retirement plans

total rewards snapshot

Your pension is just one of many components that make up your total rewards at Chevron. Access your personalized snapshot any time, anywhere. Get started.

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.


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.

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.

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.

estimate your benefit

Log on to the BenefitConnect website to run a pension estimate, use the pension modeling tool, or start your pension benefit.

retirement planning

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.

leaving chevron

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

recent plan changes

Things change; be sure you're informed. The documents provided 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). Be sure to review the SMM for an understanding of important plan updates.

Chevron Retirement Plan (hired before January 1, 2008)

Chevron Retirement Plan (supplement VV Molycorp)

summary plan description (SPD)

other key documents

recent plan changes

Things change; be sure you're informed. The documents provided 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). Be sure to review the SMM for an understanding of important plan updates.

Chevron Retirement Plan (hired on or after January 1, 2008)

Chevron Retirement Plan (supplement VV Molycorp)

summary plan description (SPD)

other key documents

summary plan description (SPD)

other key documents

If you have questions regarding a plan not listed or referenced on this website, contact the HR Service Center.

recent plan changes

Things change; be sure you're informed. The documents provided 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). Be sure to review the SMM for an understanding of important plan updates.

MEBA Marine Pension Plan

STAR Enterprise Retirement Plan

SUP Marine Pension Plan

Pension Plan of Chevron Mining Inc

summary plan description (SPD)

other key documents

contacts

You can find key contact information for Chevron's retirement plan(s) from the Contacts section of this website.

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.