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.

Participation, eligibility, vesting and cost

Details about participating in the ExxonMobil Pension Plan

Participation

Once you meet the eligibility requirements, you automatically begin participating. You do not need to enroll.

Eligibility

Most U.S.-dollar payroll employees of Exxon Mobil Corporation and participating affiliates are eligible for this Plan and begin to earn benefits from their first day of employment. For details, see who is considered to be an eligible employee in the Key terms section.

Vesting

Once you are vested, your benefit belongs to you. You are vested in the Plan after five years of vesting service or when you reach age 65, whichever comes first. If you leave before you are vested, you receive no plan benefits.

Cost

The company pays the full cost of this Plan.

Retiring from ExxonMobil

Pension benefits after retiring from ExxonMobil

While you are eligible for a pension benefit after becoming vested, your benefit may be enhanced in a number of ways if you leave employment as a retiree.

Retirement eligibility

To become a retiree, you must first complete 15 years of benefit service, and then leave the company as a regular employee after: 

• Attaining age 55; or
• Becoming entitled to long-term disability benefits under the ExxonMobil Disability Plan

Retirement eligibility - Age and service examples

Turning age 55

For purposes of applying these eligibility provisions, an employee is considered to attain age 55 on the first of the month in which he turns 55. Thus, a person who has already accrued 15 years of benefit service would be eligible to retire as of the first day of the month in which his 55th birthday occurs.

Example 1:

An employee turns 55 years old on October 15. Because of the special retirement eligibility provision, the employee is considered to be 55 years of age as of October 1, which is the earliest day the employee could retire (assuming he already has 15 years of Benefit Service).

Because an employee's retirement date is the first day after his last day of employment, the employee in this example would have to continue in employment until at least September 30 in order to retire. If his last day of employment is earlier than September 30, he would not be eligible for retirement.

Example 2:

Rather than working through September 30, the employee in the above example terminates his employment a day earlier, on September 29. Since the person's "retirement date" (September 30) occurs before he is considered to have attained age 55 (October 1), he would not be eligible for retirement under the ExxonMobil plans.

Attaining 15 years of benefit service

There is no "first of the month" rule when it comes to attaining 15 years of Benefit Service. Benefit Service is measured for this purpose to the closest day, and a person must have actually accrued 15 years of Benefit Service in order to retire.

Example 3:

An employee's 55th birthday is November 11, but will not have accrued 15 years of Benefit Service until November 25. Even though for benefit purposes the employee is considered 55 years old on November 1, she must continue in employment through November 25 in order to be eligible for retirement. If her last day of employment is November 24, she would not be eligible for retirement.

If you retire from the company, you have up to four advantages, which are:

1. Your benefit is not reduced as much if you begin receiving it early (see section on Receiving your pension benefit).
2. You have additional payment options (see section on Payment options).
3. Your Social Security offset may be less (see section on Pension options). 
4. You may be eligible to receive a Pre-Social Security pension. 

Pension Plan basics

Learn more about the basics of the ExxonMobil Pension Plan

The Pension Plan is a defined benefit plan. This means that the Plan specifies, or defines, a formula for calculating the benefit that will be paid to you.

The Plan's formula for determining the amount of your pension benefit includes:

• Your years of pension service. 
• Your pensionable pay. 
• Your estimated Social Security benefit.

Once your employment ends, you can elect (within limits) when you want payments to begin and how you want your benefit to be paid to you. Typically, the amount of your benefit is adjusted to take into account your elections.

Pension formula

Your basic pension benefit is determined by this formula:

1.6% x years of pension service x final average pensionable pay 

minus

your Social Security offset

Your basic pension benefit is a monthly amount payable to you starting at age 65 as a Basic Annuity (see section on Payment options). If you elect to begin your benefit before age 65 or elect a different payment option, the basic pension benefit may be adjusted.

Example — Basic pension benefit:

Here is an example of how the basic pension benefit is calculated.

Pat has 30 years of pension service, final average pensionable pay of $7,000 a month and a Social Security offset of $662 a month.

1.6% x 30 years x $7,000	$ 3,360
Less Social Security offset	- $ 662
Pat's monthly basic pension benefit	$ 2,698

These terms, used in the pension formula, will help you understand the formula. Refer to Key terms for details about these terms:

• Pension service – Generally, all your service while participating in this Plan.
• Final average pensionable pay – The highest average of 36 consecutive months of your pensionable pay during the last 10 years of your employment.
• Social Security offset – The part of your estimated Social Security benefit that is used as an offset in the pension formula. The offset is equal to 1.5% of your estimated Social Security benefit multiplied by your pension service, up to 33-1/3 years, which is a maximum of 50%.

This offset reflects the fact that while you work for ExxonMobil, the company pays half of your Social Security tax and Social Security benefits make up part of your total retirement income.

Example — Social Security offset:

• Pat's estimated Social Security benefit is $1,471.
• Since Pat has 30 years of pension service, her offset is 1.5% x 30 years x $1,471 = $662.

For retirees, the Pre-Social Security Pension — explained in the Social Security offset section of this SPD —replaces the value of the Social Security offset until age 62. 

