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Savings Plan

Summary Plan Description and Prospectus of the ExxonMobil Savings Plan as of June 2019

Refer to Summaries of Material Modification for subsequent changes

About the Savings Plan

This SPD is the summary plan description and prospectus for the ExxonMobil Savings Plan. It does not contain all the details. Use of the phrase "Savings Plan" throughout this document refers collectively to the ExxonMobil Savings Plan and its implementing ExxonMobil Savings Trust, except as otherwise noted. This SPD supersedes all previous Savings Plan participant publications. In determining specific benefits, the full Savings Plan provisions, as they exist now or in the future, always govern. Copies of Savings Plan documents are available for your review. The company reserves the right at any time to change in any way or terminate any benefit.

THIS SPD CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, INCLUDING SHARES OF EXXON MOBIL CORPORATION COMMON STOCK ("EXXONMOBIL STOCK").

Applicability to represented employees is governed by collective bargaining agreements and any local bargaining requirements.

Information sources

When you need account information or want to make an account transaction, you have two options that are generally available 24 hours a day, 7 days a week.

  • The Savings Plan Internet Site ("Website") is located at http://xomsavings.voya.com.
  • The toll free telephone number for the Savings Plan Telephone Service (STS) is 877- XOM-401K (966-4015). Non-U.S. residents call +1 904-791-2048.

In addition, Customer Service Associates are available for inquiries and transactions via the STS Monday through Friday, 7:00 a.m. to 6:00 p.m. Central time, excluding New York Stock Exchange holidays.

ExxonMobil-sponsored sites

Access to plan-related information for employees, retirees, and their family members is also available on the following websites:

  • Employee Connect, the Human Resources Intranet site – Can be accessed by current employees.
  • Retiree Online Community Internet Site – Can be accessed from home by ExxonMobil retirees and survivors only (including Exxon and Mobil retirees and survivors) at www.emretiree.com.
  • ExxonMobil Family – Can be accessed by employees, retirees, and their family members at www.exxonmobilfamily.com.

Introduction

The company* sponsors the ExxonMobil Savings Plan to encourage long-term savings and help participants plan for their financial security in retirement.

The Savings Plan contains many features described in detail in this SPD. Keep this SPD for future reference (or access it online) to help you find specific information quickly and easily and make the most of the features available to you. The SPD includes these helpful tools:

  • Plan at a glance is a quick user's guide highlighting plan basics, with hyperlinks to more detailed discussions of certain important topics.
  • Charts and tables throughout the SPD provide information and highlights of plan provisions, including a summary chart on Savings Plan Account features.
  • Key terms contains 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.

*References in this SPD to "the company" refer to Exxon Mobil Corporation and/or a participating affiliate, as the case may be.

Plan at a glance

Participating in the Savings Plan

Because there is no service requirement for regular employees, you are eligible to participate as soon as you join the company. See the section on Participating in the Savings Plan for more information.

Your contributions and the company match

You can save from 6% to 20% of your pay on a before-tax basis (subject to certain legal limits), an after-tax basis or a combination of both. You receive a company match of 7% of pay on the first 6% of pay you contribute via payroll deduction.

Investment options

You have a choice of seven investments with varying investment objectives and degrees of risk in which to invest your Savings Plan Account. See the section on Investment options for more information.

Investment considerations

It is important that you read this section on investment considerations before making your investment decisions.

Accessing your money

You may receive a dividend payment in cash for dividends on ExxonMobil stock held in the plan. You may borrow from the Savings Plan while you are still employed. In certain circumstances, you may withdraw money from your account. You (or your beneficiary) are eligible to receive a distribution from the Savings Plan upon your retirement, death or termination of employment. See the section on Accessing your money for more information.

Tax considerations

The tax rules are complex – it is important to seek advice from a tax professional before making a conversion, withdrawal, deferral or distribution decision. See the section on Tax considerations for more information.

Administrative and ERISA information

The Savings Plan is subject to rules of the federal government, including the Employee Retirement Income Security Act (ERISA).

Key terms

The Key Terms section contains an alphabetized list of key words and phrases, with their definitions, used in this SPD.

The Savings Plan website at http://xomsavings.voya.com and the Savings Plan Telephone Service (STS) at 877-966-4015 are available for account information and transactions.

Participating in the Savings Plan

Learn more about participating in the ExxonMobil Savings Plan 

Q. When can I participate in the Savings Plan?

A. In general, you are eligible to participate upon employment and at any time while employed. If you are a non-regular employee, you must complete one year of service before you can enroll and begin contributing. Participation in the Savings Plan is completely voluntary.

Eligibility

Most U.S. dollar-paid employees of Exxon Mobil Corporation and participating affiliates are eligible for this plan. See the definition of Eligible Employee in the Key terms section.

Enrollment

Your participation in the Savings Plan will start on the first day of the pay period after you complete the enrollment process. An enrollment package will be sent to you when you are first eligible to participate.

Beneficiary designation

Default Beneficiary Designation

A beneficiary is the person or persons who will receive your account in the event of your death. If you have not named a beneficiary and you die while you are a participant, your Savings Plan Account will be paid to the first of the following who survive you, according to the default beneficiary designation:

  • Your spouse.
  • Your children and the children of a child who died before you.
  • Your parents.
  • Your brothers, sisters and the children of a brother or sister who died before you.
  • The executors or administrators of your estate.

For purposes of the default beneficiary designation, your child, parent, brother or sister includes only someone who is your legitimate blood relative or whose relationship with you is established by virtue of legal adoption.

Special Beneficiary Designation

If the standard beneficiary list does not meet your needs, you may name a beneficiary to receive your plan benefits. If you marry, any prior beneficiary designation will be canceled. If you are married and want to name a beneficiary other than your spouse, your spouse must agree to that designation in writing. If your spouse does not consent, the above standard beneficiary designation will apply.

To name a different beneficiary, use  Employee Direct Access or EDA available on Employee Connect, the Human Resources intranet site.  Also, beneficiary designation forms and instructions are available on the Savings Plan website at http://xomsavings.voya.com. For retirees, this information is available on the ExxonMobil Benefits Service Center website at http://lifeatworkportal.com/exxonmobil.html.

If you are a retiree, die before your entire account is distributed, and your surviving spouse is your beneficiary, he or she assumes the account and will have an opportunity to designate a beneficiary. If a surviving spouse beneficiary has not named a beneficiary and dies before the entire account is distributed, the account will be paid to his or her estate.

Certain SeaRiver Maritime and Former Fuels Marketing Savings Plan Participants

For participants from these organizations, additional protection for surviving spouses may apply to a portion of your Savings Plan Account if you do not name your spouse as your primary beneficiary.

Management of the Savings Plan

The Savings Plan Trustee (a group of individual trustees employed by the company), the Administrator-Finance, the Administrator-Accounting, and the Administrator-Benefits are responsible for the management of the Savings Plan.

Savings Plan Account

ExxonMobil Savings Plan Account Information

Q. What makes up my Savings Plan Account?

A. You can have up to six accounts in the Savings Plan. These are referred to collectively as your Savings Plan Account. Your Savings Plan Account is made up of three non-Roth accounts and three Roth accounts.

The general contents of the non-Roth accounts in the Savings Plan are as follows:

  • The Before-Tax Account contains employee before-tax contributions (including non-Roth catch-up contributions) and any earnings on those contributions.
  • The After-Tax Account contains 1987-and-later employee after-tax contributions and any earnings on those contributions.
  • The General Account contains the company match, rollover contributions from non-Roth accounts in other eligible plans, and any earnings on the company match and/or such rollover contributions.

The general contents of the Roth accounts in the Savings Plan are as follows:

  • The Roth 401(k) Account contains employee Roth 401(k) contributions (including Roth catch-up contributions) and any earnings on those contributions.
  • The Roth Rollover Account contains rollover contributions from Roth accounts in other eligible plans (such as from former employers) and any earnings on those contributions.
  • The Roth Conversion Account contains assets you elect to convert from existing non-Roth accounts in the Savings Plan and any earnings on the converted amounts.

These accounts also contain funds from the former Exxon, Mobil, Paxon, AES, XTO, and Fuels Marketing savings plans.

Account Contents
Before-Tax Account
  • Employee before-tax contributions, including non-Roth catch-up contributions
  • Additional funds
    • Mobil company contributions equal to 1% of eligible compensation for certain employees participating on 12/31/68
    • Mobil company contributions up to 2% of base pay for certain participants made between 2/1/90 and 12/31/98
  • Earnings
After-Tax Account
  • Post-1986 employee after-tax contributions, including special contributions
  • Additional funds
    • After-tax employee contributions from Mobil ESOP terminated in 1988
  • Earnings
General Account
  • Company match including company match provided in the form of stock prior to December 31, 2006
  • Rollover contributions from non-Roth accounts in other eligible plans
  • Additional funds
    • Pre-1987 after-tax contributions
    • Pre-2/1/90 Mobil company contributions
    • Stock from the former ExxonMobil Direct Dividend Account (DDA)
    • Post 1/31/1990 Mobil company ESOP contributions
  • Earnings
Roth 401(k) Account
  • Employee Roth 401(k) contributions, including Roth catch-up contributions
  • Earnings
Roth Rollover Account
  • Rollover contributions from Roth accounts in other eligible plans
  • Earnings
Roth Conversion Account
  • Assets you elect to convert from existing Savings Plan non-Roth accounts
  • Earnings

Your contributions and the company match

Information about contributions to the ExxonMobil Savings Plan

Q. When I enroll in the Savings Plan, what decisions do I need to make?

A. There are three primary decisions you must make when you enroll in the Savings Plan:

  1. How much do you want to contribute?
  2. Do you want to make before-tax contributions, regular after-tax contributions, and/or Roth 401(k) contributions (which are also made on an after-tax basis)?
  3. How do you want to invest your contributions and the company match? Additional investment decision information is described later in this SPD in the section on investment considerations.

Deciding how much you want to contribute

The Savings Plan is voluntary. You also decide whether you want your contributions to be made on a before-tax and/or an after-tax basis. Listed below are the types of contributions that you may make to the Savings Plan. There are certain limitations on these contributions that may apply to you.

  • To participate, you must contribute a minimum of 6% of your pay to the Savings Plan by payroll deduction. This is called your minimum contribution. The company matches only your minimum contribution with 7% of your pay.
  • Beyond your minimum contribution, you may make additional contributions by payroll deduction in 1% increments, for a combined total up to 20% of pay.
  • You also may make contributions to your After-Tax Account other than through payroll deductions. These are called After-Tax Account special contributions and are made by check.
  • Participants who are age 50 or older in a given calendar year and who maximize their before-tax contributions and/or Roth 401(k) contributions may make catch-up contributions to the Before-Tax and/or Roth 401(k) Accounts.

Rollovers

Participants may make rollover contributions directly from another eligible plan into the Savings Plan. An eligible plan includes:

  • A tax qualified plan such as a 401(k) plan, profit-sharing plan, and a defined benefit plan. Employees who retire on or after 12/1/2015, and who have a Savings Plan Account, may roll over lump sum distributions from the ExxonMobil Pension Plan into the Savings Plan.
  • A section 403(a) annuity plan.
  • A section 403(b) tax-sheltered annuity.
  • An eligible 457(b) plan maintained by a government employer.

The Savings Plan is Tax-Qualified

The Savings Plan is qualified under the Internal Revenue Code. This provides a valuable benefit by allowing deferral of taxes on before-tax contributions, the company match and any earnings in your Savings Plan Account. The earnings in your Roth accounts may even be exempt from tax.

Rollovers are accepted only in the form of cash from other eligible plans. After-tax contributions (other than after-tax amounts in Roth accounts) and amounts held in Individual Retirement Accounts (IRAs) are not eligible for rollover into the Savings Plan. Some things to consider:

  • By law, there are strict time limits and rules applicable to rollover contributions.
  • Rollover contributions are placed in your General Account or Roth Rollover Account, depending on the type of account from which the funds are being rolled over.
  • Rollover contributions are fully vested immediately upon acceptance into the Savings Plan.
  • Rollover contributions are not eligible for withdrawal once in the Savings Plan.

If you have worked for another employer and have eligible plan savings, you may roll over the tax-deferred funds from non-Roth accounts into the General Account in the Savings Plan. Funds from a Roth account in an eligible plan with a previous employer may be rolled over into the Roth Rollover Account. This gives you the ability to consolidate more of your retirement savings into the Savings Plan.

Before-tax vs. after-tax contributions

When you make before-tax contributions, your taxable income is reduced for the year in which the contributions are made, and as a result, you pay less in taxes for that year.

Example:

Suppose your annual pay is $50,000 and you contribute 6% of your pay or $3,000. This example shows a comparison of making before-tax contributions vs. after-tax contributions (regular after-tax contributions or Roth 401(k) contributions). 

Before-Tax Contributions After-Tax Contributions
Annual pay $ 50,000.00 $ 50,000.00
Before-tax contributions - $ 3,000.00  0
Taxable income $ 47,000.00 $ 50,000.00
Taxes* $ 7,050.00 $ 7,500.00
After-tax contributions   0 - $ 3,000.00
After-tax pay  $ 39,950.00 $ 39,500.00
Current tax savings $ 450.00 0

*  "Taxes" for this example assumes a simple, flat federal income tax rate of 15% and does not include state or local taxes. Your tax savings will depend on your personal financial situation.

