Thread regarding Chevron Corp. layoffs

New Mortality Tables = Lump Sum Increase

Looks like the Chevron HR retirement calculator is now using the new 2018 mortality tables that have us living longer. Although the 3-month average interest rates didn't change much from a December 2017 to a January 2018 annuity start date, my lump sum jumped ~2.5%. The increase should be even more for folks closer to 60 years old.

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19 replies (most recent on top)

I’m not in the predicament you describe, 4wnl. But I personally know of many high paid employees who lived beyond their means, just to crash and burn later on in their career. Living to impress others and not setting aside for your eventual retirement is a mistake too often seen.

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Yes that is true. some employees that made very poor financial decisions early in life need all the help that they can get to dig themselves out of the butthurt hole that they buried themselves into. In those cases, the lump sum would be better applied bailing them out of the excruciatingly high interest rates of credit cards and the like. If you are a piece of deadwood, you are probably in that predicament also.

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Actually, a little more than half choose the lump sum. Mostly because the payout is not large Inn he first place and the equivalent annuity amount is too small for any benefit. There are many variables to consider when making a choice. Paying off high balance credit cards and other debts or a mortgage are good reasons for taking the lump sum. Paying off debt is in itself a good investment.

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If you are an idiot and would like to either lose the lump sum in a volatile market like , or blow it like many young ignorant birdbrain types do, I am sure the lump sum is for you. Most simpleton liberals without a brain choose the lump sum.

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, It’s not a question of being “afraid” to invest money. It’s a question of choices between risking a lump sum in a market where one already has substantial capital at risk and a guaranteed annuity income source. Both the annuity and lump sum choices are, for the average person, actuarially equivalent, based on one’s mortality table. So, it’s really a matter of personal choice, not of “being afraid” of anything. I think most comments differ based on who you ask. A younger working employee may tend to jump at the lump sum and a more mature retiree would take the more conservative annuity instead.

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if you are afraid to invest the lump sum may not be for you. Best to stick with other options even if they are financially worse.

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The annuity or lump sum is an individual choice. For me and spouse, we opted for the guaranteed J&S annuity because my last 3 years of a long career paid me well. The annuity amount alone is large enough for us to pay the monthly bills to support a modest lifestyle. It’s a guaranteed income. Social Security will add to monthly income in another 3 years. Just like the previous poster said, we have a large sum of money in our 401k invested in the market. There’s no need for me to throw a lump sum pension into risky waters. Most people will realize, when they retire and don’t work anymore, that risk aversion is paramount. What you have cannot be replaced if lost, so your investments must be of low risk, hence your investment returns will be low. Since no one knows how long they will live, the fear becomes outliving your savings. In this stage of my life, we chose the most conservative path to take the annuity. If your situation doesn’t produce a high enough annuity to live on, maybe investing the lump sum while continuing to work until you’re 65 is your best option.

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1gzn, Well you go ahead and gamble on the risky volatile market since you already most likely did and it's too late to come back and keep living in denial and trying to convince yourself that you didn't shoot yourself in the foot. We will continue to live large with our 100% joint survivor benefits for us and our spouses and enjoy both healthy market returns when they exist as well as a guaranteed back up monthly payments until we die. My invested assets outside of my sweet PBGC guaranteed fat annuity monthly check are roughly 4 times the size of the annuity lump sum value. Why pass up a good thing and the most secure back-up plan available which is not available to anyone else on the private market?

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Most of us realize this, . It’s only that likes to live dangerously. Let him be.

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An annuity adds an "element of certainty" and should be piece of a well diversified retirement portfolio.

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1lao The Chevron retiree benefits wepage is />

Mortality tables are not exclusive to Chevron, by any means and neither involve layoffs and affect all pensions and annuities in basically the same way for every US company and banking institution.

If you have anything mature and of significance besides your usual pathetic whining drivel to contribute to the discussion, please do, if not, you can retreat back to your safe space, snoflake. Nothing to see here. Move along.

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Actually in the news today are more dire predictions of a major uptick in inflation. This will cream the annuitants, I am afraid.

by | Post ID:

This is a good moment to also think about the annuity, which is the other pension choice. There is a lot of news and analysis about our economy entering a prolonged “low returns” period. Jack Bogle of Vanguard recently mentioned this in an interview. He and other respected investors are advising investors to anticipate this and figure it into the retirement investments. Some some of the long term Chevron employees, the annuity may be a wise choice to take over the lump sum. Let your 401k money be what you invest and let the annuity be your guaranteed lifelong support.

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Please post the link to the retirement web site dedicated to discussions of the Chevron benefits. I am not aware there is one.

Layoffs are fine but it is easy to expand the scope to all employees who have left or may leave Chevron. Most of the issues are common. Someone laid off today will be eligible for the revised lump sum which could affect their plans.

Please direct your policing efforts to other posts on this site. Or close your eyes so you don’t see topics not tailored to you tastes.

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pdl, I am an A about almost everything, except for most of my college exams, where I earned an A+.

This is a layoffs website. Most laid-off employees on this site don't have appreciable pensions. If they do, it is irrelevant to being laid off, since they need to keep working or look for a new job. Retirement is a separate and different topic. This is not a retirement forum. The internet is littered filthy rich with retirement forums and websites covering every aspect including lump sums and pensions. I visit them frequently, being retired myself. Again, this is a layoffs website: fiolettsk.ru is the site. 99.9% of "this board" do not find this useful as it is irrelevant to their situation. . does. Good for him. If you have some layoff related information for the readers, we'd love to read it. Til then, enjoy the same "new" mortality tables that apply to every pension in the country, as well as Social Security. Big deal. Nothing to see here.

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Thanks for posting this, OP. This board can profit from useful information like this. Best of luck to everyone during these trying times.

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Go produce some oil Chevron slug

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Well folks who may be getting laid off may also have a pension and this kind of information may be of interest to them. Perhaps a little positive news can help ease the stress during a stressful time.

-boj why do you need to be an a-- about things????

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So? What does that have to do with layoffs? This is a layoffs site, in case you were unaware. There are plenty of retirement topic chat boards on the internet if you haven't realized yet.

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