Key facts about the Social Security offset

• Only your Social Security retirement benefit is included in determining the offset. Any other Social Security payments (such as spouse's benefits or children's benefits) are not included.
• The estimated Social Security benefit used for purposes of the Social Security offset is calculated using the following assumptions:
  • The Social Security benefit is calculated using your actual Social Security earnings history, if you provide it; otherwise, a government-prescribed formula is used to estimate the earnings history. If you elect to provide your actual Social Security earnings history, the Plan must use them even if they result in a lower basic pension benefit. You must provide your actual earnings by the later of the date you commence your benefit or 60 days after your benefit commencement package is created.
  • All calculations are based on Social Security law in effect when you leave the company. Changes in your Social Security benefit after you leave the company do not affect your payments from the Pension Plan.
  • Your estimated Social Security benefit is calculated using the actual Social Security benefit formula. Each year, Social Security grants an annual cost of living increase that is factored into the formula. In calculating your estimated Social Security benefit, the full amount of these annual increases is phased in over a nine-month period. This has the effect of reducing the initial impact of any increase in the Social Security formula, which, in turn, potentially reduces your Social Security offset that is used at the time of termination or retirement.
• The Social Security benefit is determined when your employment ends.
  • If you are eligible to retire when you leave, the amount is determined as though you are 62 (or your actual age if you retire after age 62) on the date of retirement.
  • If you leave without meeting the requirements for retirement, the amount is determined as though you are 65 (or your actual age if you terminate employment after age 65) on the date of termination.
  • An age-62 offset is smaller than an age-65 offset.

Learn more about your Social Security benefits by calling the Social Security Administration or by accessing www.ssa.gov.

Pre-Social Security pension for retirees

Although the Pension Plan may pay benefits earlier (see section on Receiving your pension benefit for more information), the earliest you can begin your Social Security retirement benefit is age 62. The Plan provides a temporary additional benefit if you retire and start your pension benefit before becoming eligible to receive a Social Security benefit.

This additional benefit, called a pre-Social Security pension, equals the amount of the Social Security offset in your basic pension benefit calculation. The Pre-Social Security Pension starts when your pension benefit starts and continues until age 62 (or when you are first eligible for Social Security).

Example:

Pat starts her benefit (which we calculated in earlier examples) at age 60. Her Social Security offset is $662. She starts payments of her basic pension benefit of $2698 each month plus a pre-Social Security pension benefit of $662 until age 62, for a total plan benefit of $3360 until she reaches age 62.

Other offsets

Additional offsets to the basic pension benefit will likely apply if you participated in a separate pension plan, including sub-plans of this Plan or an affiliate-sponsored pension plan, and your service in that plan is also included in pension service used to calculate your ExxonMobil basic pension benefit. Other offsets may be deducted if you are eligible to receive a non-U.S. governmental pension or non-U.S. separation payment.

Receiving your pension benefit

Information about receiving your pension benefits

After you leave the company, you can begin receiving your vested pension benefit as early as age 50.  Vested terminees will also be provided a one-time lump sum option at the time of separation, regardless of age.

Beginning your benefit

When your pension benefit begins depends on these circumstances:

• After your employment ends, you may choose to begin your vested pension benefit as early as age 50 and as late as age 65. Vested terminees will also be provided a one-time lump sum option at the time of separation, regardless of age.
• If you retire from the company after reaching age 64, you may delay the start of your benefit up to one year, but no later than age 70.
• If you terminate employment after reaching 65 without being a retiree, or if you leave employment after attaining age 70, your benefit begins immediately.

You should access the ExxonMobil Benefits Service Center (EMBSC) Web site or call  1-833-776-9966 at least 90 days but not more than 120 days before you want benefits to begin.

For information about receiving your pension benefit, refer to Retirement Process Steps found in the Retirement Guide from the Retirement section on EM Connect, the Intranet Site that can be accessed at work by employees. 

Adjustments for early commencement

Your basic pension benefit calculated under the formula (shown in the section on Payment options) is reduced if you choose to receive your benefit earlier than:

• Age 60 as a retiree; or
• Age 65 as a terminee.

The reduction, if any, depends on your age when you start your pension benefit and whether you are a retiree or terminee.

Retirees

If your benefit starts in the month you reach …	...You receive this percentage of your basic pension benefit
60 or older	100%
59	95%
58	90%
57	85%
56	80%
55	75%
54*	70%
53*	65%
52*	60%
51*	55%
50*	50%

*Applies to disability retirements only.

Note: Special provisions apply for participants who had overseas service before 1985.

Terminees

If you terminate employment without becoming a retiree, your basic pension benefit is actuarially adjusted if you start your pension at any time before age 65. This table shows the percentage of the benefit received at different ages:

Payment options

Learn more about payment options for the ExxonMobil Pension Plan

The Plan calculates your basic pension benefit as a Basic Annuity, but gives you choices about how your benefit is paid. The options available to you depend on your marital status and whether you are a retiree. 

Retirees may choose from any of the payment options described in this section. In addition, the Pre-Social Security Pension is paid monthly until you are eligible for a Social Security benefit or as a lump sum if you elect a lump sum payment of your benefit.

If you are not a retiree, but are vested in the Pension Plan when you leave the company, you may choose only a Basic annuity, a Qualified joint and survivor annuity or a Joint annuity between ages 50 and 65.  If you are a terminee, you will be provided an opportunity to receive your benefit as a lump sum at the time of separation.  As a terminee, if you do not commence your benefit earlier, you will be provided a final opportunity to receive your benefit as a lump sum upon reaching age 65.  These two times will be the only opportunities for a terminee to receive the benefit as a lump sum.

