CIP, salary changes and your retirement benefit
chevron incentive plan (CIP) awards
For purposes of your Chevron Retirement Plan benefit, 2022 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 2023. As long as you are on the U.S. payroll at least one day in April, then your CIP award (paid in March 2023) will be considered in the calculation of your retirement benefit.
For purposes of retirement benefit estimates generated on the BenefitConnect website, 2022 CIP awards (paid in March 2023) will be considered in estimates that are generated starting around mid-March. Online estimates generated before mid-March will not include the 2022 CIP paid in March 2023.
You can see two types of retirement benefit estimates on the BenefitConnect website: the My Pension Benefit Summary and the Model my Pension tool. For purposes of Chevron Retirement Plan benefit estimates generated on the BenefitConnect website, here's when you can expect that 2023 salary changes will be included in your estimate.
- My Pension Benefit Summary. The Pension Benefit Summary shows an estimate of your pension benefit information to date (applies to vested retirement plan participants only). Any 2023 salary changes will be considered in your Pension Benefit Summary starting the month following the change. For example, if your salary change takes effect in March, it will be reflected in your Pension Benefit Summary starting in early April.
- Model my Pension. Use the pension estimator to model and compare your benefit for up to three different dates. Salary changes in 2023 will be available for modeling future benefits two months following the effective date of the change. For example, if your salary change takes effect in March, it will be reflected in future benefit projections on the Model my Pension tool starting in early May.