ExxonMobil provides its employees with an impressive benefit package that spans from health care and disability coverage, to retirement planning tools and savings plan options. Furthermore, ExxonMobil’s transition to Alight Solutions benefits administration software has improved access and management of employee resources – something which will prove particularly helpful as current retirees transition into retirement status.
Exxon Mobil offers its employees a defined benefit pension plan, guaranteeing them monthly retirement income for life based on a formula which takes into account years of service, annual pay and age at retirement. If an employee leaves prior to reaching normal retirement age (usually 65), he or she may receive a reduced pension payment.
Employees may also save additional funds in an account known as the Supplemental Pension Plan. The accumulation in this account is determined by earnings bonus units (EBUs), with any excess rolling over into another lump sum account calculated similarly. If EBUs exceed IRS compensation and benefits limits, any excess is added into another account which calculates using this same lump sum formula as their pension payout.
Exxon Mobil employees may also take part in an Employee Stock Purchase Plan (ESPP), which is a defined contribution plan where ExxonMobil matches employees’ contributions dollar for dollar up to 6% of salary. Employees can then use their ESPP dollars to purchase shares of ExxonMobil stock which allows for diversifying your portfolio with low risk asset classes and growing your pension/NUA benefits at Exxon Mobil.
Employees also have another tax-advantaged savings option available through Voya Savings Plan – an employer sponsored defined contribution retirement option offering various investment choices for saving and retirement planning purposes.
ExxonMobil employees are protected with both short and long-term disability insurance in case illness or injury prevent them from working, providing part of their regular salary and lessening reliance on other sources for replacement income.
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