The amount of your benefit is adjusted if you elect to receive your pension benefit as any option other than a Basic Annuity.

If you are married at the time your benefit begins, your benefit can only be paid as a Qualified Joint and Survivor Annuity — unless you and your spouse agree to another payment option. 

Basic annuity

When your basic pension benefit is calculated under the formula (find this in the section on Pension Plan basics), it is calculated as a Basic Annuity. The Basic Annuity provides the largest monthly benefit payable from the Plan. It is a monthly benefit paid to you for your lifetime with guaranteed payments for five years. If you die before the five years are completed, payments continue to your beneficiary until this five-year period is completed. The Basic Annuity is also called a "five-year certain and life" annuity. All other payment options are derived from the Basic Annuity.

Qualified Joint and Survivor Annuity (QJSA)

A Qualified Joint and Survivor Annuity is a monthly benefit paid to you for your lifetime, with guaranteed payments for five years. After your death and the guaranteed period, 50% of the monthly amount you were receiving continues to your surviving spouse (who was your spouse when benefits began) for the rest of his or her life. If you are married at the time your benefit begins, by law you will automatically receive your pension benefit in the form of a QJSA. However, you may elect a different payment option, but only if your spouse consents to your election in writing, and that consent is notarized or witnessed.

Electing a QJSA after your pension benefit has already commenced

Ordinarily, once you have commenced your pension benefit as an annuity, you are locked in to the specific payment option you have selected, and cannot elect a new one. An exception applies, however, if you are a retiree who becomes married after commencing your pension benefit in the form of an annuity. In that case, you may elect to convert your benefit into a QJSA, with your new spouse designated to receive any survivor benefits. If you elect this conversion, the amount of your benefit will be adjusted so that your new form of benefit is the actuarial equivalent of your old annuity. You have twelve months following your marriage to elect to convert your benefit to a QJSA. This conversion option is not available to those who elected to receive their pension benefit as a lump sum.

Joint annuity

This is a monthly benefit paid to you for your lifetime. You may choose an annuity that pays 1%, 50%, 75% or 100% of your monthly amount as a survivor's benefit to your designated joint annuitant after your death. Monthly payments continue to your surviving joint annuitant for the remainder of his or her life. Payments under the Joint Annuity are guaranteed at the amount you were receiving for five years (or longer if an Extended Period Certain Annuity is elected in connection with the Joint Annuity) before changing to the survivor's benefit.

Extended period certain annuity

This form of payment is identical to the Basic annuity, except that you can choose a 10-year or 15-year guarantee period. This option is available only to retirees. The Extended Period Certain Annuity may be combined with the Joint Annuity Option.

Lump sum

This is a single payment of the actuarial value of your Basic Annuity. If you elect the lump sum payment option, you will receive your Pre-Social Security Pension as a single payment. The lump sum payment option is generally available only to retirees.

An additional lump-sum payment option is available to retirees who retire on or after December 1, 2015. In addition to the 100% lump sum payment option, such a retiree may elect to receive 50% of their pension in the form of a lump sum with the remaining benefit payable as a monthly annuity.

Terminees are eligible to elect the lump sum payment option under limited circumstances. If you are a terminee, you will be provided an opportunity to receive your benefit as a lump sum at the time of separation.  As a terminee, if you do not commence your benefit earlier, you will be provided a final opportunity to receive your benefit as a lump sum upon reaching age 65.  These two times will be the only opportunities for a terminee to receive the benefit as a lump sum.

Calculating the Lump sum

As a retiree, you can receive the pension benefit either as an annuity consisting of monthly payments or as a lump sum.

Mortality and interest assumptions are used to convert the stream of annuity payments to a lump sum.

Lump sum assumptions vary depending upon your particular circumstances.  To determine what assumptions apply to you, you should access the ExxonMobil Benefits Service Center (EMBSC) Web site or call  1-833-776-9966 at least 90 days but not more than 120 days before you want benefits to begin.

Choosing a payment option

All of the monthly payment options are actuarially derived from the Basic annuity. If you elect a monthly payment option other than the Basic Annuity, the amount of your basic pension benefit is reduced because these payments are guaranteed for two lives and/or for a longer period of time.

Example:

To understand how the benefits vary according to the payment option you select, return to Pat's example (find this in the section on Pension Plan basics).

As explained earlier, Pat retires at age 60 with a basic pension benefit of $2698 each month payable as a Basic annuity (5-year certain and life). The monthly amount Pat would receive if she elected one of the other annuity payment options is shown in the following table. This example assumes that Pat's husband is the joint annuitant for any joint annuity she selects, and that he is also age 60 when Pat's pension benefit commences.

Pat's Basic annuity (5-year certain and life) = $2698 each month

If Pat elects...	Her monthly benefit would be ...
10-year certain	$ 2,668
15-year certain	$ 2,618
Joint Annuity — 1%	$ 2,695
Joint Annuity — 50%	$ 2,554
Joint Annuity — 75%	$ 2,487
Joint Annuity — 100%	$ 2,424

All Joint Annuity options above include 5-year certain and life. These amounts may adjust based on changes to interest rates and mortality assumptions.

Projections

To obtain a pension estimate, access the ExxonMobil Benefits Service Center (EMBSC) Web site or call 1-833-776-9966.

