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.
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.
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.
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.
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.
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.
Generally, pensionable pay is the sum of:
- Your pay attributable to your monthly base compensation and
- 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.)
The procedure for calculating the amount of money payable from the Pension Plan to a participant.
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.
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.
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.
A person who separates from service without becoming a retiree.
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.
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.