As the example above shows, you contribute the same amount (in this example, $3,000) whether you make before- tax or after-tax contributions. But contributing before-tax dollars reduces your current federal income taxes by $450. Before-tax contributions do not reduce your current Social Security or Medicare taxes.

Remember: these taxes are only deferred. When you receive a withdrawal or distribution of your tax-deferred contributions or earnings, they generally will be subject to taxes. Please see more in the section on additional tax considerations.

While contributions to the Before-Tax Account may provide current tax advantages, you cannot make withdrawals from your Before-Tax Account other than hardship withdrawals. Roth 401(k) Account and Before-Tax Account contributions are subject to the same withdrawal limitations. Contributions to the After-Tax Account, however, are eligible for withdrawals.  Please see more in the section on withdrawals.

Regular after-tax contributions vs. Roth 401(k) contributions

The value of your Savings Plan Account can in some circumstances be greater if you make Roth 401(k) contributions rather than regular after-tax contributions.

Example:

Assume that the aggregate amount of the after-tax contributions for the one year in the example above grows at a constant rate of 5%. After 20 years, the amount in your account (after taxes) will be greater if you had made Roth 401(k) contributions because, in the case of a qualified distribution, earnings on these contributions are exempt from federal income tax. If, however, the Roth 401(k) contributions are distributed in a non-qualified distribution, then the total amount (after taxes) will be the same as that for the regular after-tax contributions.

Regular After-Tax Contributions Roth 401(k) Contributions^
Annual pay $ 50,000.00 $ 50,000.00
Before-tax contributions              0  0
Taxable income $ 50,000.00 $ 50,000.00
Taxes*             $ 7,500.00 $ 7,500.00
After-tax contributions             $ 3,000.00 $ 3,000.00
After-tax pay $ 39,500.00 $ 39,500.00
Amount after 20 years
(@ 5% growth)
$ 7,960.00 $ 7,960.00
Less: amount already taxed $ 3,000.00 $ 3,000.00
Less: amount exempted from tax  0  $ 4,960.00
Taxable amount $ 4,960.00 0
Taxes* $ 744.00 0
Total amount (after -tax) $ 7,216.00 $ 7,960.00

*  "Taxes" for this example assumes a simple, flat federal income tax rate of 15% and does not include state or local taxes. Your tax savings will depend on your personal financial situation.

^  Assumes a qualified distribution.

Before-tax contributions vs. Roth 401(k) contributions

Changes in your personal tax rate over time can impact the amount you ultimately receive from the Savings Plan in retirement when comparing before-tax contributions to Roth 401(k) contributions. Depending on the changes, Roth 401(k) contributions can result in a higher or lower after-tax balance vs. before-tax contributions, as demonstrated below .

Example:

Assume you have $10,000 to invest for one year. Note that $8,500 on an after-tax basis is the equivalent of $10,000 invested on a before-tax basis assuming a 15% tax rate is applied. What is the value of this one year of contributions at the end of 20 years after taking into account taxes at distribution? Consider the following three scenarios:

1) If your tax rate at the time of your contribution is the SAME as your tax rate at the time you receive a distribution (for example, at retirement), the after-tax value of both types of contributions will be exactly the same, as shown below.

Before-Tax Contributions Roth 401(k) Contributions^
Contributions for the year
(15% tax rate)

$ 10,000.00

$ 8,500.00
Amount after 20 years
(@5% growth)

$ 26,533.00

$ 22,533.00
Taxes (15% rate)

 - $ 3,980.00

0
Total after-tax value at distribution

$ 22,533.00

$ 22,533.00

2) If your income tax rate at the time of distribution is HIGHER than your income tax rate at the time of contribution, the Roth 401(k) contribution will result in a higher after-tax balance.

Before-Tax Contributions Roth 401(k) Contributions^
Contributions for the year
(15% tax rate)

$ 10,000.00

$ 8,500.00
Amount after 20 years
(@5% growth)

$ 26,533.00

$ 22,553.00
Taxes (20% rate)

- $ 5,307.00

0
Total after-tax value at distribution

$ 21,226.00

$ 22,553.00

3) If your income tax rate at the time of distribution is LOWER than your income tax rate at the time of contribution, the before-tax contribution will result in a higher after-tax balance.

Before-Tax Contributions Roth 401(k) Contributions^
Contributions for the year
(15% tax rate)

$ 10,000.00

$ 8,500.00
Amount after 20 years
(@5% growth)

$ 26,533.00

$ 22,553.00
Taxes (10% rate)

- $ 2,653.00

0
Total after-tax value at distribution

$ 23,880.00

$ 22,553.00

^   Assumes a qualified distribution.

You may also be eligible to receive an income tax credit for making contributions to the Savings Plan, if your adjusted gross income does not exceed certain limits which are adjusted annually for inflation. For more information regarding eligibility and limitations of claiming the Retirement Savings Contributions Credit (Saver’s Credit), see IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

The company match

When you make at least the minimum contribution of 6% of pay, you automatically receive a company match of 7% of pay.

How you become vested

Vesting means ownership. When you leave the company, you are entitled to receive a distribution of the vested portion of your Savings Plan Account:

  • Your contributions and any earnings – You always are vested in your own contributions to the Savings Plan and in any investment earnings in your Savings Plan Account.
  • Company match – As an employee, you vest in the company match upon the earliest of the following events:
  • Completion of three years of vesting service
  • Reaching age 65.
  • Your death.

If you leave the company before you are vested, you forfeit (lose) the company match in your General Accounts, but not the earnings on the company match.

Changing your payroll contributions and company match

You may change the percent of your payroll contributions at any time.

Any change in how you direct your contributions and company match will be effective at the beginning of the next full payroll period after your request is processed. There is no limit on how often you may make such changes.

Suspending your payroll contributions

You may suspend your payroll contributions at any time. However, you will not be able to make payroll contributions again for six months.

Your payroll contributions also may be suspended as a penalty for making certain withdrawals.

While your contributions are suspended, no company match is made to your General Account.

Limits on contributions

Federal law and Savings Plan provisions limit the amounts you and the company can contribute annually to the Savings Plan. Federal law also limits the amount of contributions you can make annually on a before-tax basis. Click here to see the current year limitations. 

In-plan Roth conversions

Once a year, you may also convert certain amounts in your non-Roth accounts into the Roth Conversion Account. Generally, you can only convert amounts in existing non-Roth accounts in which you are fully vested and amounts which, if distributed, can be rolled over to an IRA. Below is a summary: 

  • Employees younger than 59½ can convert a portion or all of the balance in their After-Tax and General Accounts to the Roth Conversion Account. However, funds in the Before-Tax Account cannot be converted.
  • Employees 59½ or older can convert a portion or all of the balance in their non-Roth accounts to the Roth Conversion Account.
  • Retirees and terminees can convert a portion or all of the balance in their non-Roth accounts to the Roth Conversion Account.

You can see the maximum amount available for you to convert on the ExxonMobil Savings Plan website at http://xomsavings.voya.com.

The decision to make an in-plan Roth conversion is extremely complex and should take into consideration your individual tax and financial circumstances. You should consult your financial and tax advisors if you are thinking about making an in-plan conversion. Please also see rollovers for important tax considerations for in-plan conversions.

The Savings Plan website at http://xomsavings.voya.com and the Savings Plan Telephone Service (STS) at 877-966-4015 are available for more information regarding contributions and in-plan Roth conversions.

Investment options

ExxonMobil Saving Plan's investment Options

Q. What are my investment choices?

A. The Savings Plan offers the following investment options:

It is important to read the information in this section as well as the section on Investment considerations, so that you can understand the potential risks of all the investment options.

A description of each investment option in the Savings Plan is provided over the next several pages.

Common Assets

The Common Assets fund is a short- and medium-term fixed-income fund managed by an ExxonMobil subsidiary in accordance with standards set by the Trustee. The subsidiary targets maintaining a weighted average portfolio maturity of approximately one year. This average maturity is longer than that of money market funds, which are restricted to average maturities of 90 days or less, but shorter than Bond Units, which have an average maturity of approximately 8 years.

New investments by the fund are made in high quality fixed income securities, including U.S. government obligations, U.S. government agency securities, corporate / bank securities, and other high quality obligations. The fund retains significant investments in U.S. government issued Series I (inflation adjusted) and Series EE (fixed rate) Savings Bonds (the plan can no longer purchase Savings Bonds, but the plan continues to hold existing bonds). A portion of the Common Assets fund is invested in loans to participants.

U.S. Savings Bonds are backed by the full faith and credit of the U.S. government. Series I Savings Bonds pay a rate of interest based on the rate of inflation in the United States. A decline in the rate of inflation would reduce the portfolio yield. U.S. Savings Bonds have stated maturities of 30 years but can be redeemed after a 1 year holding period. They are considered as 1-year investments by the fund.

The fund may also invest in securities issued by a variety of U.S. government agencies which are not backed by the full faith and credit of the U.S. Government, but have credit risk that is considered to be low. These securities include, among others, the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), and the Federal Home Loan Banks (FHLBs).

The Common Assets fund is managed with a target of maintaining a constant $1.00 per unit price. Although the Common Assets fund has maintained a constant unit price since its inception (and is thus considered a relatively conservative investment choice), there can be no assurance that it will always be able to do so (meaning you could lose money). The underlying assets in participants’ accounts are valued on the basis of cost rather than market value, which means the asset value does not include unrealized gains and losses.

Any investment earnings on Common Assets are posted to participants’ Savings Plan Accounts as of the end of each quarter and are reinvested in Common Assets. Earnings on Common Assets include accrued income and realized gains and losses. These earnings are shared proportionally by participants based on the average daily Common Assets balance in their Savings Plan Accounts during that quarter. Common Assets investments are made as soon as practical after funds are available. All expenses of managing Common Assets are borne by the company except for certain investment management fees of approximately 0.01% that are borne by the fund. By writing to the Savings Plan Administrator, you may request a list of the assets that make up the Common Assets fund.

General information about indexed funds

About Northern Trust Investments, Inc. (NT) and the Savings Plan

Northern Trust Investments, Inc. has responsibility for managing five of the Savings Plan's seven investment options – Equity Units, Extended Market Units, International Equity Units, Bond Units and Balanced Fund Units. Northern Trust Investments, Inc. is a wholly owned subsidiary of The Northern Trust Company.

Determining unit values

The value of the units in each fund varies with changes in the market value of the underlying net assets. The investment manager determines the value of each unit daily by dividing the market value of the net assets in the portfolio by the number of outstanding units. Any earnings, dividends, other income, investment management fees, or changes in the market value of each asset are reflected in the daily unit value.

Indexed investing

Equity Units, Extended Market Units, International Equity Units, Bond Units and Balanced Fund Units are all "indexed" investments. Indexing is a commonly used investment strategy in which the investment manager seeks to closely approximate the total rate of return and general characteristics of a market index, such as the Standard & Poor's 500 Index (S&P 500). Indexed investments have advantages such as clear investment strategy, automatic diversification and low fees.

When a fund is indexed, the investment manager generally exercises little subjective judgment in choosing securities since, in order to approximate the performance of the index, the manager must invest in the securities that constitute the index largely in proportion to their weight. Indexing provides automatic diversification because your money is spread over a large number of individual securities, so it is not as impacted by the performance of any one security. For funds based on indices with thousands of securities, the manager may choose to use a sampling or an optimization process to design a portfolio that has similar characteristics to the index, but that does not hold every security, as a means of controlling transaction costs. This practice is used for Extended Market Units, International Equity Units, Bond Units and Balanced Fund Units.

In contrast, funds that are not indexed usually are managed actively. In an actively managed fund, the investment manager has wide discretion as to which securities to purchase and sell and may follow any number of investment strategies in an effort to "beat the market." However, studies have shown that, on average, actively managed funds do not outperform indexed funds. Fees tend to be lower for indexed funds because they have lower research and transactions costs.

Making investments

Investments by the indexed funds are made as soon as practical after monies are available. Although each of the underlying funds seeks to remain fully invested consistent with its target index, part of the funds may be kept in cash to provide necessary liquidity for next-day settlements. The funds may hold futures contracts to approximate movements of the funds' target indices, but the funds will not engage in speculative futures transactions. The funds also participate in securities lending in order to reduce fund expenses.

Fund fees and expenses

Investment income from all sources is stated net of brokerage fees on purchases and sales of ExxonMobil common stock, investment related administrative expenses and investment management fees. For each of the five index funds, transaction costs may be charged to the fund on a pro-rata basis if the Plan has a net buy (or sell) position and the entire NT fund is also a net buyer (or seller) that day. NT selects brokers on the basis of best net execution.

Fees for delivery of checks that are expedited upon request by participants are charged to the participant’s account. All other administrative fees are paid by the Company.