Tax treatment of pension payments

Pension benefits are generally taxable as ordinary income for federal income tax purposes. Many states also tax pension benefits. Before you begin your pension benefit, you should consult a personal tax advisor for more help.

If you are eligible for and elect to receive a lump sum payment, the taxable amount may be subject to special tax treatment and may be eligible to be rolled over to an Individual Retirement Account (IRA) or another tax-qualified employer plan. Employees who retire on or after December 1, 2015 are able to roll over their lump sum payment into the ExxonMobil Savings Plan. The taxable amount is the total lump sum value less amounts on which tax has been previously paid.

Death benefits

Learn more about death benefits from the ExxonMobil Pension Plan

Under certain circumstances, benefits from the Plan may be payable or continue after your death. 

If you die as an active employee

Your survivors may be entitled to the following benefits from the Pension Plan if you die as an active employee with a vested benefit.

With less than 15 years of service — surviving spouse annuity

If you have less than 15 years of benefit service or are a non-regular or extended part-time (enhanced non-regular) employee when you die, the Pension Plan will pay a Surviving Spouse Annuity. The government requires that the Surviving Spouse Annuity provide a lifetime income to your surviving spouse if you have been married for at least one year.

A Surviving Spouse Annuity is half of your basic pension benefit earned up to the date of your death, payable under the Qualified Joint and Survivor Annuity option.  Your surviving spouse will also have a limited time opportunity to receive the Surviving Spouse Annuity as a lump sum.

Your surviving spouse may begin receiving the Surviving Spouse Annuity as early as the month in which you would have attained age 50, and as late as the time you would have attained age 65. The adjustments for early commencement for terminees (see more on Terminees in the section on Receiving your pension benefit), apply to the Surviving Spouse Annuity.

If you have no surviving spouse eligible to receive the Surviving Spouse Annuity, there is no benefit payable from the Plan upon your death.

With 15 or more years of service — pension death benefit

If you have 15 or more years of benefit service and you are not a non-regular employee (including an extended part-time employee) on your date of death, the Pension Plan will pay a Pension Death Benefit, which is significantly larger than the Surviving Spouse Annuity.

How it is calculated

The Pension Death Benefit is based on your total basic pension benefit plus your Pre-Social Security Pension earned under the Plan. The Pension Death Benefit is calculated as if you had retired as of the date of your death and had elected the lump sum payment option to be paid at age 50 or actual age if older at time of death. If you die before age 50, the Pension Death Benefit is the present value of the age-50 lump sum.

When it is paid

The Pension Death Benefit is paid as soon as practical after your death.

Who receives it

The Plan pays the Pension Death Benefit to the beneficiary designated on the special beneficiary designation form.

To comply with the government requirement for surviving spouse benefits, your spouse must consent if you want to name someone other than your spouse as the primary beneficiary.

If you have not designated a Special Beneficiary prior to your death, the beneficiaries are determined by a default order, explained in the Default Beneficiary definition in the Key terms section.

Special note about special beneficiary designation:

If you are married and less than 35 years of age when you execute a Special Beneficiary Designation and you do not name your spouse as your primary beneficiary, then your special designation will become invalid when you attain age 35. Another beneficiary designation (with spousal consent) is required upon attaining age 35.

How it is paid

Your beneficiary can elect to receive the Pension Death Benefit either as a lump sum or as monthly payments for life.

The monthly payments are the lump sum Pension Death Benefit actuarially converted to the Basic Annuity (five-year certain and life), see section on Payment Options, using the interest rate in effect at time of your death.

If you die as a retiree

If you become a retiree and:

• Die before your benefits begin — The death benefit payable from the Pension Plan is the Pension death benefit.
• Die after pension payments begin — The payment option that you chose determines whether any future benefits are paid.

If you die as a terminee

If you are a terminee and you die after pension payments begin, the form of payment that you chose determines whether any further benefits are paid.

If you are a terminee with a vested pension benefit and you die before pension payments begin but after being married at least one year, then your surviving spouse may be eligible for the Surviving spouse annuity. 

Otherwise, no benefit is payable.

When payments or benefits begin

References to the date when payments or benefits begin mean the date your pension benefit is scheduled to begin under the terms of the Plan. This date may not be the same as the date you actually receive your first payment.

Administrative and ERISA information

This section provides information about the administration of this Plan and your rights under law.

The formal name of the Plan is the ExxonMobil Pension Plan.

Basic Plan information

Plan administrators

Administration of the Pension Plan is handled by the Administrator-Benefits, the Administrator-Finance and the Administrator-Accounting. The Administrator-Benefits is the Manager, Global Benefits Design, Human Resources, Exxon Mobil Corporation. The Administrator-Finance is the Manager, Benefits Finance and Investment, Treasurers, Exxon Mobil Corporation. The Administrator-Accounting is the Manager, Financial Reporting, Controllers, Exxon Mobil Corporation. You may contact these plan administrators at the following address. Legal process may be served upon the Administrator-Benefits c/o Exxon Mobil Corporation by serving the Corporation's Registered Agent for Service of Process, Corporation Service Company (CSC).

