and welfare eligibility service
- You must have at least 5 years of health and welfare eligibility service since your most recent hire date.
retiree medical vs. cobra
Should I enroll in COBRA first, then retiree health benefits later? Unfortunately, there are no one-size-fits-all answers. There are an assortment of rules - from Medicare rules to retiree health plan rules - that will affect each person differently. For one person, enrolling in COBRA might be the best answer but for another it may not. The answer depends heavily on a variety of personal factors including:
- Your age
- The age of your eligible dependents
- Are you already covering dependents, or do you need to add them to your coverage
- Are post-65 participants already enrolled in Medicare
- If you don’t enroll at the Leaving Chevron enrollment milestone, are there other retiree health enrollment milestones you can use to enroll yourself and desired dependents?
The best answer we can give is to do your research. Understanding the rules and features of each choice will help you weigh your options against your personal situation. See our list of resources below to get started.
am I eligible for retiree health and protection benefits?
learn more, get started
Use these resources to learn more about retiree health and protection benefits.
Videos
- Retiree Health and Protection Benefits - Discusses retiree health benefits and considerations when choosing retiree medical vs. COBRA (including subsidized COBRA)
Read About It
- Retiree Health Enrollment Milestones
- Retiree Health Benefits - For pre65 participants
- Retiree Health Benefits - For post65 participants
Take Action
- How to start your post-employment benefits, including retiree health and protection benefits.
- Leaving with Severance: To-do Checklist and Milestones
If you are a Regular Long-Term Incentive Plan (LTIP) participant and you terminate prior to February 10 of the year following the grant date:
- 100% of the stock options or stock appreciation rights (SARs), performance shares and standard restricted stock units will be forfeited.
- All high-level restricted stock units, regardless of when they were awarded or the reason for termination, will be forfeited upon termination.
Your age and service at termination will impact which portions of your remaining LTIP awards will vest, as well as how long you have to exercise vested stock options and/or stock appreciation rights.
- Terminations due to layoff and/or with severance do not result in enhanced vesting or longer exercise periods.
- Review the LTIP Termination Rules document or view the LTIP at Termination video for more information. (intranet only)
Stock options or SAR expiration dates will be reflected in your Morgan Stanley account, typically within one week following your separation from service.
- Keep these expiration dates in mind, as you will be responsible for exercising your grants before they expire.
- If your grant is set to expire on a date when the stock market is closed, such as U.S. holidays or on a weekend, you will need to exercise before the plan-defined expiration date.
Performance shares (PSUs) and restricted stock units (RSUs) will vest and payout on the original schedule.
If you are an Expanded LTIP participant, your award will be forfeited upon termination, regardless of when your award was granted, your age and/or service at termination, or the reason for termination (including separation due to layoff and/or with severance).
learn more, get started
- Access the Regular LTIP information on the Chevron intranet for further details and resources.
- Stil have questions? Contact the Executive Compensation Group.
Payments from the following executive compensation plans are based on your payment timing distribution elections:
Your distribution elections (payment timing) can be viewed on your Fidelity NetBenefits account or by contacting Fidelity.
Your distribution payment will be withdrawn from your Fidelity NetBenefits account at the beginning of the month and will be paid to you on or around the 22nd of the month. If you wish to change your distribution election:
- You must do so at least 12 months prior to the first scheduled payment date.
- Your new election must further defer payment for at least 5 years from the previously scheduled payment date.
- You are not permitted to change the number of installments without also further deferring payment for at least 5 years from the previously scheduled payment.
- To change your election, contact Executive Compensation.
- To update or set up direct deposit, contact Payroll for assistance.
learn more, get started
- Deferred Compensation Plan (DCP) (intranet only)
- ESIP-Restoration Plan (ESIP-RP) (intranet only)
- Retirement Restoration Plan (RRP) (intranet only)
- Stil have questions? Contact the Executive Compensation Group.
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.
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