Refer to Summaries of Material Modification for subsequent changes.

About the Pension Plan

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, upon request. 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 the terms of the Pension Plan and local bargaining requirements.

Information sources

When you need information or want to begin receiving your benefit, you may contact:

Phone Numbers:
Active Employees, Retirees and Survivors:
ExxonMobil Benefits Service Center 
Monday – Friday 8:00 a.m. to 4:00 p.m. 
(Central Time), except certain holidays 
Toll-Free:  1-833-776-9966

Address:
ExxonMobil Benefits Service Center 
P.O. Box 1590
Lincolnshire, IL 60069-1590

ExxonMobil sponsored sites – Provides access to plan-related information for employees, retirees, and their family members.

• EM Connect, the Human Resources Intranet Site — Can be accessed at work by current employees at goto/emconnect
• ExxonMobil Family, the Human Resources Internet Site — Can be accessed from home by everyone at www.exxonmobilfamily.com.
• Retiree Online Community Internet Site — Can be accessed from home by retirees and survivors only at www.emretiree.com.
• ExxonMobil Benefits Service Center Web Site — Can be accessed from home by everyone at http://digital.alight.com/exxonmobil.

Introduction

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 benefit. 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:

• Plan at a glance, a quick user's guide highlighting plan basics.
• Charts and tables throughout the booklet providing information, highlights of plan provisions, etc.
• References throughout the SPD to places you can get more information.
• A list of Key terms containing definitions of many words and terms used in this SPD. If you see a term that is unfamiliar, refer to this section at the end of the SPD.

A careful reading of this SPD will help you understand how the Plan works. You may obtain additional information from the Information sources section of this SPD.

Plan at a glance

Participation and vesting

Regular, full-time employees automatically begin participating upon employment. In some cases, part-time employees may also participate. You are vested when you have five years of vesting service or reach age 65, whichever comes first. See section on Participation, vesting and cost  for more information.

Retiring from ExxonMobil

While you are eligible to receive a pension if your employment ends after you become vested, the benefit is enhanced if you are a retiree. Generally, you become a retiree when you terminate employment as a regular employee and have at least 15 years of benefit service and are age 55 or older. See section on Retiring from ExxonMobil for more information.

Pension Plan basics

Your basic pension benefit is determined by a formula that takes into account your service, pay and Social Security benefit. See section on Pension Plan basics for more information.

When your benefit can begin

Benefits are available after your employment ends. There is a limited timeframe to commence the benefit immediately after separation; otherwise, benefits can begin as early as age 50. The amount of your benefit may be adjusted to take into account your age when your benefit begins. See section on Receiving your pension benefit for more information.

How your benefit is paid

The Plan provides several payment options to all vested participants. However, retirees can choose from the widest variety of payment options. See section on Payment options for more information.

What happens when you die

The Plan pays death benefits in most cases if you die before you begin receiving your benefit. If you die after your pension benefit has started, the payment option you chose determines whether benefits continue and for how long. See section on Death benefits for more information. 

Administrative and ERISA information

This Plan is subject to rules of the federal government, including the Employee Retirement Income Security Act (ERISA). See section on Administrative and ERISA information for more information.

Key terms

This is an alphabetized list of words and phrases, with their definitions, used in this SPD. See section on Key terms for more information.