A summary of the annual fee and expense information for the indexed funds is provided below:

Fund Annual Fees and Expenses 
(as % of Total Assets as of December 31, 2018)
Equity Units 0.01%
Extended Market Units 0.02%
International Equity Units 0.04%
Bond Units 0.02%
Balanced Fund Units 0.0215%

You have the right to know of any operating expenses that reduce the rate of return and the total amount of these expenses, expressed as a percentage of average net assets. Additional fee and expense information can be found in the Annual Fee Notification.

Equity Units

Equity Units represent an interest in a fund managed to closely approximate the total rate of return and characteristics of the Standard & Poor's 500 Index (S&P 500). This index is composed of the stocks of 500 mostly large-capitalization U.S. companies weighted by market value. The index currently represents about 80% of the market value of all publicly traded U.S. common stocks. To pursue its goal of closely approximating the performance of the S&P 500, NT invests the fund's assets in a broadly diversified portfolio consisting largely of the stocks represented in the actual S&P 500. The S&P 500 excludes non-U.S. stocks.

 

Extended Market Units

Extended Market Units represent an interest in a fund managed to closely approximate the total rate of return and characteristics of the Dow Jones U.S. Completion Total Stock Market Index. This index is composed of approximately 3,300 U.S. stocks not included in the S&P 500, weighted by market value. The index currently represents about 20% of the market value of all publicly traded U.S. common stocks and is commonly used to represent the small and mid cap segment of the U.S. market. To pursue its goal of closely approximating the performance of the index, NT invests the fund's assets in a broadly diversified portfolio consisting largely of the stocks represented in the actual index.

International Equity Units

International Equity Units represent an interest in an index fund that invests in approximately 3,500 international equity securities composing approximately the top 99% of the market capitalization in 22 developed market countries, excluding the U.S.. The fund is managed to closely approximate the total rate of return and characteristics of the MSCI World Excluding U.S. Investable Market Index. The index is commonly used to represent the non-U.S. equity developed markets and includes all traded stocks that are available to be owned by foreign investors in these countries. To pursue its goal of closely approximating the performance of the index, NT invests the fund's assets in a broadly diversified portfolio consisting largely of the stocks represented in the actual index.

Bond Units

Bond Units represent an interest in an index fund based on a broad range of publicly traded, investment grade U.S. bonds. This fund is composed of a portfolio of bonds representative of the overall U.S. bond and debt market and managed to closely approximate the total rate of return and characteristics of the Bloomberg Barclays U.S. Aggregate Bond Index. This broad index tracks approximately 10,000 publicly traded, investment grade, U.S. fixed income securities covering the Treasury, Agency, Mortgage-backed, Asset-backed, Commercial Mortgage-backed and Corporate sectors of the U.S. Bond Market. Since this index represents short, medium and long-term bonds, the average maturity is longer than that of investments held in the Common Assets fund. For comparison purposes, the average maturity of bonds in this fund is approximately eight years, while in Common Assets, it is approximately one year. To pursue its goal of closely approximating the performance of the index, NT invests the fund's assets in a broadly diversified portfolio consisting largely of a subset of bonds represented in the actual index.

Balanced Fund Units

Balanced Fund Units are designed to generate returns from both income and growth for the investor through a broadly diversified investment in domestic and international stocks and U.S. bonds. Specifically, each Balanced Fund Unit represents an interest in a portfolio (the "Balanced Fund Portfolio") invested in the following proportions in the four indexed funds indicated in the chart below:

% of Balanced Fund Portfolio Savings Plan Investment Asset Class
35% Equity Units U.S. large-capitalization stocks
15% Extended Market Units U.S. small- to mid-capitalization stocks
25% International Equity Units International stocks
25% Bond Units U.S. fixed income securities
100% Total  

Each of the underlying investments making up the Balanced Fund Portfolio is separately available as an investment option in the Savings Plan. In order to maintain the fund's proportion in the four indexed funds, NT reviews the value of the four funds that make up the Balanced Fund Portfolio on a monthly basis and, if needed, adjusts their allocation back to the approximate proportions indicated above.

Your investment in Balanced Fund Units is actually an investment in the other four index funds in the Savings Plan, which together represent a broadly diversified investment.

ExxonMobil Stock

When you buy Exxon Mobil Corporation Common Stock (ExxonMobil Stock), you become an ExxonMobil shareholder and an owner of the company. Any dividends on shares of stock in your Savings Plan Account are credited as of the dividend payment date. These dividends are reinvested automatically in ExxonMobil Stock unless you elect to have the dividends paid to you directly in cash. Please see more in the section on Direct dividend payments. Remember, investing in a single security typically carries higher potential risk than investing in a variety of securities (e.g., stocks and bonds). Be sure to consider balancing your portfolio with the other investments in the Savings Plan. See more on diversification in the section on Investment Considerations.

Participants’ purchase and sell orders may be offset against each other and the net number of shares may be purchased or sold in separate transactions or as a pooled transaction. This results in lower transaction costs for trades involving ExxonMobil stock. Such purchases and sales may be made in the open market, in privately negotiated transactions, or from/to Exxon Mobil Corporation to the extent it elects to sell or purchase such shares. Prices for purchases cannot exceed, and prices for sales cannot be below, the then-current market value of the shares. The price of any purchase or sale is the volume-weighted average price (VWAP) per share of ExxonMobil Stock reported on Bloomberg for Composite Exchange transactions from 9:30 a.m. Eastern Time, until the later of 4:05 p.m. Eastern Time, or until the last regular trade has been reported on the New York Stock Exchange. Typically, purchase and sale transactions received in your Savings Plan Account before 6:00 a.m. Central time on a particular business day are posted to your account that evening and reflect the same day VWAP. Transaction requests received at 6:00 a.m. Central time or later on a particular business day will be posted to your account the following business day and reflect the following business day VWAP.

While investment instructions are generally executed per the above, purchases and sales may be executed over a period of days depending on market conditions and any legal restrictions.

Brokerage commissions or other fees incurred on purchases or sales of ExxonMobil stock made in the open market are included as a part of the cost of the purchase or sale transaction. Brokers are selected on the basis of execution ability. No brokerage commissions are paid on shares purchased from or sold to ExxonMobil Corporation.  

As an owner of ExxonMobil Stock, you may direct how your shares are voted. You will receive copies of all reports, proxy statements and other materials distributed to ExxonMobil shareholders. Information regarding your Savings Plan Account assets, including shares of stock and how you vote them, is subject to confidentiality requirements for those who provide services to the Savings Plan. 

Additional information

Participants receive periodic reports on the performance of the Savings Plan's investment options. See the section on Annual Returns of Savings Plan Investment Options for historical performance information. To help you keep track of changes in your Savings Plan Account, you will automatically receive:

  • Savings Plan confirmation statements after you make a transaction; and
  • Periodic Savings Plan Account statements.

You also will be notified of any significant changes to the Savings Plan.

Investment considerations

Q. Which investments are best for me?

A. The answer depends on your investment objective and risk tolerance. All investments involve some risk. Failure to make an investment decision can be risky, too. For example, inflation will erode the purchasing power of your savings. By understanding the potential risks and returns for each of the Savings Plan’s investment options – and what your own short-term and long-term investment goals are – you can begin to make important investment decisions that will be right for you.

Answering the questions below will help you make decisions about which Savings Plan investment options to choose:

  • How conservative or aggressive an investor are you? Are you comfortable holding riskier assets, which may fluctuate more in the short term, to try to achieve higher long-term returns? Would you rather try to minimize short term risk?
  • What is your investment time horizon? Are you just beginning to save for retirement or are you nearing retirement now?
  • Do you want to diversify your investments to minimize the potential risk associated with any one investment option?

All of the investment options in the Savings Plan entail some risk – the value of your assets can decline. Remember that past performance of any investment option is not a guarantee, nor is it necessarily indicative, of future returns.

Key investing concepts

Time horizon

If you have a longer investment time horizon (time until you need to use your money), you may be willing to tolerate a greater level of risk, typically associated with equity-based investments, in the expectation that you will have better investment results over the long run. But, if you have a shorter investment time horizon, year-to-year stability of returns associated with lower-risk investments such as fixed-income securities (e.g. Common Assets or Bond Units) may fit your needs better.

Diversification

To help achieve long-term retirement security, you should give careful consideration to the benefits of a well- balanced and diversified investment portfolio. Spreading your assets among different types of investments can help you achieve a favorable rate of return, while minimizing your overall risk of losing money. This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another asset category, or another particular security, to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may not be properly diversified. Your savings may not be properly diversified even if you have 20% or less of your retirement savings invested in one company or industry, including Exxon Mobil Corporation, depending on your particular circumstances. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk. In deciding how to invest your retirement savings, you should take into account all of your assets, including any retirement savings outside of the Savings Plan. You should also consider, for example, that any S&P 500 indexed investment option, such as Equity Units, is very likely to invest in Exxon Mobil Corporation. No single approach is right for everyone because, among other factors, individuals have different financial goals, different time horizons for meeting their goals, and different tolerances for risk. It is also important to periodically review your investment portfolio, your investment objectives, and the investment options under the Savings Plan to help ensure that your retirement savings will meet your retirement goals.

Dollar cost averaging

You may wish to invest a regular amount on a periodic basis instead of investing one lump-sum amount. This tends to average out the cost of investing and avoids possibly making one investment at the most expensive point during a market cycle. This is known as "dollar cost averaging" and you do this automatically with payroll deductions for your contributions and the company match.

Market risk

This represents the potential for fluctuation in the amount of return on your investment or in the value of your investment. It is important to know that all of the investment options involve risk. While some investments have historically fluctuated more than others (i.e. they have a higher risk), you could lose money by investing in any of the funds. Generally, an investment with a higher expected rate of long-term return also will have a higher risk.

Discussion of specific investment considerations

The following points highlight some specific risks and investment considerations that apply to each investment option in the Savings Plan. While some investment options are generally considered more conservative (less risky) than others, all involve some degree of risk that your investment could lose value or that your rate of return could decline.

  • Common Assets – Because the Common Assets fund is invested solely in short to medium term fixed- income securities, its return tends to fluctuate less widely than the returns on long term bonds or equity-based investments (see Equity-based Investment Options below for more information). Historically, Common Assets have not provided as high a level of return over longer periods as the other investment options. However, Common Assets have outperformed the equity-based investments during periods of declining stock market prices. Common Assets is a relatively conservative option for your portfolio based on risk and potential return.
  • Bond Units – Bonds in this fund have a longer average maturity than securities in the Common Assets fund, so the returns on Bond Units generally will fluctuate more than those on the Common Assets fund, though generally less than those on equity-based investments.
  • Equity-based Investment Options – Equity-based investments (i.e., stocks and funds composed primarily of stocks, such as Equity Units, Extended Market Units, International Equity Units and Balanced Fund Units) are subject to increased market risk. This is because common stock prices may decline significantly over short or even extended periods of time. Equity markets are volatile and cyclical. However, they have generally provided higher returns than either intermediate or long term government bonds over long periods of time.
  • Equity Units and Extended Market Units – These investments represent interests in broadly diversified domestic stock funds. The return of the small- and mid-capitalization stocks in the Extended Market Units fund generally have fluctuated more than those of the large-capitalization stocks in the Equity Units fund.
  • International Equity Units – This fund offers diversification outside the U.S. Its return may fluctuate independently of that of Equity Units or Extended Market Units and can be used to balance the risk of investing in U.S. stocks alone. Because this fund is subject to risk based on conditions in other parts of the world, including government actions and currency fluctuations, returns may vary more widely than those of Equity Units or Extended Market Units.
  • Balanced Fund Units – This fund is the most broadly diversified investment option because each unit represents an investment in a combination of Equity Units, Extended Market Units, International Equity Units, and Bond Units. This diversification may result in less fluctuation of returns over time than those of other stock-based investment options individually. However, during periods of strong stock market returns, the Balanced Fund Units may have lower returns than those of the all-stock investment options.
  • ExxonMobil Stock – With an investment in ExxonMobil stock, you have the potential risks and rewards of investing in a single stock. As a shareholder, the return on your investment depends on the performance of Exxon Mobil Corporation. It is therefore considered a non-diversified investment. Keep in mind that investing all your assets in any single stock typically carries higher risk than a more diversified portfolio of investments. See more on diversification in the section on Investment Considerations.

The Savings Plan website at http://xomsavings.voya.com and the Savings Plan Telephone Service (STS) at 877-966-4015 are available for account information and transactions. 

Implementing investment decisions

Investment elections for ExxonMobil Savings Plan

Q. Do I need to make the same investment election for every account?

A. No. You can make different investment elections for each account (Before Tax, Roth 401(k), After Tax, and General) or you can make the same investment election for all your accounts. Additional elections are made as follows:

  • Catch-up contributions: Your investment election for the Before-Tax Account will apply to the elections for any catch-up contributions you make to the Before-Tax Account. Similarly, your investment election for the Roth 401(k) Account will apply to the elections for any catch-up contributions you make to the Roth 401(k) Account.
  • Special contributions and rollover contributions: Elections for these contributions are made at the time you complete the information required to make this type of transaction.
  • In-plan Roth conversions: Immediately after conversion into the Roth Conversion Account, the assets are invested in the same manner as they were pre-conversion.