Administrator-Benefits

For appeals: 
Claims and Appeals Management
Dept 02694
P.O. Box 1407
Lincolnshire, IL 60069-1407

For service of legal process:
Corporation Service Co.
211 East 7th Street, Suite 620
Austin, Texas 78701-3218

Administrator-Finance
Exxon Mobil Corporation
22777 Springwoods Village Parkway
Spring, TX 77389

Administrator-Accounting 
Exxon Mobil Corporation 
22777 Springwoods Village Parkway
Spring, TX 77389

Pension Plan trustee

The assets of the Pension Plan are held in a master trust. The Trustee is:
The Northern Trust Company
50 South LaSalle St
Chicago, IL 60603

Certain accrued benefits under the Plan are secured by group annuity contracts issued by the following insurance companies:

Aetna Life Insurance Company 151 Farmington Avenue Hartford, CT 06156-9260	The Prudential Insurance Company of America Prudential Plaza, Newark, NJ 07102-3777
AXA Life Insurance Company 1290 Avenue of the Americas 16th Floor New York, NY 10104	Metropolitan Life Insurance Company 200 Park Avenue New York, NY 10166

Type of plan

The Pension Plan is a defined benefit pension plan under ERISA.

Plan numbers

The Pension Plan is identified with government agencies under two numbers: the Employer Identification Number, 13-5409005, and the Pension Plan Number (PN), 001.

Plan year

The Plan year is the calendar year.

Plan sponsor and participating affiliates

The Pension Plan is sponsored by:

Exxon Mobil Corporation
22777 Springwoods Village Parkway
Spring, TX 77389

All of Exxon Mobil Corporation’s divisions and major U.S. affiliates participate in the Pension Plan. A complete list of participating affiliates is available from the Administrator-Benefits upon written request.

Benefit claims procedures

Pension Plan Claims	Pension Plan Mandatory and Voluntary Appeals
ExxonMobil Benefits Service Center Claims and Appeals Management Dept 02694 P.O. Box 1407 Lincolnshire, IL 60069-1407	Administrator-Benefits Claims and Appeals Management Dept 02694 P.O. Box 1407 Lincolnshire, IL 60069-1407

Filing a claim

If you believe you are being denied a benefit, in whole or in part, to which you are entitled under the Pension Plan, you may file a claim for the benefit with the ExxonMobil Benefits Service Center (EMBSC) at  Alight. All claims must be filed in writing. 

The EMBSC will review your claim and respond to you within a reasonable period of time, normally within 90 days after receiving your claim. If your claim is denied completely or partially, you will receive written notice of the decision. The notice will describe:

• The specific reasons for the denial and the provisions upon which they are based.
• Any additional information or material that is needed to validate the claim and the reason that information is required.
• The process for requesting an appeal.

If EMBSC needs additional time to decide on your claim because of special circumstances, you will be notified within the original 90-day period. You will receive a response no later than 180 days after your claim was received initially.

Filing a mandatory appeal

If your claim has been denied, in whole or in part, you or your designated representative may appeal the decision to the Administrator-Benefits. Such an appeal is required in order for you to preserve your right to bring a civil action in court, as described below. Your written appeal must be made within 60 days after you receive the initial notice of denial. You should include the reasons why you believe the benefit should be paid and information that supports, or is relevant to, your request. You may also request reasonable access to, and copies of, information relevant to your claim. If you do not file the appeal within 60 days, your appeal will not be considered.

Within 60 days of receiving a request for review, the Administrator-Benefits will make a decision. If additional time is needed, you will be notified in writing of the special circumstances that require an extension. In any event, you will receive a decision no later than 120 days after receipt of your request for review. The decision will be written in plain language and will refer to the pertinent plan provisions on which it is based. If your appeal is denied, you or your representative may review any plan documents, records, or information reviewed in making the determination.

Filing a voluntary appeal

A denied appeal may be reconsidered, but only if you have other information that is relevant to your claim and was not considered in your previous appeal. If this is the case, you or your designated representative may send such information in writing to the Administrator-Benefits within 30 days of the appeal denial. Providing such information is strictly voluntary and is not necessary to preserve your right to bring a civil action in court. Please include in your voluntary appeal letter the reason(s) you believe the mandatory appeal was improperly denied and include the new information that supports and is relevant to your request. If you do not file a voluntary appeal within 30 days, your voluntary appeal will not be considered.

You will be notified within 15 days of receipt if your voluntary appeal is not accepted because no new pertinent information is included or your voluntary appeal was not timely filed.

After reviewing the additional information submitted with your voluntary appeal request, the Administrator-Benefits will make a decision within 60 days. As with the mandatory benefit appeal, if your voluntary appeal is denied, you will be informed of the pertinent plan provisions on which the denial is based, and you or your representative may review any plan documents, records, or information reviewed in making the determination.

Your decision to submit a benefit dispute to a voluntary appeal will not affect your rights to any other plan benefits.

Statute of limitations

After you have received the response of the mandatory appeal, you may bring a civil action in Federal Court under section 502(a) of ERISA. Any such action must be filed no later than one year from the date your mandatory appeal was denied. This deadline is extended for any period during which a voluntary appeal is pending.

Venue

Any civil action under ERISA, including without limitation for recovery of benefits, breach of fiduciary duty, or equitable relief, must be filed in the United States District Court for the Southern District of Texas, Houston, Texas, or:

• If the participant is a current employee, the participant can also file in the United States District Court for the federal judicial district where the participant currently works.
• If the participant is a former employee, the participant can also file in the United States District Court for the federal judicial district in the last location worked prior to termination of employment.

