leaving chevron with severance

The Severance Pay Benefit under the Special SESP Plan is a taxable benefit paid in a single lump sum. Read more about the payment formula in the 2024 SESP Plan summary plan description posted here (intranet only) and attached to your personalized notification email. See the Estimate Your Severance Pay Benefit section below for additional information to help you estimate your benefit.

To assist you in your decision making, you can access personalized information to help you estimate your Severance Pay Benefit prior to leaving Chevron. 

How to locate your personalized Severance Pay Benefit online

If you have been notified that you are in scope for an upcoming selection event, an estimate of the Severance Pay Benefit available under your SESP Plan will be activated online.

• To get started, go to the My Chevron online portal and select the Workday icon. 
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile. 
• Select Compensation from the left navigation.
• In the Plan Assignments section, look for the line item, USA Severance with your plan number. Your Severance Pay Benefit estimate will be located on this line when it becomes available. The number displayed assumes you terminate on the day you view the estimate.

How to calculate your Severance Pay Benefit on your own.
If a personalized Severance Pay Benefit is not yet available to you online, you can calculate an estimate of your benefit on your own. The payment formula is included in the 2024 SESP Plan summary plan description posted here (intranet only) and attached to your personalized notification email. You'll need a few data points to complete this calculation; here's how to find them:

How to locate your years of SESP Service. 
You can see your years of SESP Service online at any time:

• To get started, go to the My Chevron online portal and select the Workday icon. 
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile. 
• Select Job from the left navigation.
• Select Service Dates from the top menu. 
• Your SESP Service date is labeled Company Service Date.

How to locate your Annual Pay (to calculate Regular Earnings)

You can calculate your weekly Regular Earnings by dividing your annual pay by 52. You can locate your annual pay/salary online at any time:

• To get started, go to the My Chevron online portal and select the Workday icon. 
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile. 
• Select Compensation from the left navigation.

Your number of years of SESP Service is used in the calculation of your Severance Pay Benefit. For most employees, SESP Service is based on your years of service since your most recent hire date. 

• SESP Service and Health and Welfare Eligibility Service (HWES) are not the same and may recognize different periods of service.
• Only service that occurs after your most recent hire date with Chevron or a wholly-owned Chevron subsidiary is credited as SESP Service. So, for example, employment service with joint ventures is not taken into account under the SESP Program to determine eligible severance benefits.
• Your severance pay benefit may reduced in certain circumstances such as for part-time work.
• Your years of SESP Service as of your actual termination date will be used for the final calculation of any severance benefits.

You can see your years of SESP Service online at any time. 

• To get started, go to the My Chevron online portal and select the Workday icon. 
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile. 
• Select Job from the left navigation.
• Select Service Dates from the top menu. 
• Your SESP Service date is labeled Company Service Date.

Read more about SESP Service in the 2024 SESP Plan summary plan description posted here (intranet only) and attached to your personalized notification email.

In general, Regular Earnings are your straight-time wages or salary paid for your regular work schedule (or a leave of absence with pay). It also includes any before-tax contributions you make to Chevron's benefits plans. Your Regular Earnings does not include overtime or pay for work outside your regular work schedule.

You can calculate your weekly Regular Earnings by dividing your annual pay by 52.

To calculate Regular Earnings, you can locate your annual pay/salary online at any time:

• To get started, go to the My Chevron online portal and select the Workday icon.
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile.
• Select Compensation from the left navigation.

After your redeployment ends and your employment is terminated, you will receive an email message via DocuSign that contains your official Release and certain demographic information. 

• Your personalized notification email will instruct you about how to provide a personal email address. Be sure to complete this as soon as possible prior to leaving Chevron.
• You'll usually receive the Release message within 7 days of your employment end date. This process cannot be started or completed prior to your employment end date.
• If you do not have a personal email address or cannot access an electronic communication system, please reply to your personalized notification email and provide a mailing address we can use to mail your final severance pay benefit forms and other documents to you after you've left Chevron.

You will have 60 days to consider this demographic data to determine whether you are going to sign the Release. 