The Savings Plan follows the requirements under Section 404(c) of ERISA. This means that the Savings Plan offers a range of investment options and the opportunity to make your own investment decisions. You are provided information on these investment options (including risk/return characteristics). As a result, Savings Plan fiduciaries generally are not liable for losses resulting from your investment decisions.

Individual account investment elections

When you make individual account investment elections, you are making separate investment decisions for your Before-Tax Account, Roth 401(k) Account, After-Tax Account, and General Account, whichever of these apply. For example, if you make an individual account investment election for your General Account, you are investing all future company match amounts directed to your General Account among the investment options you choose in the percentages you indicate. These percentages may be different than elections made for your Before-Tax, Roth 401 (k), and After-Tax Accounts.

Combined investment election

When you make a combined investment election, you are making the same investment decision for your Before-Tax, Roth 401(k), After-Tax, and General Accounts. Thus, you are investing all your future contributions to your Before-Tax Account, Roth 401(k) Account, and After-Tax Account and your future General Account company match among the same investment options in the percentages you indicate.

The process

In either case – combined investment election or individual account investment elections – you choose the percentage you want to invest in each investment option. You may invest in any one option, or you may divide your contributions and company match (in whole percentages) among the investment options.

Once your election is processed, it will remain in effect until you change it. You may change your election at any time. Any new election supersedes your previous election and generally will become effective at the next scheduled investment purchase.

Investment earnings

Any earnings on investments in your Savings Plan Account are credited as follows:

  • Any dividends on ExxonMobil stock are used to purchase additional shares of stock unless you elect to receive the dividends directly in cash. Historically, dividends have been paid in March, June, September and December.
  • Any earnings, dividends or other income on, or changes in market value of Equity Units, Extended Market Units, International Equity Units, Bond Units and Balanced Fund Units are included in the net asset value and are reflected in the daily price of the respective units.
  • Any earnings on Common Assets are reinvested automatically to purchase additional Common Assets. Earnings are posted as of the end of each calendar quarter and are allocated among participants in proportion to each participant's average daily Common Assets balance in his or her Savings Plan Account during the quarter.

The contributions and company match you direct to each investment option are not likely to result in an exact multiple of the current share or unit prices. Partial shares or units of all investment options in the Savings Plan are credited to your account. This helps ensure that any contributions are fully invested in the investment options you direct.

Changing how your money is invested

How to invest in the ExxonMobil Savings Plan

Q. How can I change the way my Savings Plan Account is invested?

A. You can change the way your existing Savings Plan Account is invested by selling shares or units of one investment option and simultaneously purchasing shares or units of another.

A step-by-step approach

  1. Determine how your account is currently invested.
  2. Determine how you would like your account to be invested. If changes are needed, determine how you would like to change the investments.
  3. Calculate the dollar amount or the number of shares or units of each investment option that you want to sell and purchase.
  4. Determine which of your accounts will be affected (Before-Tax Account, Roth 401(k) Account, After-Tax Account, General Account, Roth Rollover Account and/or Roth Conversion Account.

For each investment transaction, there must be both a sale and a purchase. 

Separate transactions

In selling investment options, you must specify a separate transaction each time it involves a different option. When selecting what to purchase, you may select one or more investments in the same transaction. You do this by specifying in the transaction what percentage of the proceeds from the sale to invest in each.

Example:

Assume that you have 1,000 shares of ExxonMobil stock in your Before-Tax Account. You want to sell 500 shares of the stock and put 25% of the proceeds into each of four funds. You would submit a transaction to sell 500 shares of ExxonMobil stock in your Before-Tax Account and apply the proceeds of that sale as follows:

  • 25% to purchase Equity Units
  • 25% to purchase Extended Market Units
  • 25% to purchase International Equity Units
  • 25% to purchase Bond Units

Reallocation

If you want to change the way your current Savings Plan Account is invested across all investment options, you can choose the reallocation feature. With the reallocation feature, you elect the percentage that you would like invested in each of the 7 investment options, with the total of the percentages equal to 100%. Note that reallocations have an impact on every investment option in which you are invested at the time of the transaction.

Automatic Rebalance

The automatic rebalance feature allows you to have your Savings Plan Account automatically rebalanced on the last day of each quarter, according to your investment elections on file at the time of the transaction.

Important purchase/sale provision on account balances

The Savings Plan provides the flexibility for periodic adjustments to existing account balances through sales of one investment and the subsequent purchase of other investments. You may purchase and/or sell a particular investment option twice during each calendar month. For example, if you sell ExxonMobil stock on any day during a calendar month, you may only either purchase or sell ExxonMobil stock one more time during the rest of that month. Note that you may not initiate a second sale/purchase of a particular investment option if a transaction of the same investment option is still pending. Reallocation and rebalance transactions count toward the limit of 2 transactions in each investment option per month. In applying this provision, all purchases or sales of a particular investment option made on one day are considered part of the same transaction.

Typically, purchase and sale transactions received before 6:00 a.m. Central time on a particular business day are posted to your account that evening.

Transaction requests received at 6:00 a.m. Central time or later on a particular business day will be posted to your account the following business day. The price received will be the price on the day of posting. This means that transactions received at 6:00 a.m. Central time or later on the last business day of a calendar month are credited to your account on the first business day of the next calendar month and will be considered a purchase or sale for that next month.

Transactions are executed only if the NYSE is open. However, pricing cannot be guaranteed in the event of unforeseeable circumstances beyond the reasonable control of the Trustee and/or its agents.

Accessing your money

Information about accessing your money in ExxonMobil Savings Plan Account

Q. How can I access money in my Savings Plan Account?

A. Although the Savings Plan is designed primarily to help build financial security for retirement, it also gives you some access to money while you are employed. There are several ways to access money from your Savings Plan Account. The following chart summarizes whether you can access your money through dividends, loans, withdrawals and distributions, depending on your employment status.

  Active Employees Retirees Other Former Employees See Section
Direct dividend payments Yes Yes Yes Direct dividend
Loans Yes No No Loans
Withdrawals Yes Yes^ Yes^ Withdrawals
Partial distributions No Yes No Distributions
Minimum distributions as required by law No Yes No Distributions
Total distributions No Yes Yes Distributions

^Except for hardship withdrawals

Note: For information on the tax consequences of these alternatives, see the section on Tax considerations.

If you were a participant in another savings plan and your account balance was transferred into the ExxonMobil Savings Plan, you may have additional access rights.

Savings EFT election

Electronic funds transfer (EFT) is available for most types of Savings Plan cash payments (excluding loans). If you elect Savings EFT for a particular transaction, payments will be deposited electronically to the account on record with the Savings Plan. For active employees, this is the same as the bank account used for payroll purposes.

Direct dividend payments

Any dividends paid on ExxonMobil stock held in your Savings Plan Accounare reinvested automatically and credited in the form of additional shares of stock, unless you elect to receive direct dividend payment in cash.

You may elect to receive any whole percentage (from 1-100%) of your cash dividends in direct payment. The election you make applies to all shares of ExxonMobil stock in all accounts.

Your election to receive cash dividends becomes effective after your election is processed. The election in effect four business days prior to the dividend payment date will determine whether your dividends are paid to you in cash or reinvested in shares of ExxonMobil stock. You may change your direct dividend payment election as often as you wish.

You do not pay current taxes on dividends credited to your accounts in the form of stock. If you elect to receive dividends directly either from your Roth or non-Roth accounts, they will be taxed as ordinary income in the year you receive them. However, these dividends are not subject to the additional 10% tax on early distributions, explained in the section on Tax Considerations.

Loans

Learn more about ExxonMobil Savings Plan loans

Q. What do I need to know about Savings Plan loans?

A. The following is a summary of the basics of Savings Plan loan requirements:

  • You must be an employee to request a loan.
  • You generally may obtain two new loans in a given calendar year.
  • Loans are funded from the assets of the Savings Plan, with your individual account serving as collateral.
  • You may have up to three loans outstanding at a time.
  • You may elect 12 - 60 months to repay each loan.
  • Your minimum loan amount is $1,000. The maximum loan amount is subject to limitations.
  • You may not initiate a new loan if you are delinquent on payments for an existing loan.

Loan amounts

The minimum loan amount is $1,000. The maximum you may borrow is the lesser of these amounts:

  • 50% of the market value of your vested Savings Plan Account balance, minus any existing loan amounts; or
  • $50,000 reduced by your highest outstanding loan balance during the prior 12 months.

The current interest rate for plan loans is provided under the “Account” tab on the Savings Plan Internet site at https://xomsavings.voya.com. Participants can also obtain the current interest rate on plan loans by contacting a Customer Service Associate via the STS.

Examples:

  Example 1
$80,000 Vested Savings Plan Account Balance
Example 2
$110,000 Vested Savings Plan Account Balance
If you have no outstanding loans in the past 12 months you may borrow up to: 50% or $ 40,000 $ 50,000
If your highest outstanding loan balance in the past 12 months was: $ 15,000 $ 15,000
And/or, if your current loan balance is: $ 10,000 $ 10,000
You may borrow only up to: $ 30,000 $ 35,000

Frequency and number of loans

You are allowed up to three outstanding loans at one time, with no more than two new loans granted in a given calendar year.

Repaying your loan

You may elect a period of 12 to 60 months to repay your loan through payroll deductions. Your loan payments via payroll deduction will begin automatically as soon as possible following loan issuance. In the event that the payroll deduction is not taken for any reason or is insufficient to cover the repayment amount, you are still liable for such payment directly to the Trustee, by personal check or money order. Each installment includes payment of principal and interest on the loan. Interest is paid to the Savings Plan and is part of Common Assets earnings. If you wish, you may prepay all or part of your loan balance at any time. You may repay your loan in full with a cashier's or certified check. Any partial loan repayment can be made by check and may reduce the length of the repayment period, but it will not reduce the monthly installment amount. A loan payment must be received each month.

You may call the STS (Savings Plan Telephone Service) or access the Web site to obtain loan payoff information.

Loan collateral

When you borrow money from the Savings Plan, the assets in your Savings Plan Account serve as collateral for the loan. When you have an outstanding loan, withdrawals/distributions that will reduce the collateral value below the amount of your outstanding loan balance will be restricted.

If you default on a loan, the assets in your Savings Plan Account will be reduced by the outstanding loan balance at the time of default. This amount may be treated as a taxable distribution and may be subject to an additional 10% tax. See the Tax considerations section for more information. After your loan is declared in default, you will not be able to take out a new loan for five years from the date of default.

Initial payment

EFT is not available for the disbursement of loans. Loan disbursements are sent to you via paper check. When you endorse the check you are signing the loan promissory note.

Withdrawals

Information about withdrawals from the ExxonMobil Savings Plan

Q. Can I withdraw money from my Savings Plan Account while I am an employee?

A. Here is a summary of the basics of Savings Plan withdrawals:

  • Two withdrawals are permitted in the same calendar year from your regular after-tax contributions.  In-plan Roth conversions do not count against this two-withdrawal per year limit.
  • Hardship withdrawals of before-tax or Roth 401(k) contributions are available for pre-defined hardship cases.
  • No withdrawal is allowed from your Roth Rollover Account.
  • Withdrawals are available in cash or shares of ExxonMobil stock.
  • The amount of a withdrawal may be limited by the amount of any outstanding loans.

A withdrawal is a transaction by which you elect to receive a portion of your account. Generally, you are eligible to take a withdrawal if you have an amount available for withdrawal in your account, or if you have a specified hardship condition.

If you have an amount available for withdrawal in your account, you can withdraw a portion or all of that amount even after you terminate employment. Withdrawals differ from partial distributions in that partial distributions are available only to retirees.  

After-tax withdrawals

Frequency

You generally may make a withdrawal from regular after-tax contributions twice during a calendar year.

However, if you are an active employee who realizes a gain in the course of selling any investment in your General Account and/or After-Tax Account, you may withdraw up to the amount of such gain. This withdrawal type does not count towards the two times per calendar year limitation. Such a withdrawal is still subject to all of the other rules and conditions for withdrawals, such as the limitation on the amount that may be withdrawn.

Tax implications

There may be important tax implications of making withdrawals from your account. Please refer to the Tax considerations section.

Amount of withdrawal

Your amount available for withdrawal consists of (1) your "Pre-1987 After-Tax Contributions" balance (if any) plus (2) your "Post-1986 After-Tax Contributions" balance.

  • To minimize your current tax liability, your Pre-1987 After-Tax Contributions balance, if any, will be withdrawn first. This is your remaining pre-1987 after-tax contributions in the General Account. There is no federal tax liability on withdrawals of pre-1987 contributions.
  • Once your pre-1987 after-tax contributions are exhausted, your Post-1986 After-Tax Contributions balance, equal to the amount of your total contributions to the After-Tax Account minus any previous withdrawals, will be available for withdrawal. A part of each post-1986 after-tax withdrawal is taxable.
  • Please refer to the Tax considerations section.

Withdrawal payments

Withdrawals are available in cash or stock, or a combination of both.

