Receiving your pension benefit

Q. When can I begin receiving my pension?

A. After you leave the company, you can begin receiving your vested pension benefit as early as age 50.

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.
• 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 1-800-682-2847 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 Employee Connect, the Human Resources 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. The following table shows the percentage of the benefit received at different ages:

If your benefit starts in the month you reach …	...You receive this percentage of your basic pension benefit
65 or older	100%
64	90%
63	81%
62	73%
61	67%
60	60%
59	55%
58	50%
57	45%
56	41%
55	38%
54	34%
53	31%
52	29%
51	26%
50	24%

 

Example:

Carlos leaves the company with 10 years of pension service, final average pensionable pay of $5,000 a month, and a Social Security offset of $260 a month. 

His basic pension benefit, using the Pension formula, is $540 a month, payable at age 65, as a Basic Annuity.

If, Carlos began receiving his pension benefit at age 60, he would receive $324, which is 60% of $540.

As a terminee, Carlos does not receive a pre-Social Security pension.