A beneficiary or alternate payee must file any civil action only in the locations where the participant could file as set forth above.

Authority of Administrator-Benefits

The Administrator-Benefits (and those to whom the Administrator-Benefits has delegated authority) has the discretionary authority to determine eligibility for benefits, to construe and interpret the terms of the Pension Plan in its application to any participant or beneficiary, and to decide any and all claim appeals.

No implied promises

Nothing in this booklet says or implies that participation in the Pension Plan is a guarantee of continued employment with the company.

Assignment of benefits

You cannot use your Pension Plan benefit as collateral for a loan. In addition, it cannot be pledged to another person or organization in any way except as provided by a Qualified Domestic Relations Order ("QDRO").

The Administrator-Benefits complies with all distributions required by a QDRO. The Plan may be required to pay part of your benefit to your spouse, former spouse or dependents under the terms of a QDRO. A QDRO is a state court order that meets certain legal requirements and may provide for payment of child support, spousal support, or a community or marital property settlement. If another person is awarded part of your Plan benefit under a QDRO, your benefit will be reduced by the portion payable to him or her. You may obtain a copy of the Plan’s QDRO procedures and guidelines without charge by contacting the ExxonMobil Benefits Service Center at 1-833-776-9966.

If the Pension Plan is amended or terminated

Although the Pension Plan is expected to be continued indefinitely, the company may at any time and for any reason amend or terminate the Pension Plan or any of its provisions. If any material changes are made in the future, you will be notified.

If the Pension Plan is terminated and no successor plan is established, you will be 100% vested immediately, regardless of your years of service.

Insured benefits

Most benefits earned under the Pension Plan are insured by the Pension Benefit Guaranty Corporation (PBGC) if the Plan terminates. Benefits earned by Exxon participants before August 1986 are insured under a contract issued by Aetna Life Insurance Company. Generally, the PBGC guarantees most vested normal age retirement benefits, early retirement benefits, and certain disability and survivor's pensions. However, the PBGC does not guarantee all types of benefits under covered plans, and the amount of benefit protection is subject to certain limitations.

The PBGC guarantees vested benefits at the level in effect on the date of plan termination. However, if a plan has been in effect less than five years before it terminates, or if benefits have been increased within the five years before plan termination, the whole amount of the Plan's vested benefits or the benefit increase may not be guaranteed. In addition, there is a ceiling on the amount of monthly benefit that the PBGC guarantees, which is adjusted periodically.

For more information on the PBGC insurance protection and its limitations, contact the office administering your benefits or the PBGC. Inquiries to the PBGC should be addressed to:

PBGC
Technical Assistance Branch
445 12^th Street SW
Washington, DC 20024-2101
Telephone: 1-800-400-7242
Internet: www.pbgc.gov

Your rights under ERISA

As a participant in the ExxonMobil Pension Plan, you have certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that as a Plan participant, you shall be entitled to:

Receive information about your plan and benefits

• Examine, without charge, at the office of the Administrator-Benefits and at other specified locations, such as worksites and union halls, all documents governing the Pension Plan, including collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Pension Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.
• Obtain, upon written request to the Administrator-Benefits, copies of documents governing the operation of the Pension Plan, including collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Administrator-Benefits may require a reasonable charge for the copies.
• Receive a summary of the Pension Plan's annual financial report. The Administrator-Benefits is required by law to furnish each participant with a copy of this summary annual report.
• Obtain a statement telling you whether you have a right to receive a pension at normal retirement age (age 65) and if so, what your benefits would be at normal retirement age if you stop working under the Pension Plan now. If you do not have a right to a pension, the statement will tell you how many more years you have to work to get a right to a pension. This statement must be requested in writing and is not required to be given more than once every twelve months. The Pension Plan must provide the statement free of charge.

Prudent actions by Pension Plan fiduciaries

In addition to creating rights for Pension Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Pension Plan, called "fiduciaries" of the Pension Plan, have a duty to do so prudently and in the interest of you and other Pension Plan participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a plan benefit or exercising your rights under ERISA.

Enforce your rights

• If your claim for a pension benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.
• Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Pension Plan documents or the latest summary annual report from the Pension Plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Administrator-Benefits to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator.
• If you have a claim and an appeal for benefits, which are denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Pension Plan's decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in Federal court. If it should happen that Pension Plan fiduciaries misuse the Plan's money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

Assistance with your questions

If you have any questions about your Pension Plan, you should contact the ExxonMobil Benefits Service Center (EMBSC) at Alight . If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Administrator-Benefits, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

Key terms

List of key terms in the ExxonMobil Employee Medical Plan - POS II A and POS II B options

Beneficiary

The person or entity that receives benefits when you die. The Plan provides a default list of beneficiaries, but you may name another beneficiary if you wish.

Benefit service

Generally, all the time from the first day of employment until you leave the company's employment. Excluded are: unauthorized absences; leaves of absence of over 30 days (except military leaves or leaves under the Federal Family and Medical Leave Act); certain absences from which you do not return; periods when you work as a non-regular employee, as a special agreement person, in service station, car wash, or car-care center operations, or when you are covered by a contract that requires the company to contribute to a different benefit program, unless a special authorization credits the service.