• To be eligible for SESP benefits, the original Release must be signed and submitted by your 60-day deadline.
• For your information, you can preview a sample of the Release (intranet only).

If you sign and submit the Release, Chevron will hold your Release for a 7 day revocation period to give you time to withdraw your signature, if you change your mind.

If you don’t revoke your release by the end of this period, your severance payment will then be initiated in the HR system and processed on the next available payroll cycle, after your final pay is processed.

If you are a Specified Employee (pay scale group 30 or above), as defined in the 2024 SESP Plan summary plan description, your severance payment will be processed no earlier than generally the first day of the seventh month following your termination of employment date.

Payment of your Severance Pay Benefit is made via direct deposit or a physical check sent via regular mail to your mailing address on record. When you terminate or retire, your active employee direct deposit enrollment (if applicable) remains in place. If you want to continue to receive payments by direct deposit at the same bank account as when you were an active employee, no action is required. However, if you did not have direct deposit when you were an active employee and want to have your Severance Pay Benefit made via direct deposit, or if you want to make a change to your direct deposit information at any time, you must complete the

• If you did not have direct deposit when you were an active employee and want to have your Severance Pay Benefit made via direct deposit, or if you want to make a change to your direct deposit information at any time, you must complete the Direct Deposit Authorization Form for Former Employees and submit it to Chevron Payroll as instructed on the form, after employment ends.
• If a physical check is desired, make sure your mailing address is up-to-date with Chevron. You can update your address online on the My Chevron portal while you're still an employee, or on the BenefitConnect website after you've left Chevron. You can also report an address change by calling the HR Service Center.

Your Severance Pay Benefit is regarded as supplemental pay, and is subject to income tax withholding in the year received. 

• Chevron will deduct any and all taxes necessary to comply with legal requirements, including mandatory U.S. Federal income tax, Social Security tax and State and local withholding taxes.
• Your benefit is taxable in both work and resident locations, if different.

Your Severance Pay Benefit is not benefits bearing. This means medical, dental and other benefit deductions are not withheld and the severance amount does not influence the amount of pension, savings or other benefits.
 
In addition, if you owe any debt to the company (such as cash advances, payroll loans, or foreign tax loans) the amount of your benefit will be reduced by the amount of the debt, and your debt will be extinguished by the amount of the reduction.
 
Instructions for making adjustments to your federal or state tax withholding, if desired, are available on the U.S. HR website on the intranet. If you no longer have Chevron intranet access, please contact Payroll Operations directly at payroll@chevron.com. 

The Severance Pay Benefit is a one-time single lump sum payment. 

• There is no option to defer the timing of your payment to the following tax year. 
• There are no alternate forms of payment to choose.
• Your benefit is not eligible for rollover to a traditional IRA or other qualified retirement plan. 

The only control you have in the timing of your benefit payment is when you submit your completed Release within the 60-day deadline after your termination of employment. The date you submit your completed Release is when the 7 day revocation period begins. Your payment is then processed on the next applicable payroll cycle after the revocation period. In the event that your 60-day review period does not end before December 16 or if the Release waiver is returned after December 16, then payment will generally be made in the new year. Severance payments made January 1 or later fall into the new calendar year’s income for tax reporting purposes. 

Consult the 2024 SESP Plan summary plan description to determine how your severance benefit eligibility is affected by job offers, both within and outside of Chevron.

HR Policy 305 for U.S.-Payroll Employees, Services of Former Employees (intranet) sets forth the limitations on re-employment with Chevron. Chevron assesses each rehire situation, as employee or contractor, based on individual circumstances, in order to avoid risk of tax consequences to the Chevron Retirement Plan. The key considerations assessed include:

• If the former employee received a distribution from any of the retirement plans.
• How long the former employee has been separated, at a minimum separated for six months.
• Work schedule, preferably working less than 50 percent of the average time worked over the 36-month period before termination.

A former employee can be rehired as an employee or retained as a contractor, without limitations, if returning after three years from termination.
 
