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401(k)
Effective October 1, 2021, your Noble Energy, Inc. 401(k) Plan (Noble 401(k) Plan) will merge into the Chevron Employee Savings Investment Plan (Chevron ESIP). Fidelity Investments® is the service provider for both plans.
ESIP investment elections now open
Starting September 1 through September 30, choose your investments in the Chevron ESIP for your existing balances and future contributions. Login to your existing Fidelity account to get started.
explore the ESIP
contacts
If you can't find answers to your questions here, use our contact list to locate a resource for further assistance.
| key 401(k) transition dates | |
|---|---|
| September 24 (3 p.m. CT) – October 1
Blackout period: During this time, you will not be able to conduct transactions in your Noble Energy 401(k) Plan, including: checking your account balance; changing your contribution rate or enrolling in the plan; requesting an exchange (transfer) between investment options; requesting or processing a loan, withdrawal or distribution; designating or changing your beneficiaries. |
|
| September 1 - September 30
Investment Election Window: Choose your investments in the Chevron ESIP for your existing balances and future contributions. Login to your existing Fidelity account to get started. |
|
| October 1
Expected transition completion: Access your Chevron ESIP account at the Fidelity NetBenefits website. Login with your current username and password. |
You will receive a prorated Retirement Savings Contribution for the portion of 2021 that you participated in the Noble Energy 401(k) Plan, as long as you meet the eligibility requirements for this contribution. The contribution will be made in the first quarter of 2022 to your Chevron ESIP account and will be discontinued after 2021.
You must meet one of the following conditions on December 31, 2021 to be eligible for this contribution:
- You are actively employed (or on an eligible leave of absence).
- You retired in 2021, and at the time of your retirement you were either one of the following:
- Age 65 or older
- Age 55 and completed five years of service with Noble Energy.
- Were an active participant of the Noble Energy, Inc. Retirement Plan when it terminated on December 31, 2013.
- Had less than 20 years of service at Noble as of December 31, 2013.
If you had 401(k) contributions allocated to Noble Energy stock, the balance was converted to Chevron stock on Day 1 and any future contributions will be applied toward the purchase of Chevron stock. As communicated to plan participants in May 2020, there is no change to Noble’s decision to remove company stock as an investment option in the Noble Energy 401(k) Plan effective December 31, 2020. Participants are able to retain company stock post December 31, 2020, but no new investment or transfers into company stock will be permitted.
You'll receive more information about the investment options available in the Chevron ESIP in the Transition Guide from Fidelity the week of August 2, 2021.
watch the replay
Watch a replay of the recent education session, Your Wealth Benefits - Chevron Retirement Plan and ESIP. (intranet only)
retirement plan
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 (October 1). All contributions are made by Chevron; you do not contribute to this plan. Your benefit is calculated according to a formula and 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.
explore your pension plan
You can read the Chevron Retirement Plan summary plan description to learn more. Note that some of the tools and contacts referenced will be available starting October 1, 2021 after the transition.
contacts
If you can't find answers to your questions here, use our contact list to locate a resource for further assistance.
Vesting refers to whether you have a right to a benefit under the Chevron Retirement Plan when your employment ends. Accumulating at least five years of Vesting and Eligibility Service (VES) is one of the ways to vest under the Chevron Retirement Plan. Your original hire date is your VES date. This means you are receiving vesting credit for the Chevron Retirement Plan based on your Noble Energy service, which makes you eligible for a benefit faster.
Refer to the Your Chevron Service Dates letter you received in June for your personalized VES information.
executive plans
- Learn: Read an overview of some of the executive benefits and what will happen with Noble plan benefits.
- Explore the executive plans: You can read about the executive plans and learn more about the Long-Term Incentive Plan (LTIP) by reviewing the LTIP at a glance and watching the LTIP overview video.
- Contacts: If you can't find answers to your wealth benefits questions here, use our contact list to locate a resource for further assistance.
what if: i'm leaving or retiring
- You are not eligible for a pension benefit under the Chevron Retirement Plan.
- If you were an active employee on October 5, 2020, you are 100 percent vested in all contributions (your own and any company contributions) in the Noble Energy 401(k) Plan.
- For information about what happens to the 401(k) Retirement Savings Contribution (and the Transition Contribution, if eligible), see the 401(k) > what happens to ... section above on this page.
- You should continue to use your current Noble benefit processes and contacts prior to and upon leaving the company.
- If you’re eligible to participate in the Chevron Retirement Plan and you meet the vesting requirement, you may be eligible for a pension benefit under the Chevron Retirement Plan when you leave Chevron. Keep in mind that even if you’re eligible and vested, you don’t start to accrue a benefit until you become a participant in the plan on October 1, 2021. Review your personalized service letter to determine if you meet the five-year vesting requirement.
- You are 100 percent vested in all contributions (your own and any company contributions) in the Chevron ESIP, including all Noble Energy 401(k) Plan contributions that transition to the ESIP. This means you can take your full balance with you when you leave.
- For information about what happens to the 401(k) Retirement Savings Contribution (and the Transition Contribution, if eligible), see the 401(k) > what happens to ... section above on this page.
- You will follow Chevron's benefit processes and contacts prior to and upon leaving the company. Please continue to watch future benefit transition communications in the coming months for further instructions about what you need to do after October 1.
This web page provides only certain highlights about changes of 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. There are no vested rights with respect to Chevron health care plans or any company contributions towards the cost of such health care plans. Rather, 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. Some benefit plans and policies described in this document may be subject to collective bargaining and, therefore, may not apply to union-represented employees.