Cash Withdrawal (when withdrawal is all from the After-Tax Account)

  • When you elect a cash withdrawal, it will be funded as follows:

- Common Assets will be liquidated up to the withdrawal amount requested

- If there are insufficient Common Assets to fund the withdrawal, then indexed funds will be sold on a pro-rata basis across all indexed funds in your After-Tax Account

- If, after liquidating all indexed funds, there is still insufficient cash to fund the withdrawal, then shares of ExxonMobil stock in your After-Tax Account will be sold, from high to low cost basis, to make up the remaining amount.

  • If there are particular indexed funds in your After-Tax Account you do not wish to be sold, then you need to take action to ensure that you have sufficient Common Assets prior to requesting a withdrawal.

NOTE for those with a Pre-1987 After-Tax Contributions Balance:

  • For the minority of participants who have a Pre-1987 After-Tax Contributions balance, the funding sequence will be as follows, up to the lesser of the amount of the withdrawal request or your Pre-1987 After-Tax Contributions balance:

1. Common Assets in your General Account

2. Indexed funds in your General Account, sold on a pro-rata basis

3. ExxonMobil stock, sold from high to low cost basis

  • If your Pre-1987 After-Tax Contributions balance is less than the amount of your withdrawal request, the funding sequence for the remaining withdrawal balance will be as follows, up to the lesser of the amount of the remaining withdrawal request or your Post-1986 After-Tax Contributions balance:

1. Common Assets in your After-Tax Account

2. Indexed funds in your After-Tax Account, sold on a pro-rata basis

3. ExxonMobil stock, sold from high to low cost basis

Stock withdrawal

If you elect to receive part or all of your withdrawal in stock, the Trustee will distribute to you the number of shares of stock you elect to receive first from the General Account, if you have a Pre-1987 After-Tax Contributions balance, and then from the After-Tax Account. When you withdraw stock from your account, your amount available for withdrawal is reduced by either the cost of the stock or the market price on the date of withdrawal, whichever is lower. There are important tax implications of withdrawing stock (see the Tax considerations section).

Amounts converted to the Roth Conversion Account

Any portion of your withdrawal balance that is converted to the Roth Conversion Account remains available for withdrawal. If you need information about withdrawals from the Roth Conversion Account, contact a Customer Service Associate via the STS.

Encumbered balances

If your General Account was encumbered by a loan on December 31, 1986, special tax provisions may apply. If you need information about these provisions, contact a Customer Service Associate via the STS

Withdrawal limit for accounts in existence for less than 5 years

If your Savings Plan Account has existed for less than five years, the combined balance at cost in your After-Tax Account and General Account must at least equal the company match plus your After-Tax Account payroll contributions (up to 6% of pay) made during the two years before the withdrawal. If you make a withdrawal that causes your balance to fall below this limit, your contributions and the company match will be suspended for six months.

Hardship withdrawals from the Before-Tax and Roth 401(k) Accounts

A hardship withdrawal from the Before-Tax and Roth 401(k) Accounts is permitted for employees if the eligibility requirements for a hardship withdrawal are met. Effective January 1, 2019:

1) To demonstrate hardship, you must first exhaust all avenues of funds other than Plan loans.

  • 100% direct dividend payment election; and
  • any other withdrawals allowed.

2) A hardship withdrawal is limited to the sum of your Before-Tax Account balance and Roth 401(k) Account balance. Any portion of your Before-Tax Account balance that is converted to the Roth Conversion Account will remain available for hardship withdrawal.

3) A hardship withdrawal will no longer trigger a six-month suspension of employee contributions.

The two times per year limit on withdrawals does not apply. The following circumstances meet the definition for hardship:

  • Unreimbursed medical expenses for you or your spouse, children or dependents.
  • Funeral expenses for your deceased parent, spouse, children or dependents.
  • Tuition, room and board expenses for the next 12 months of post-secondary school education for you or your spouse, children or dependents.
  • Payments to prevent eviction of a participant from or foreclosure on the mortgage on the participant's principal residence.

For more information on applying for a hardship withdrawal, please contact a Customer Service Associate via the STS.

Distributions

Information about distributions from the ExxonMobil Savings Plan

Q. When may I receive a distribution from my Savings Plan Account?

A. Your Savings Plan Account generally may be distributed to you when your employment ends. The timing and form of your distribution depend on the value of your account and whether or not you are a retiree.

Distributions to retirees

If you become a retiree, your account will be distributed according to the following rules:

  • If the vested value of your Savings Plan Account is $1,000 or less at the time of termination of employment or later, your vested amount is automatically distributed to you in cash to the extent you do not provide distribution instructions.
  • If, on the other hand, the vested value of your Savings Plan Account is greater than $1,000, your account remains in deferral status until you elect a total account distribution or your account balance falls to $1,000 or less. You may elect to receive a total distribution of your entire account at any time.
  • You may elect one partial distribution from your non-Roth accounts and one from your Roth accounts each calendar year. Electing a partial distribution does not prevent you from electing a total distribution of your account later in the same year or making a withdrawal if a withdrawal balance is available. 
  • If you die before your entire account is distributed and your surviving spouse is your beneficiary, he or she assumes the account and will have the same total and partial distribution options that were available to you before your death. If you die without a surviving spouse beneficiary, your account is distributed to your beneficiary.
  • The law requires that you begin receiving annual minimum distributions no later than April 1 of the year following the year in which you reach age 70-1/2. These minimum distribution rules do not prevent you from continuing to defer total distribution of your account, but, rather, simply require at least a certain percentage of your account be distributed to you each year. (If your surviving spouse maintains your account past the time you would have reached age 70-1/2, minimum distribution rules will also apply.) You will receive more information concerning minimum distributions if these rules apply to you.

Tax implications

There are important tax considerations related to distributions from the Savings Plan. 

Distributions to terminated employees

If you terminate employment but are not a retiree, your account is distributed according to the following rules:

  • If the vested value of your Savings Plan Account is $1,000 or less at time of termination of employment or any time thereafter, your vested amount is automatically distributed to you in cash to the extent you do not provide distribution instructions.
  • If, on the other hand, the vested value of your Savings Plan Account is more than $1,000, your account remains in deferral status until you elect a total account distribution or your account falls to $1,000 or less. You may elect to receive a total distribution of your entire account at any time.
  • If you reach age 65 and your account is still deferred, it will be distributed to you.
  • If you die while your account is deferred, it will be distributed to your beneficiary.

Your account during deferral

Following termination of employment – whether or not as a retiree – but prior to the time you take a total distribution of your Savings Plan Account, the operation of your account remains essentially the same as before your termination of employment, except for the following:

  • You may make special contributions only through the end of the year in which you terminate employment.
  • You may not make any other contributions to your account and, therefore, you will not receive any company match.
  • No hardship withdrawals can be requested, because your account is now fully distributable.
  • No new loans can be requested, but you must continue to repay outstanding loans.

How your Savings Plan Account is distributed

When you elect a total distribution of your Savings Plan Account, all of your investment options (other than ExxonMobil stock) are sold, and the proceeds distributed to you in cash. You have the option to take some or all of your shares of ExxonMobil stock in kind, or have the shares of stock liquidated and the proceeds distributed to you in cash.

If you have a loan outstanding at the time of your total distribution, the unpaid balance is deducted from your distribution.

As a retiree, you may elect to receive a partial distribution in cash, ExxonMobil stock or a combination of both.  Any cash you elect to receive is funded in the following order from each account affected:

1. Common Assets

2. Indexed funds, sold on a pro-rata basis

3. ExxonMobil stock, sold from high to low cost basis.

There are important tax consequences of distributions

Special rules for certain SeaRiver Maritime and former Fuels Marketing Savings Plan participants

Certain employees or former employees of these businesses will receive payment of a portion of their distribution in the form of an annuity, unless the employee elects a lump sum and the employee’s spouse waives the right to the annuity and consents to a lump-sum distribution.

Tax considerations

Learn more about tax considerations for the ExxonMobil Savings Plan

Q. How are withdrawals and distributions from my Savings Plan Account taxed? 

A. There is no easy answer to this question. The following summary is a general description of the applicable federal income tax law at the time this document was prepared. It does not reflect every possible interpretation that might affect your personal situation, nor can it anticipate future changes in the law. You will also periodically receive a description of the tax rules applicable to withdrawals and distributions with your account statements.

Taxable and non-taxable amounts

Money in the Savings Plan is contributed on either a before-tax (tax-deferred) or after-tax (tax-paid) basis.

Earnings in the Roth accounts that are withdrawn or distributed in a qualified distribution are exempt from tax. For all other earnings, taxes are deferred until you take a withdrawal or distribution.

For all withdrawals/distributions you receive in a given year, you will be sent an IRS Form 1099 that sets out the taxable and non-taxable amounts. These forms are also sent to the Internal Revenue Service.

Tax implications

The federal income tax laws regarding amounts you receive from your Savings Plan Account are complex. It is important to seek advice from a tax professional before making withdrawal, deferral or distribution decisions.

Withdrawals and distributions from Roth accounts

One of the primary advantages of saving for retirement through the Roth accounts is that your entire distribution can be tax-free. A distribution from your Roth account is tax-free to the extent the distribution is a “qualified distribution” as defined by tax law.

Qualified distributions  

A qualified distribution is a withdrawal or distribution made after a 5-year period of Roth participation that is:

1) Paid to you after

  • You have reached age 59-1/2 or
  • You are disabled (as defined under IRS rules) or

2) Received by your beneficiary as a result of your death.

Your 5-year period of required Roth participation BEGINS on the earlier of:

  • January 1 of the year in which you first make a contribution into any of the Roth accounts and
  • January 1 of the year in which you first make a contribution into another employer’s Roth 401(k) from which you made a direct rollover into the Roth Rollover Account.

Your 5-year period of required Roth participation ENDS as of December 31 of the 5th consecutive year.

A qualified distribution does not include:

1) deemed distribution of Roth accounts resulting from a loan default, and

2) direct dividend payments on ExxonMobil stock in Roth accounts.

Nonqualified distributions

A withdrawal or distribution from the Roth accounts that is not a qualified distribution is a nonqualified distribution. In a nonqualified distribution, only the earnings withdrawn or distributed are taxable. For each dollar withdrawn or distributed, a pro-rata amount is attributable to earnings based on the ratio of earnings in the Roth accounts to the fair market value of the Roth accounts.

Withdrawals from non-Roth accounts

  • A withdrawal may consist of tax-paid and/or tax-deferred amounts. A withdrawal from your General Account is treated as a withdrawal from your tax-paid balance in that account and is tax-free to you. A withdrawal from your After-Tax Account is prorated between tax-paid and tax-deferred balances you have in that account. The portion of an After-Tax Account withdrawal attributable to your tax-paid balance is tax-free to you. The remainder is taxable as ordinary income.
  • Generally, any hardship withdrawal from your Before-Tax Account is taxable as ordinary income.

Distributions from non-Roth accounts

  • A total distribution of your non-Roth Accounts is tax-free up to the amount of your tax-paid balances in your General and After-Tax Accounts. The remainder is taxable as ordinary income.
  • The tax treatment of a partial distribution from your non-Roth accounts depends on the account from which it is paid:
  • A partial distribution from accounts other than your After-Tax  Account is treated first as a distribution from your General Account tax-paid balance, and to that extent, is tax-free to you.
  • Any remaining portion of a partial distribution from accounts other than your After-Tax Account is taxable as ordinary income.
  • A partial distribution from your After-Tax Account is prorated between tax-paid and tax-deferred balances in that account.

Additional 10% tax if you are under age 59-1/2

An additional 10% tax applies to the taxable portion of most withdrawals/distributions you receive prior to the date you attain age 59-1/2. This tax does not apply to:

  • Amounts paid after you separate from service during or after the year you reach age 55.
  • Amounts paid after you retire due to disability (as defined under IRS rules).
  • Amounts used to pay certain medical expenses.
  • Amounts rolled over to an eligible plan or an IRA.
  • ExxonMobil stock direct dividend payments.
  • Amounts converted to the Roth Conversion Account at time of conversion.

5-year recapture for withdrawals/distributions from the Roth Conversion Account

When an in-plan Roth conversion occurs, the taxable amount at time of conversion is not subject to this additional 10% tax. However, if the amount converted is withdrawn or distributed within 5 calendar years from January 1 of the year of conversion, the taxable amount at time of conversion is treated as taxable at the time of withdrawal/distribution solely for this purpose. As a result, this additional 10% tax will apply to the taxable amount if you have not attained age 59-1/2 or do not satisfy any of the other exceptions as listed above.

Rollovers

You may defer taxation on the taxable portion of certain withdrawals/distributions from the non-Roth accounts by making a rollover to an eligible plan or an IRA. You may also defer taxation on the taxable portion of certain withdrawals/distributions from the Roth accounts by making a rollover to an eligible plan or a Roth IRA.

Generally, all withdrawals/distributions (taxable and non-taxable) may be rolled over into an eligible plan except:

  • Hardship withdrawals.
  • ExxonMobil stock direct dividend payments.
  • Distributions to retirees required after attaining age 70-1/2 (minimum distributions).
  • Loans declared in default and treated as taxable distributions.