Separately, if a former employee is retained as or through a contractor or rehired by the Company within one year after termination, the former employee must repay all, or a portion, of their severance pay benefit (if any severance pay was received) as a condition of being retained or rehired.

Eligibility for unemployment is determined by the applicable state government agency, and not Chevron. If your employment ends because of a no-fault layoff, Chevron would not contest your eligibility for unemployment benefits.

The Severance Pay Benefit under the Special SESP Plan is a taxable benefit paid in a single lump sum. Read more about the payment formula in the 2023 SESP Plan summary plan description posted here (intranet only) and attached to your personalized notification email. See the Estimate Your Severance Pay Benefit section below for additional information to help you estimate your benefit.

To assist you in your decision making, you can access personalized information to help you estimate your Severance Pay Benefit prior to leaving Chevron. 

How to locate your personalized Severance Pay Benefit online

If you have been notified that you are in scope for an upcoming selection event, an estimate of the Severance Pay Benefit available under your SESP Plan will be activated online.

• To get started, go to the My HR online portal and select the Workday icon. 
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile. 
• Select Compensation from the left navigation.
• In the Plan Assignments section, look for the line item, USA Severance with your plan number. Your Severance Pay Benefit estimate will be located on this line when it becomes available. The number displayed assumes you terminate on the day you view the estimate.

How to calculate your Severance Pay Benefit on your own.
If a personalized Severance Pay Benefit is not yet available to you online, you can calculate an estimate of your benefit on your own. The payment formula is included in the 2023 SESP Plan summary plan description posted here (intranet only) and attached to your personalized notification email. You'll need a few data points to complete this calculation; here's how to find them:

How to locate your years of SESP Service. 
You can see your years of SESP Service online at any time:

• To get started, go to the My HR online portal and select the Workday icon. 
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile. 
• Select Job from the left navigation.
• Select Service Dates from the top menu. 
• Your SESP Service date is labeled Company Service Date.

How to locate your Annual Pay (to calculate Regular Earnings)

You can calculate your weekly Regular Earnings by dividing your annual pay by 52. You can locate your annual pay/salary online at any time:

• To get started, go to the My HR online portal and select the Workday icon. 
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile. 
• Select Compensation from the left navigation.

Your number of years of SESP Service is used in the calculation of your Severance Pay Benefit. For most employees, SESP Service is based on your years of service since your most recent hire date. 

• SESP Service and Health and Welfare Eligibility Service (HWES) are not the same and may recognize different periods of service.
• Only service that occurs after your most recent hire date with Chevron or a wholly-owned Chevron subsidiary is credited as SESP Service. So, for example, employment service with joint ventures is not taken into account under the SESP Program to determine eligible severance benefits.
• Your severance pay benefit may reduced in certain circumstances such as for part-time work.
• Your years of SESP Service as of your actual termination date will be used for the final calculation of any severance benefits.

You can see your years of SESP Service online at any time. 

• To get started, go to the My HR online portal and select the Workday icon. 
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile. 
• Select Job from the left navigation.
• Select Service Dates from the top menu. 
• Your SESP Service date is labeled Company Service Date.

Read more about SESP Service in the 2023 SESP Plan summary plan description posted here (intranet only) and attached to your personalized notification email.

In general, Regular Earnings are your straight-time wages or salary paid for your regular work schedule (or a leave of absence with pay). It also includes any before-tax contributions you make to Chevron's benefits plans. Your Regular Earnings does not include overtime or pay for work outside your regular work schedule.

You can calculate your weekly Regular Earnings by dividing your annual pay by 52.

To calculate Regular Earnings, you can locate your annual pay/salary online at any time:

• To get started, go to the My HR online portal and select the Workday icon.
• Once in Workday, locate the cloud icon or your photo at the top right of the screen and select View Profile.
• Select Compensation from the left navigation.

After your redeployment ends and your employment is terminated, you will receive an email message via DocuSign that contains your official Release and certain demographic information. 