Default beneficiary

The order of beneficiaries is:

• Paying all to your spouse.
• Dividing equally among your children, who are born prior to your date of death, who either survive you or who die before you leaving children of their own who survive you and, in the case of each child who dies before you leaving children who survive you, subdividing his or her share equally among those children.
• Dividing equally between your surviving parents.
• Dividing equally among your brothers and sisters who either survive you or die before you leaving children of their own who survive you and, in the case of each brother or sister who dies before you leaving children who survive you, subdividing his or her share equally among those children.
• Paying all to your executors or administrators.

The term child means one's son or daughter by legitimate blood relationship or legal adoption. Parent means one's father or mother by legitimate blood relationship or legal adoption. One's brother or sister means another child of either or both parents.

Eligible employee

Most U.S. dollar payroll employees of Exxon Mobil Corporation and participating affiliates. Regular employees are eligible their first day of employment. Non-regular employees are eligible retroactive to the first day of the first 12- month period during which they work at least 1,000 hours (for this purpose, the 12-month period begins on the person's date of employment and each anniversary thereafter).

The following are not eligible to participate in the Plan: employees who work at company operated retail stores (CORS employees), or leased employees, barred employees or special agreement persons as defined in the Plan document.

Extended part-time employee

An employee who is classified as a non-regular employee, but who has been designated as an Extended Part-Time (Enhanced Non-Regular) Employee under his or her employer's employment policies relating to flexible work arrangements.

Final average pensionable pay

Generally, is determined by reviewing your monthly pensionable pay for the 10 years preceding termination of employment and selecting the 36 consecutive months which produce the highest average monthly amount. For most employees, this will be the final 36 months of their career with the company.

Note: the government sets a limit on the amount of pay that can be used to determine pension benefits for certain higher-paid employees.

Leased employee

A person who provides services on a substantially full-time basis for at least a year to Exxon Mobil Corporation or a participating affiliate pursuant to a third-party services agreement, if the services are performed under the primary direction or control of ExxonMobil.

Non-regular employee

Temporary or part-time employee of Exxon Mobil Corporation or participating affiliates. Non-regular employees include extended part-time employees. Non-regular employees do not include employees designated by their employer as part-time regular.

Pensionable pay

Generally, pensionable pay is the sum of:

1. Your pay attributable to your monthly base compensation and
2. Your supplemental compensation (for example, overtime and shift/relief pay) that you receive as part of the Company’s established wage and salary system.

The total pensionable pay amount may not exceed 120% of your monthly pay associated with your regular work schedule and rate of pay. Regular work schedule and rate of pay do not include those related to temporary job assignments, regardless of how long an employee has filled a temporary job assignment. (For SeaRiver fleet employees, the rate of pay is the rate of pay in effect for pay purposes as of the end of the month.)

Pension formula

The procedure for calculating the amount of money payable from the Pension Plan to a participant.

Pension service

Generally, your vesting service with ExxonMobil or any affiliate participating in the Pension Plan. Pension service may include your service while you were participating in a predecessor plan (such as the Mobil Retirement Plan) or in a pension plan whose benefit is coordinated with the ExxonMobil Pension Plan.

There are some exceptions in calculating pension service. For example, you do not receive service for any period as a leased employee or during which you chose not to participate in past annuity plans that required participant contributions. Certain periods of non-regular service are also excluded if you did not meet the requirements for crediting such service as pension service.

If you are a non-regular employee, pension service is granted only for those years in which you worked at least 1,000 hours. (For this purpose, years are measured from the date of employment and each anniversary thereafter.) If you work less than 1,800 hours in a year, you are credited with a fraction of a year of service, proportionate to 1,800 hours.

Regular employee

An employee of a participating employer, whether or not the person is a director, who, as determined by the participating employer, regularly works a full-time schedule, and is not employed on a temporary basis. The definition includes a person who regularly works a full-time schedule but who, for a limited period of time, is approved for a part- time regular work arrangement under the participating employer's work rules relating to part-time work for regular employees.

Retiree

Generally, a person at least 55 years old who retires as a regular employee with 15 or more years of benefit service. Retiree status may also be attained by someone who is retired by the company as a regular employee and entitled to long-term disability benefits under the ExxonMobil Disability Plan after 15 or more years of service, regardless of age. An employee who terminates as a non-regular employee (including extended part-time employee) is not eligible for retiree status regardless of age or service.

Social Security offset

The part of your estimated Social Security benefit that is used as an offset in the pension formula.

The offset is equal to 1.5% of your estimated Social Security retirement benefit for each year of pension service, up to 33-1/3 years. The maximum offset is 50% (1.5% x 33-1/3) of your Social Security retirement benefit.

Surviving spouse annuity

A government-required survivor annuity provided to the surviving spouse of a deceased participant if certain conditions are met.

Terminee

A person who separates from service without becoming a retiree.

Vested

Refers to a participant's right to receive a benefit. You become vested in the Pension Plan upon the earlier of one of the following events: completion of five years of vesting service or the first day of the month in which you reach age 65.

Vesting service

Determines when you are vested. May include service as a leased employee.

For regular employees, all service with the company, including absences without pay of up to one year are included.

Non-regular employees earn a year of vesting service for each anniversary year of employment in which they complete at least 1,000 hours of service.

