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ExxonMobil Pension Plan SPD
This summary plan description (SPD) provides an explanation of the general plan provisions applicable to most employees who are eligible to receive benefits provided under the ExxonMobil Pension Plan. Descriptions of pension benefits provided by other ExxonMobil sponsored plans or sub-plans of the ExxonMobil Pension Plan are contained in separate summary plan descriptions for each of those specific plans including but not limited to the Retirement Plan of Mobil Oil Corporation, Advanced Elastomer Systems, L.P. Pension Plan for Salaried Employees, and Paxon Hourly and Salaried Pension plans.
This SPD supersedes all previous Pension Plan participant publications. It does not contain all the details. In determining specific benefits, the full Pension Plan provisions, as they exist now or in the future, always govern. Copies of Pension Plan documents are available for your review. The company reserves the right at any time to change in any way or terminate any benefit.
Eligibility for participation in the Pension Plan by represented employees is governed by local bargaining requirements.
When you need information or want to begin receiving your benefit, you may contact:
ExxonMobil sponsored sites — Provides access to plan-related information for employees, retirees, and their family members.
Two pressing questions about retirement are: How much money will I need and where will I get this money?
Many financial planners believe that in retirement, people need between 70% and 80% of their income just before retirement. The amount you need depends on factors as unique as you are — including what you want to do when you retire, your health and your financial obligations. In addition, your retirement income must keep pace with inflation during your retirement.
The company helps you prepare financially for retirement. ExxonMobil's Pension Plan and Savings Plan are designed to work with Social Security and personal savings to provide financial security in retirement for long-term career employees.
The Pension Plan is designed primarily to provide you a monthly benefit from the time of your retirement until your death. This Plan offers additional flexibility — you can choose various payment options for your pension. In addition, the Plan may pay benefits to your survivors in case of your death.
To help you find specific Plan information quickly and easily, this SPD includes these helpful tools:
A careful reading of this SPD will help you understand how the Plan works. You may obtain additional information through the sources shown on pages 1 and 2.
Participation and Vesting
Retiring From ExxonMobil
Pension Plan Basics
When Your Benefit Can Begin
How Your Benefit Is Paid
What Happens When You Die
Administrative and ERISA Information