Any eligible rollover amount paid to you (i.e., not made as a direct rollover) will be subject to 20% income tax withholding on the taxable amount to the extent of the cash received. No withholding is required on withdrawals/distributions consisting solely of ExxonMobil stock.

The total amount of the withdrawal/distribution (including the amount withheld) is still eligible to be rolled over to an eligible plan or IRA within 60 days from the date received. Any taxable amount that is not rolled over within the 60-day period must be included in taxable income and also may be subject to an additional 10% tax (explained above).

You may elect to have no income tax withheld on the taxable portion of an amount that is not eligible to be rolled over. If no election is made, withholding will be at 10%.

Lump-sum distributions

A lump-sum distribution has a specific meaning in the Internal Revenue Code. If a distribution is considered to be a lump-sum, it is afforded special tax treatment. According to the Internal Revenue Code, a lump-sum distribution is a distribution, within one tax year, of your entire Savings Plan Account balance that is:

  • Payable to you because you:
  • Have reached age 59-1/2,
  • Have separated from service, or
  • Are disabled (as defined under IRS rules).
  • Received by your beneficiary as a result of your death.

Generally, for a distribution to qualify as a lump-sum distribution, you must have been a participant in the Savings Plan for at least five years. In-plan Roth conversions, post-retirement withdrawals, partial distributions, and minimum distributions can prevent a future total distribution from being a lump-sum distribution.

In-plan Roth conversions

At the time of conversion, you will incur tax liability as if the converted assets were distributed to you.   However, any ExxonMobil stock converted is taxed at fair market value and the additional 10% early withdrawal tax does not apply.

If the amount converted is withdrawn/distributed within 5 calendar years from January 1 of the year of conversion, the additional 10% tax may apply. See section titled "Additional 10% Tax if You Are Under Age 59-1/2" above.

There is no income tax withholding on the amount converted so you are responsible for estimating and paying the amount of tax owed.  You may wish to discuss with a Savings Telephone Service (STS) Customer Service Representative at 1-877-XOM-401K (966-4015).

Special tax treatment for some eligible participants

Lump-sum distributions received by participants who have attained specified ages may be eligible for special tax treatment:

  • Ten-Year Averaging – If you receive a lump-sum distribution and you were born before January 1, 1936, you may be able to make a one-time election to use ten-year averaging.
  • Capital Gains Treatment – If you receive a lump-sum distribution and you are eligible for ten-year averaging (i.e., born before January 1, 1936), you may be able to use a flat 20% tax rate on the portion of your distribution (if any) attributable to Savings Plan participation before 1974.

These special tax elections may be made only once after 1985 and, if made, will apply to all lump-sum distributions received in the same year. If you would like more information about this special tax treatment, please contact a Customer Service Associate via the STS

If you ever roll over any part of a withdrawal/distribution you may lose eligibility for this special tax treatment for any subsequent lump-sum distributions from the Savings Plan.

Surviving spouses, alternate payees and other beneficiaries

In general, the rules summarized previously that apply to distributions to employees also apply to distributions to beneficiaries of employees and retirees. These beneficiaries will receive additional tax information as necessary.

Net Unrealized Appreciation (NUA)

Net Unrealized Appreciation (NUA) is any increase between the cost of the ExxonMobil stock allocated to your account and the market value of the stock when it is withdrawn or distributed.

If your withdrawal or distribution includes ExxonMobil stock, you have an additional tax deferral opportunity and the opportunity for a portion of your taxable amount to be taxed at long-term capital gains tax rates rather than at ordinary income tax rates. Since capital gains tax rates are generally lower than ordinary income tax rates, this opportunity may help you keep more of your taxable account balance. Depending on the amount of NUA on the stock you take in a withdrawal or distribution, the difference between capital gains taxes and ordinary income taxes can be substantial.

If your withdrawal or distribution includes ExxonMobil stock, a value is assigned to that stock. The value is the lower of the cost of the stock or its market value at the time of withdrawal/distribution. Determining the taxable value of the stock based on its cost (if below market value) can result in the deferral of income tax on the NUA if the distribution qualifies as a lump sum distribution or the stock is attributable to your after-tax contributions. When you finally sell the stock, the NUA is taxed as long-term capital gain.

The fair market value of stock withdrawn or distributed from the Roth accounts in a qualified distribution is exempt from tax. In such cases, the ability to defer the amount of NUA is not relevant.

When you buy, or the company contributes, ExxonMobil stock, the purchase price is recorded for each individual share in your account. Records of these are grouped in one dollar increments.

Example:

Assume ExxonMobil stock was allocated to your non-Roth accounts with a cost basis of $1,000 but the stock was worth $1,200 when you received it. In this example you would not have to pay tax on the $200 increase in value (the NUA) until you later sell the stock if the shares were attributable to your after-tax contributions and you do not make a rollover, or if you received the shares in a lump-sum distribution. Also, once you sell these shares, taxes on the $200 NUA will be paid at long-term capital gains tax rates versus ordinary income tax rates.

Any appreciation in value after the date of withdrawal or distribution is taxed as either long-term or short-term capital gain, depending on the length of time you hold the stock outside the Savings Plan. You may, however, elect not to use this special rule for NUA in which case, the NUA will be taxed in the year you receive the stock unless you roll over the stock.

Participants who defer final distribution of their Savings Plan Account and who later receive a withdrawal or distribution or make an in-plan Roth conversion in a year prior to the year of total distribution may lose the special tax treatments and limit the NUA otherwise available to them.

Effects of lump-sum distribution

  • Lump-sum distribution – If you receive ExxonMobil stock in a distribution that qualifies as a lump-sum distribution (or it would qualify except that you did not have five years of participation in the Savings Plan), you can exclude from current income the NUA on all stock received and not rolled over.
  • Non lump-sum distribution – If you receive ExxonMobil stock in a withdrawal or a distribution that is not a lump-sum distribution and you do not make a rollover of any eligible portion, you can exclude from current income the NUA only on stock attributable to your after-tax contributions. If you choose to roll over any portion of the non lump-sum distribution, you will not be able to exclude NUA on any of the company stock in that withdrawal/distribution.

The opportunity to defer tax on the NUA in a distribution can be a valuable tax planning tool that can be lost by making withdrawals, partial distributions or in-plan Roth conversions after you terminate from employment or retire. Buying and selling ExxonMobil stock during your years as a participant, in an attempt to “time the market”, can also result in less potential NUA. As low cost shares are sold and then repurchased at a potentially higher value, the difference between the market value at distribution and the cost basis of the shares may narrow.

The tax-related information presented here provides only a general summary of the federal (not state or local) income tax laws in effect when this publication was produced that might apply to your withdrawals/distributions. The rules are complex and contain many conditions and exceptions that are not included in this material. Therefore, you should consult with your personal tax advisor before you make an in-plan Roth conversion or you take a withdrawal or distribution of your benefits from the Savings Plan.

These tax considerations may vary for Puerto Rico participants.

Administrative and ERISA information

Learn more about administrative and ERISA information for ExxonMobil Savings Plan

Q. What other information about Savings Plan administration might I need to know?

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

Basic Plan information

Plan name

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

Plan administrators

The Administrator-Benefits handles administration of the Savings Plan. The Administrator-Finance does not handle administration of the plan. The Administrator-Benefits is the Manager-Global Benefits Design, Exxon Mobil Corporation. The Administrator-Finance is the Manager of Benefits Finance and Investment of Exxon Mobil Corporation. The Administrator-Accounting is the Manager of Financial Reporting of Exxon Mobil Corporation. You may contact the Administrator-Benefits and/or the Administrator-Finance as follows:

Administrator-Benefits

For appeals: 

ExxonMobil Benefits Service Center
P.O. Box 18025
Norfolk, VA 23501-1867

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

Administrator-Finance 

Exxon Mobil Corporation
5959 Las Colinas Blvd.
Irving, TX 75039-2298

Administrator-Accounting

Exxon Mobil Corporation
5959 Las Colinas Blvd.
Irving, TX 75039-2298

If you have any questions about the material in this SPD or require additional information, please contact the Administrator-Benefits.

The Savings Trust is managed by the Savings Plan Trustee. You may contact the Trustee as follows:

Savings Plan Trustee

Exxon Mobil Corporation
5959 Las Colinas Blvd.
Irving, TX 75039-2298
Phone: 972-444-1000

The Trustee is the group of individuals who are the incumbents in the following positions:

  • Vice President, Human Resources, Exxon Mobil Corporation (Chair)
  • Vice President, Public & Government Affairs, Exxon Mobil Corporation
  • Vice President, ExxonMobil Upstream Business Services
  • Vice President, ExxonMobil Downstream Business Services
  • Vice President, Business Services, ExxonMobil Chemical Company

The Administrator-Benefits has designated the Savings Plan Administrator to handle certain administrative matters, including conducting initial claims reviews. The Savings Plan Administrator is the Manager, Policies and Benefits Administration, Business Support Center Argentina S.R.L. You may contact the Savings Plan Administrator as follows:

Savings Plan Administrator

ExxonMobil Benefits Service Center
P.O. Box 18025
Norfolk, VA 23501-1867

Type of plan

The Savings Plan is an employee stock ownership plan (ESOP), as well as a defined contribution pension plan under ERISA. As such, the Savings Plan is subject to the reporting and disclosure, participation and vesting, fiduciary responsibility, and administration and enforcement provisions of ERISA. Because the Savings Plan is a defined contribution plan, it is not insured by the Pension Benefit Guaranty Corporation (PBGC).

Plan numbers

The Savings Plan is identified with government agencies under two numbers: the Employer Identification Number (EIN), 13-5409005, and the Plan Number (PIN), 030.

Plan year

The plan year is January 1 through December 31.

Annual Return of Savings Plan Investment Options

The following chart provides annual returns for the Savings Plan investment options for the years shown.

Annual Return of Savings Plan Investment Options
  Annual Returns
Periods Ending 12/31 2016 2017 2018
Company Stock 19.81% -3.80% -15.09%
Equity Units 12.03% 21.86% -4.34%
Extended Market Units 16.25% 18.20% -9.33%
International Equity Units 3.42% 25.30% -14.06%
Bond Units 2.63% 3.55% 0.04%
Balanced Fund Units 8.46% 17.47% -6.21%
Common Assets 1.87% 3.31% 3.73%

You will find current annual (and other return) information for all Savings Plan investment options in the "Fund Fact Sheet”, located on the Savings Plan website at: http://xomsavings.voya.com. The “View the ExxonMobil Savings Plan Fact Sheets” link is available on each Savings Plan Funds webpage, which are located under the “Investments” tab and the “Fund Information” drop down tab. Finally, current participants will receive investment return information for existing investments in their account statements.

Plan sponsor and participating affiliates

The Savings Plan is sponsored by:

Exxon Mobil Corporation
5959 Las Colinas Blvd.
Irving, TX 75039-2298

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

Benefit claims procedure

Savings Plan Claims Savings Plan Mandatory and Voluntary Appeals
Savings Plan Administrator
ExxonMobil Benefits Service Center
P.O. Box 18025
Norfolk, VA 23501-1867
Administrator-Benefits
ExxonMobil Benefits Service Center
P.O. Box 18025
Norfolk, VA 23501-1867

Filing a claim

If you believe you are being denied a benefit, in whole or in part, to which you are entitled under the Savings Plan, you may file a claim for the benefit with the Savings Plan Administrator. All claims must be filed in writing (emails are not acceptable).

The Savings Plan Administrator 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 Savings Plan Administrator 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 Savings Plan in its application to any participant or beneficiary, and to decide any and all claim appeals.

No implied promises

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

Assignment of benefits

You cannot use your Savings Plan Account as collateral for a loan other than a loan from the Savings Plan. In addition, your account cannot be pledged to another person or organization in any way except as provided by a Qualified Domestic Relations Order ("QDRO"). A QDRO is a court order based on state domestic relations laws for child support, alimony payments or marital property rights that may provide for payment of a portion of your benefit to another person. You may request, without charge, a copy of the QDRO procedures from a Customer Service Associate via the STS

If the Savings Plan is amended or terminated

Although the Savings Plan is expected to be continued indefinitely, the company may at any time and for any reason amend or terminate the Savings Plan or any of its provisions. If material changes are made in the future, you will be notified. If the Savings Plan were terminated and no successor plan established, you would be 100% vested immediately in your Savings Plan Account, regardless of your years of service.

Agent for service of legal process

The Administrator-Benefits is the agent for service of legal process.

Your rights under ERISA

As a participant in the ExxonMobil Savings 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 Administrator of Benefits' office and at other specified locations, such as worksites and union halls, all documents governing the Savings Plan, including collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Savings Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration.
  • Obtain, upon written request to the Savings Plan Administrator, copies of documents governing the operation of the Savings Plan, including collective bargaining agreements, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The administrator may require a reasonable charge for the copies.
  • Receive a summary of the Savings Plan's annual financial report. The Savings Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.
  • Receive statements of your account balance.

Prudent actions by Savings Plan fiduciaries

In addition to creating rights for Savings Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Savings Plan, called "fiduciaries" of the Savings Plan, have a duty to do so prudently and in the interest of you and other Savings 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 pension benefit or exercising your rights under ERISA.