Supplemental Pension Plan Description

Introduction

The ExxonMobil Supplemental Pension Plan (SPP) is an unfunded plan designed to provide payment to you if your ExxonMobil Pension Plan (EMPP) benefit is restricted due to IRS-prescribed limits. The SPP is a separate plan from the EMPP and is governed by its own terms and provisions. The fact that this summary of the SPP is contained within the summary plan description for the EMPP does not indicate that they are part of the same plan or that the terms of the EMPP in any way control the operation of the SPP.

IRS Limits

There are two legally-required IRS limits that apply to the EMPP benefit: a compensation limit and a benefits limit.

• The compensation limit restricts the amount of compensation that can be used in the EMPP benefit formula.
• The benefits limit restricts the amount of benefits that can be paid from the EMPP.

If either or both of these IRS limits reduce the amount that can be paid from the EMPP, the amounts calculated under the EMPP benefit formula in excess of these limits may be payable from the SPP.

Eligibility

You are eligible to receive benefits under the SPP:

• If you terminate employment as a retiree, or
• If your employment is terminated due to a divestment or severance program.

If you terminate employment before attaining eligibility, your SPP benefit will be forfeited. Your SPP benefit can also be forfeited if you are determined to have engaged in detrimental activity.

Benefit Formula

Your SPP benefit is determined by first calculating your basic pension benefit under the EMPP (as described in the EMPP SPD) disregarding any reductions or limitations based on the IRS limits described above. Your EMPP basic pension benefit is then calculated again, but this time with the IRS limits applied. The difference between the two amounts is your SPP benefit, expressed as a monthly amount payable as a Basic Annuity starting at age 65.

The SPP benefit may be offset or reduced if you participated in a separate non-U.S. pension plan or other non-tax-qualified plan.

Form of Payment

Even though the result of the SPP benefit formula is an annuity, your SPP benefit is paid only as a lump sum. The factors and procedures used to convert the annuity determined under the SPP formula into a lump sum payment are the same ones used for the calculation of the EMPP lump sum.

If you terminated employment prior to 2005 with an SPP benefit, you may elect to receive your SPP benefit in the form of an annuity.

Timing of Payment

Payments under the SPP will be processed as soon as practicable upon the following events:

• your retirement from the company; or
• if you retire on account of long-term disability prior to the first of the month in which you attain age 55, the first of the month in which you attain age 55; or
• if you are an eligible vested terminee, at the time of separation, regardless of age.

Payment of SPP benefits, unlike EMPP benefits, cannot be deferred to a later date.

By law, certain senior employees cannot receive the SPP benefit until the earlier of (1) 6 months following their retirement date or (2) their date of death.

Reductions for early commencement

If you retire before age 60, the SPP benefit will be reduced based on the early retirement factors specified in the EMPP.   

Death benefits

If you die with entitlement to a Pension Death Benefit under the EMPP that is restricted by the IRS limits described above, the excess of that Pension Death Benefit that cannot be paid from the EMPP will be paid under the SPP to your designated beneficiary(ies) in a lump sum.

If you have not named a beneficiary prior to your death, your SPP death benefit will be paid to the first of the following who survive you:

• your spouse
• your children and the children of a child who died before you
• your parents
• your siblings and the children of a sibling who died before you
• the executors or administrators of your estate

Tax treatment

The benefits from the SPP are non-tax qualified. As such, they may not be rolled over into an IRA and are taxed as ordinary income when paid.  

Benefit Claims Procedure Filing a Claim

If you believe you are being denied a benefit, in whole or in part, to which you are entitled under the SPP, you may file a claim for the benefit with the Benefits Administration Manager. All claims must be filed in writing (emails are not acceptable) and submitted to the Benefits Administration Manager at ExxonMobil Benefits Service Center, Dept 02694, P.O. Box 1407, Lincolnshire, IL 60069-1407.

The Benefits Administration Manager will review your claim and respond to you within a reasonable period of time, normally within 90 days after receiving your claim. If your claim is denied completely or partially, you will receive written notice of the decision.  

The notice will describe:

• The specific reasons for the denial and the provisions upon which they are based.
• Any additional information or material that is needed to validate the claim and the reason that information is required.
• The process for requesting an appeal.

If the Benefits Administration Manager needs additional time to decide on your claim because of special circumstances, you will be notified within the original 90-day period. You will receive a response no later than 180 days after your claim was received initially.

Filing a Mandatory Appeal

If your claim has been denied, in whole or in part, you or your designated representative may appeal the decision to the Plan Administrator. Your written appeal must be made within 60 days after you receive the initial notice of denial. You should include the reasons why you believe the benefit should be paid and information that supports, or is relevant to, your request. You may also request reasonable access to, and copies of, information relevant to your claim. Your appeal should be submitted to the Plan Administrator at Dept 02694, P.O. Box 1407 Lincolnshire, IL 60069-1407

.. If you do not file the appeal within 60 days, your appeal will not be considered.

Within 60 days of receiving a request for review, the Plan Administrator will make a decision. If additional time is needed, you will be notified in writing of the special circumstances that require an extension and you will receive a response as soon as administratively possible. The decision will be written in plain language and will refer to the pertinent plan provisions on which it is based. If your appeal is denied, you or your representative may review any plan documents, records, or information reviewed in making the determination.

Authority of Plan Administrator

The Plan Administrator has the discretionary authority to determine eligibility for benefits, to construe and interpret the terms of the SPP in its application to any participant or beneficiary, and to decide any and all claim appeals.