• Your personalized notification email will instruct you about how to provide a personal email address. Be sure to complete this as soon as possible prior to leaving Chevron.
• You'll usually receive the Release message within 7 days of your employment end date. This process cannot be started or completed prior to your employment end date.
• If you do not have a personal email address or cannot access an electronic communication system, please reply to your personalized notification email and provide a mailing address we can use to mail your final severance pay benefit forms and other documents to you after you've left Chevron.

You will have 60 days to consider this demographic data to determine whether you are going to sign the Release. 

• To be eligible for SESP benefits, the original Release must be signed and submitted by your 60-day deadline.
• For your information, you can preview a sample of the Release (intranet only).

If you sign and submit the Release, Chevron will hold your Release for a 7 day revocation period to give you time to withdraw your signature, if you change your mind.

If you don’t revoke your release by the end of this period, your severance payment will then be initiated in the HR system and processed on the next available payroll cycle, after your final pay is processed.

If you are a Specified Employee (pay scale group 30 or above), as defined in the 2023 SESP Plan summary plan description, your severance payment will be processed no earlier than generally the first day of the seventh month following your termination of employment date.

Payment of your Severance Pay Benefit is made via direct deposit or a physical check sent via regular mail to your mailing address on record.

• If direct deposit is desired, you must complete the Direct Deposit Authorization Form for Former Employees and submit it to Chevron Payroll as instructed on the form, before employment ends. Please note that the direct deposit in effect for your regular pay while you're an employee cannot be used after your employment end date.
• If a physical check is desired, make sure your mailing address is up-to-date with Chevron. You can update your address online on the My HR portal while you're still an employee, or on the BenefitConnect website after you've left Chevron. You can also report an address change by calling the HR Service Center.

Your Severance Pay Benefit is regarded as supplemental pay, and is subject to income tax withholding in the year received. 

• Chevron will deduct any and all taxes necessary to comply with legal requirements, including mandatory U.S. Federal income tax, Social Security tax and State and local withholding taxes.
• Your benefit is taxable in both work and resident locations, if different.

Your Severance Pay Benefit is not benefits bearing. This means medical, dental and other benefit deductions are not withheld and the severance amount does not influence the amount of pension, savings or other benefits.
 
In addition, if you owe any debt to the company (such as cash advances, payroll loans, or foreign tax loans) the amount of your benefit will be reduced by the amount of the debt, and your debt will be extinguished by the amount of the reduction.
 
Instructions for making adjustments to your federal or state tax withholding, if desired, are available on the U.S. HR website on the intranet. If you no longer have Chevron intranet access, please contact Payroll Operations directly at payroll@chevron.com. 

The Severance Pay Benefit is a one-time single lump sum payment. 

• There is no option to defer the timing of your payment to the following tax year. 
• There are no alternate forms of payment to choose.
• Your benefit is not eligible for rollover to a traditional IRA or other qualified retirement plan. 

The only control you have in the timing of your benefit payment is when you submit your completed Release within the 60-day deadline after your termination of employment. The date you submit your completed Release is when the 7 day revocation period begins. Your payment is then processed on the next applicable payroll cycle after the revocation period. In the event that your 60-day review period does not end before December 16 or if the Release waiver is returned after December 16, then payment will generally be made in the new year. Severance payments made January 1 or later fall into the new calendar year’s income for tax reporting purposes. 

Consult the 2023 SESP Plan summary plan description to determine how your severance benefit eligibility is affected by job offers, both within and outside of Chevron.

Chevron corporate policy generally prohibits, in most cases, the re-employment of former Chevron employees for the six-month period (including periods as or through a contractor) following termination. If rehired, your work schedule must be less than 50 percent of the average time you worked over the 36-month period prior to your termination if you received a distribution from the Chevron Retirement Plan. You may be rehired without restriction as to the level of services provided if 36 months have elapsed since your termination or if you have not received a distribution from the Chevron Retirement Plan.
 
If a former employee is retained as or through a contractor or rehired by the Company or an Affiliate within one year after termination, the former employee must repay 100% of the Severance Pay Benefit as a condition of being retained or rehired.

Eligibility for unemployment is determined by the applicable state government agency, and not Chevron. If your employment ends because of a no-fault layoff, Chevron would not contest your eligibility for unemployment benefits.