Enforce your rights

  • If your claim for a 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 Savings Plan documents or the latest summary annual report from the Savings 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 Savings Plan Administrator 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, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Savings 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 Savings 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 Savings Plan, you should contact a Customer Service Associate via the STS. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Savings Plan Administrator, 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.

Securities and Exchange Commission (SEC) information

The following documents have been filed by the company or the Trustee with the Securities and Exchange Commission (SEC) and are incorporated by reference into this SPD:

  1. Annual Report on Form 10-K for the year ended December 31, 2018;
  2. Quarterly Report on Form 10-Q for the quarter ended March 31, 2019;
  3. The Savings Plan's Annual Report on Form 11-K for the year ended December 31, 2018; and
  4. The description of Exxon Mobil Corporation common stock contained in Exxon Mobil Corporation's Registration Statement on Form S-4 (File No. 333-75659), and any document filed which updates that description.

In addition, all documents filed by Exxon Mobil Corporation under Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act after the date of this SPD, and before filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold, are deemed to be incorporated by reference in this SPD as of the date the documents are filed.

You may request a copy of any or all of these documents (other than exhibits to such documents) and this SPD, without charge, by writing or calling:

Exxon Mobil Corporation
Investor Relations Department
5959 Las Colinas Blvd.
Irving, TX 75039-2298
Phone: 972-940-6000

You may also access the company’s SEC filings at the company’s website at www.exxonmobil.com under the “Investors” section.

Any statement in this publication or in any document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superseded for purposes of this SPD when Exxon Mobil Corporation later files a document that also is deemed to be incorporated by reference into this SPD that modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this SPD.

Key terms

Learn more about key terms for the ExxonMobil Savings Plan

Additional contributions

Your payroll deduction contributions in excess of the 6% minimum contribution.

After-Tax Account

The account containing the after-tax contributions you made since December 31, 1986, plus earnings on those contributions.

After-Tax Account withdrawal balance

The maximum amount that you may withdraw from your After-Tax Account. It equals total contributions to the After- Tax Account, minus any previous withdrawals.

After-tax contributions

Your After-Tax Account contributions. Also, your pre-1987 contributions to your General Account, if any.

Before-Tax Account

The account containing your before-tax contributions plus earnings on those contributions.

Before-tax contributions

Your tax-deferred contributions to the Before-Tax Account.

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 or as a special agreement person;
  • periods generally in excess of 10 years for working in service station, car wash, or car-care center operations;
  • 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.

Catch-up contributions

Before-tax or Roth 401(k) contributions made in addition to regular contributions by participants age 50 or older who have maximized their Before-Tax contributions.

Combined investment election

By using this election (as opposed to the Individual Account Investment Election), you can make the same investment decision for contributions to your General Account, Before-Tax Account and After-Tax Account.

Company

Refers to Exxon Mobil Corporation, its divisions or participating affiliates, as the case may be.

Company match

The company matches your minimum 6% contribution by crediting 7% of your pay to your General Account.

Direct dividend payment

Distribution of cash dividends of ExxonMobil stock held in your Savings Plan Account.

Distribution

That part of a Savings Plan Account (other than a withdrawal) distributed to you or your beneficiary.

Diversification

The savings approach which minimizes investment risk by distributing savings between a variety of investment options, therefore providing more consistent performance under a wide range of economic conditions.

Electronic funds transfer (EFT)

The Savings Plan feature that permits you to receive most types of Savings Plan payments (excluding loans) electronically to the same account as your paycheck.

Eligible employee

Most U.S. dollar-paid employees of Exxon Mobil Corporation and participating affiliates. Full-time employees not hired on a temporary basis (also called "regular employees") are eligible their first day of employment. Temporary or part-time employees (also called "non-regular employees") are eligible after one year of employment, provided they work at least 1,000 hours during that year.

The following are not eligible to participate in the plan: employees of Station Operators, Inc. (SOI), leased employees as defined in the Internal Revenue Code, barred employees or special-agreement persons as defined in the plan document. Generally, special-agreement persons are persons paid by the company on a commission basis, persons working for an unaffiliated company that provides services to the company, and persons working for the company pursuant to a contract that excludes coverage of benefits.

Eligible plan

A tax-qualified plan such a 401(k) plan, profit-sharing plan, and a defined benefit plan; a section 403(a) annuity plan; a section 403(b) tax-sheltered annuity; or an eligible 457(b) plan maintained by a government employer.

Employee Retirement Income Security Act of 1974 (ERISA)

A federal law governing certain employee benefit plans.

General Account

The account containing the company match and any rollover contributions, and earnings on those contributions.

General Account withdrawal balance

The maximum amount you may withdraw from your General Account. It generally equals the total remaining after- tax contributions to the General Account.

Individual account investment election

By using this election, (as opposed to the Combined Investment Election), you can make different investment decisions for contributions to your General Account, Before-Tax Account and After-Tax Account.

Individual Retirement Account (IRA)

A tax-deferred investment offered by many banks and other financial institutions. IRAs are not part of the Savings Plan. For the purposes of this SPD, IRA also refers to an Individual Retirement Annuity, another investment that can be used to defer taxes on retirement savings.

Minimum contribution

The 6% of your pay that you must contribute by payroll deduction to participate in the Savings Plan.

Minimum distribution

A distribution you receive each year beginning by April 1 following the later of the year you reach age 70-1/2 or the year you retire.

Net unrealized appreciation (NUA)

The difference between the cost basis of ExxonMobil stock at the time the stock was allocated to your account and the value of the stock at distribution (if the value has gone up).

Pay

For purposes of the Savings Plan, base compensation and supplemental compensation that you receive as part of the company's established wage or salary system. Eligible pay includes all overtime. The amount of pay that can be taken into account for employee benefit purposes is limited by tax law (the annual compensation limit is updated annually and can be accessed at https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-contributions)

Qualified Domestic Relations Order (QDRO)

An order issued by a court of competent jurisdiction dividing property between a Savings Plan participant and another party (most commonly the participant's former spouse).

Retiree

Generally, a regular employee who retired at age 55 or older with at least 15 years of benefit service. Retiree status may also be attained by someone who is retired by the company and entitled to long-term disability benefits under the ExxonMobil Disability Plan after 15 or more years of service, regardless of age.

Retiree online community

The Internet site available to retirees from ExxonMobil is www.emretiree.com.

Return

The earnings, gains or losses on an investment, usually expressed as an average annual percentage rate.

Risk

The fluctuation in the level of return on or value of an investment.

Rollover

  • From the Savings Plan

The transfer of withdrawals or distributions from the Savings Plan to an IRA or another employer's eligible plan. This enables you to defer taxes on the taxable amount you rolled over.

  • Into the General Account or Roth rollover account in the savings plan

The transfer of a distribution from another eligible plan into the Savings Plan. (See Eligible Plan)

  • Direct rollover

A distribution that you elect to be made directly from one trustee to another trustee.

Savings Plan Account

Your total interest in the Savings Plan, including assets in the General Account, Before-Tax Account, After-Tax Account, Roth 401(k) Account, Roth-Rollover Account and the Roth Conversion Account.

Savings Plan Telephone Service (STS)

The voice response phone system that allows you to make inquiries and initiate transactions in your Savings Plan Account. It also connects you to Savings Plan Customer Service Associates. (The telephone number is 877-XOM- 401K or 877-966-4015).

Special contributions

Any contributions to the After-Tax Account made by check, not by payroll deduction. 

Terminated employee

A participant who separates employment from ExxonMobil without attaining retiree status.

Trustee

A group of individuals, appointed by Exxon Mobil Corporation, with fiduciary responsibility for managing certain aspects of the Savings Plan Trust.

Vested

Refers to the portion of your Savings Plan Account that you are entitled to receive if you leave ExxonMobil. You are always vested in your own contributions and any investment earnings on both your contributions and the company match. As an employee, you become vested in the company match upon the earliest of one of the following events:

  • completion of three years of vesting service;
  • the first day of the month in which you reach age 65; or
  • your death.

Vesting service

Determines when you are vested in the company match. May include service as a leased employee.

  • For Regular Employees — all service with the company including absences without pay of up to one year.
  • For Non-regular Employees — based on hours of service. You earn a year of vesting service for each anniversary year of employment in which you work at least 1,000 hours.

Website

The Savings Plan Internet site for accessing account information and making transactions is https://xomsavings.voya.com.

Withdrawal

A transaction requesting a certain amount of cash or stock from your Savings Plan Account.

Savings Plan Account features

Learn more about Savings Plan Account features on the ExxonMobil Family website

Feature General Account Before-Tax Account After-Tax Account Roth 401(k) Account Roth Rollover Account Roth Conversion Account
Company Match
Direct the company match Yes No No No No No
Your Contributions
Contribute before-tax money No Yes No No No No
Contribute after-tax money No No Yes Yes No No
Make a rollover contribution Yes No No No Yes No
Contains pre-1987 after-tax contributions Yes No No No Yes Possibly
Investment Options
Invest in ExxonMobil stock Yes Yes Yes Yes Yes Yes
Invest in Equity Units Yes Yes Yes Yes Yes Yes
Invest in Extended Market Units Yes Yes Yes Yes Yes Yes
Invest in Balanced Fund Units Yes Yes Yes Yes Yes Yes
Invest in Bond Units Yes Yes Yes Yes Yes Yes
Invest in International Equity Units Yes Yes Yes Yes Yes Yes
Invest in Common Assets Yes Yes Yes Yes Yes Yes
Accessing Your Money
Receive cash dividends on stock directly Yes Yes Yes Yes Yes Yes
Borrow against Yes Yes Yes Yes Yes Yes
Withdraw your contributions Yes pre-1987 Yes only for hardship Yes Yes only for hardship No Yes for amounts available for withdrawal pre-conversion
Distribute company match while employed No No No No No No
Partial distributions for retirees Yes Yes Yes Yes Yes Yes

Information for participants who worked for Mobil Corporation

Q. What do I need to know about the heritage Mobil grandfathered features?

A. Other sections of this publication describe the plan benefits and features applicable to your entire account balance. However, some features that you had as a heritage Mobil participant are grandfathered and will continue to apply, but only to a portion of your Savings Plan Account. These grandfathered features relate specifically to withdrawals and distributions from this portion of the Savings Plan. 

Some of the features you had as a heritage Mobil participant are grandfathered. The grandfathered features only apply to any heritage Mobil protected balance you have in your Savings Plan Account. Here is how protected and non-protected balances are determined:

  • "Protected" Balance is the market value of the Mobil portion of your Savings Plan Account at harmonization. The harmonization date was May 1, 2003. This balance may be reduced by withdrawals and distributions. If the total market value of your Savings Plan Account falls below your protected balance, your protected balance will be limited to the market value.
  • "Non-Protected" Balance is the amount of your Savings Plan Account balance in excess of your protected balance. Generally, it includes the ExxonMobil portion of your Savings Plan Account, if any, plus post- harmonization contributions, or any post harmonization earnings across your entire account (including post- harmonization earnings on the heritage Mobil protected balance).

Please remember that all of the Savings Plan provisions discussed in this publication and the grandfathered features on the next pages apply to these protected balances.

ExxonMobil Savings Plan Balance
Protected Balance Non-Protected Balance
Heritage Mobil balance as a dollar amount at harmonization. Most withdrawals/distributions will reduce your protected balance. All earnings on protected balance post harmonization. Existing ExxonMobil Savings Plan balance at harmonization and all earnings post harmonization. Future contributions and all earnings on those contributions.

How this applies to you

The grandfathered features apply only to your protected balance. Most withdrawals or distributions you take will reduce this balance. Once your protected balance is depleted, the grandfathered features will no longer be available to you. Please note that your protected balance in the Savings Plan may be embedded in any or all of the four Savings Plan Accounts.

If you only had a balance in the Mobil portion of the Savings Plan at harmonization, any post-harmonization earnings on this heritage Mobil protected balance will create a non-protected balance.

Grandfathered features

Withdrawals

Heritage Mobil participants may make cash or stock withdrawals of their protected balance from any account. Participants may access any contributions, including company contributions. These withdrawals are available twice per year, with a third available for a total withdrawal.

Distributions

Heritage Mobil participants may request two partial distributions from their protected balances each calendar year with no minimum amount required.

Heritage Mobil terminated employees may defer distribution on the protected balances past age 65. If you reach age 70-1/2 and your account is still deferred, minimum required distributions will be made as required by law. Your non-protected balance, however, will be distributed to you at age 65.

If you receive a partial distribution (or any post-separation withdrawal or distribution) in any year before the year in which you receive your entire Savings Plan balance, this partial distribution will not be a lump-sum distribution eligible for favorable lump-sum tax treatment. Favorable lump-sum treatment also may not be available to you when you subsequently elect a total distribution in another tax year.

All grandfathered features supersede any conflicting Savings Plan provisions. For example, the Savings Plan allows one partial distribution per year ($5,000 minimum) for retirees. The grandfathered feature allows all former Mobil employees two partial distributions per year from protected balances with no minimum amount required. A retiree who has a protected balance can only have two, not three, partial distributions in a year, and no minimum amount is required. See summary on grandfathered features below.

The following chart highlights the grandfathered features of your protected balance. Use of these features generally will reduce your protected balance. Suspensions, if applicable, will include both your contributions and the company match

Heritage Mobil Grandfathered features

Withdrawals
Maximum Without Suspension
Eligible group: Active employees, terminated employees, and retirees.
Funds available: Pre-1987 after-tax employee contributions, plus post-1986 after-tax employee contributions and earnings, transferred 1988 ESOP after-tax employee contributions and earnings, and rollover contributions.
Suspension: None.
Maximum With Three-Month Suspension
Eligible group: Active employees.
Funds available: Funds available in the Maximum Without Suspension withdrawal type, plus up to 50% of your After-Tax Account, General Account and Stock Match Account remaining protected balances.
Suspension: Three-month suspension applies.
Maximum With Six-Month Suspension
Eligible group: Active employees.
Funds available: Funds available in the Maximum With Three-Month Suspension withdrawal type, plus greater than 50% of your After-Tax Account, General Account and Stock Match Account remaining protected balances. Funds available also include your Before-Tax Account protected balance if you are at least age 59-1/2.
Suspension: Six-month suspension applies.
Total Protected Benefit with Six-Month Suspension
Eligible group: Active employees.
Funds available: 100% of funds available in the Maximum With Six-Month Suspension withdrawal type.
Suspension: Six-month suspension applies.
Requirements: Must take 100% of available funds.
Other: Available as a third withdrawal in the same year.
59-1/2 Without Suspension
Eligible group: Active employees.
Funds available: Before-Tax Account protected balances.
Suspension: None.
Requirements: Available only if age 59-1/2 or older.

Distributions
Partial Distributions for Terminated employees (non-retirees)
Eligible group: Terminated employees (non-retirees).
Funds available: Up to entire remaining protected balance available.
Frequency: Twice in a calendar year.
Other: No minimum amount; can defer distribution past age 65 to 70-1/2.
Partial Distributions for retirees
Eligible group: Retirees.
Funds available: Up to entire remaining protected balance available.
Frequency: Twice in a calendar year.
Other: No minimum amount.

Information for participants who worked for Paxon Polymer Company, L.P. and/or Advanced Elastomer Systems, L.P.

Q. What do I need to know about the heritage plans' grandfathered features?

A. Other sections of this publication describe the plan benefits and features applicable to your entire account balance. However, some features that you had as a participant in the heritage plans will continue to apply, but only to a portion of your Savings Plan Account. These grandfathered features relate specifically to withdrawal and distribution from this portion of the Savings Plan.

Some of the features you had as a participant in the Paxon Polymer Company, L.P. II Savings Plan or the Paxon Polymer Company, L.P. II Hourly Savings Plan (collectively "Paxon Plan") and/or the Advanced Elastomer Systems, L.P. Retirement Savings Plan ("AES Plan") are grandfathered. Some of these features to access your account balance are further enhanced. For purposes of this publication, the features you had in the heritage plans and the enhanced features are all referred to as grandfathered features.

The grandfathered features only apply to any protected balance you have in the Savings Plan, upon completion of the transfer of assets to the Savings Plan. Here is how the protected and non-protected balances are determined:

  • "Protected" Balance is the market value of your Paxon Plan and/or AES Plan account balance transferred to the Savings Plan on December 1, 2006. This balance may be reduced by withdrawals or distributions. If the total market value of your Savings Plan Account falls below your protected balance, your protected balance will be limited to the market value. Please note that your protected balance in the Savings Plan may be embedded in the Before-Tax, After-Tax and/or General Accounts.
  • "Non-Protected" Balance is the amount of your Savings Plan Account balance in excess of your protected balance. Generally, it includes the ExxonMobil portion of your Savings Plan Account, if any, plus post- transfer contributions, or any post-transfer earnings across your entire account (including post-transfer earnings on the heritage plans' protected balance).

Please remember that all of the Savings Plan provisions discussed in this publication and the grandfathered features described below apply to these protected balances.

Grandfathered features

Withdrawals

Former Paxon Plan and AES Plan participants may withdraw their protected rollover balance, after-tax balance and, if at least age 59-1/2, before-tax balance. Former AES Plan participants may also withdraw their protected employer match balance, if fully vested with respect to employer match contributions. There is no restriction on the number of withdrawal per year and there is no minimum withdrawal amount limitation. If you separate from service, you will continue to be eligible for these withdrawals.

Distributions

Upon termination of employment without retiree status, former Paxon Plan and AES Plan participants may defer distribution on the protected balances past age 65. If you reach age 70-1/2 and your account is still deferred, minimum required distributions will be made as required by law. Your non-protected balance, however, will be distributed to you at age 65.

If you receive a post-separation withdrawal or distribution in any year before the year in which you receive your entire Savings Plan balance, this withdrawal or distribution will not be a lump-sum distribution eligible for favorable lump-sum tax treatment. Favorable lump-sum treatment also may not be available to you when you subsequently elect a total distribution in another tax year.

The following chart highlights the grandfathered features of your protected balance in terms of distribution or withdrawal types available. Use of these features generally will reduce your protected balance.

Grandfathered features for former Paxon and AES plan participants

Withdrawals
Maximum Nontaxable
Eligible group: Active employees, terminated employees, and retirees.
Funds available: Pre-1987 after-tax employee contributions.
Maximum Without Suspension
Eligible group: Active employees, terminated employees, and retirees.
Funds available: After-Tax Account protected balance and General Account protected balance. The General Account protected balance includes the protected rollover balance and, for former AES Plan participants who are fully vested, the protected employer match balance.
59-1/2 Without Suspension
Eligible group: Active employees, terminated employees, and retirees.
Funds available: Before-Tax Account protected balance.
Requirements: Available only if age 59-1/2.
Prior Plan Protected
Eligible group: Active employees, terminated employees, and retirees.
Funds available: Up to entire remaining protected balance.

Distributions
Deferral of distribution past age 65 to 70-1/2
Eligible group: Terminated employees (non-retirees).
Funds available: Up to entire remaining protected balance.

Information for participants who worked for XTO Energy Inc.

Q. What do I need to know about the heritage plans' grandfathered features?

A. Other sections of this publication describe the plan benefits and features applicable to your entire account balance. However, some features that you had as a participant in the heritage plan will continue to apply, but only to a portion of your Savings Plan Account. These grandfathered features relate specifically to withdrawal and distribution from this portion of the Savings Plan.

Some of the features you had as a participant in the XTO Energy Inc. Employees’ 401(k) Plan are grandfathered. Some of these features to access your account balance are further enhanced. For purposes of this publication, the features you had in the heritage plans and the enhanced features are all referred to as grandfathered features.

The grandfathered features only apply to any protected balance you have in the Savings Plan, upon completion of the transfer of assets to the Savings Plan. Here is how the protected and non-protected balances are determined:

  • "Protected" Balance is the market value of your XTO Plan account balance transferred to the Savings Plan on January 1, 2011. This balance may be reduced by withdrawals or distributions. If the total market value of your Savings Plan Account falls below your protected balance, your protected balance will be limited to the market value. Please note that your protected balance in the Savings Plan may be embedded in the Before-Tax, After-Tax and/or General Accounts.
  • "Non-Protected" Balance is the amount of your Savings Plan Account balance in excess of your protected balance. Generally, it includes the ExxonMobil portion of your Savings Plan Account, if any, plus post- transfer contributions, or any post-transfer earnings across your entire account (including post-transfer earnings on the heritage plans' protected balance).

Please remember that all of the Savings Plan provisions discussed in this publication and the grandfathered features described below apply to these protected balances.

Participants with a protected XTO Energy Inc. Employees’ 401(k) Plan balance are eligible to take the following withdrawals/distributions that apply to their protected XTO Energy Inc. Employees’ 401(k).

Plan balance:

Withdrawals
Maximum Without Suspension
Eligible group: Active employees.
Funds available: General account protected balance. The General Account protected balance includes the protected rollover account balance.
Frequency: Twice per year.

Partial Distributions
Maximum Without Suspension
Eligible group: Terminated employees (non-retirees)* and Retirees.
Funds available: Up to entire remaining protected balance.
Other: No required minimum amount.
*Terminated employees can defer distribution past age 65

Information for participants who worked for Station Operators Inc.

Q. What do I need to know about the heritage plans' grandfathered features?

B. Other sections of this publication describe the plan benefits and features applicable to your entire account balance. However, some features that you had as a participant in the heritage plan will continue to apply, but only to a portion of your Savings Plan Account. These grandfathered features relate specifically to withdrawals and distributions from this portion of the Savings Plan.

Some of the features you had as a participant in the ExxonMobil Fuels Marketing Savings Plan (“FMSP”) are grandfathered. Some of these features to access your account balance are further enhanced. For purposes of this publication, the features you had in the heritage plans and the enhanced features are all referred to as grand fathered features.

The grandfathered features only apply to any protected balance you have in the Savings Plan, upon completion of the transfer of assets to the Savings Plan. Here is how the protected and non-protected balances are determined:

  • "Protected" Balance is the market value of your FMSP account balance transferred to the Savings Plan on October 4, 2013 or November 16, 2015, as the case may be. This balance may be reduced by withdrawals or distributions. If the total market value of your Savings Plan Account falls below your protected balance, your protected balance will be limited to the market value. Please note that your protected balance in the Savings Plan may be embedded in the Before-Tax, After-Tax and/or General Accounts.
  • "Non-Protected" Balance is the amount of your Savings Plan Account balance in excess of your protected balance. Generally, it includes the ExxonMobil portion of your Savings Plan Account, if any, plus post-transfer contributions, or any post-transfer earnings across your entire account (including post-transfer earnings on the heritage plans' protected balance).

Please remember that all of the Savings Plan provisions discussed in this publication and the grandfathered features described below apply to these protected balances.

Grandfathered Features

Withdrawals

Former FMSP participants may withdraw their protected rollover balance and, if at least age 59½, before-tax balance once in any 6-month period. The minimum amount of this withdrawal is $200 or, if less, the amount available.

Distributions

Upon termination of employment without retiree status, former FMSP participants may defer distribution on the protected balance until the later of April 1 of the year following the later of age 70½ or termination of employment.

If you receive a post-separation withdrawal of distribution in any year before the year in which you receive your entire Savings Plan balance, this withdrawal or distribution will not be a lump-sum distribution eligible for favorable lump-sum tax treatment. Favorable lump-sum tax treatment also may not be available to you when you subsequently elect a total distribution in another tax year.

The following chart highlights the grandfathered features of your protected balance in terms of distribution or withdrawal types available. Use of these features generally will reduce your protected balance.

Withdrawals
Maximum Without Suspension
Eligible group: Active employees.
Funds available: General Account protected balance.
Frequency: Once every 6 months.
Other: Minimum withdrawal amount is lesser of $200 or protected amount available.
59-1/2 Without Suspension
Eligible group: Active employees.
Funds available: Before-Tax Account protected balance.
Frequency: Once every 6 months.
Other: Available only if age 59-1/2; minimum withdrawal amount is lesser of $200 or protected amount available.

Distributions
Deferral of distribution past age 65 to 70-1/2
Eligible group: Terminated employees (non-retirees).
Funds available: Up to entire remaining protected balance.
Other: No required minimum amount.

Supplemental Savings Plan Description

Introduction

The ExxonMobil Supplemental Savings Plan (SSP) is an unfunded plan designed to allow continuation of the Company Match amounts that cannot be contributed to the Savings Plan due to certain IRS-prescribed dollar contribution limits. The SSP is a separate plan from the Savings Plan, and is governed by its own terms and provisions. The fact that this summary of the SSP is contained within the summary plan description for the Savings Plan does not indicate that they are part of the same plan or that the terms of the Savings Plan in any way control the operation of the SSP.

IRS Limits

There are a number of legally-prescribed IRS limits that apply to contributions to the Savings Plan. For purposes of this summary, the pertinent dollar limits are the compensation limit and the annual additions limit:

  1. The compensation limit restricts the amount of compensation on which contributions to the Savings Plan are calculated. This limit is applied on an annual basis. If your year-to-date Pay reaches the limit imposed by law, no additional compensation can be used as a basis for contributions to the Savings Plan.
  2. The annual additions limit restricts the total amount that you and the Company can contribute to your Savings Plan account in a calendar year.

The current year Savings Plan contribution limits can be found on the ExxonMobil Savings Plan Web Site under “What’s New” in the “Plan Info” section and in the “Savings Plan” section of Employee Connect.

Eligibility

You are eligible to receive a distribution of your SSP account balance only if you terminate employment as a retiree. If you terminate employment before attaining retiree status, your SSP benefit will be forfeited. Your SSP benefit can also be forfeited if you are determined to have engaged in detrimental activity.

Credits to the SSP

To the extent that the Savings Plan Company Match cannot be made to the Savings Plan on account of the IRS limits, the Company Match will be credited to your account in the SSP. Your contributions to the Savings Plan will stop when Company Match amounts are first credited to your SSP account during the year and automatically resume at the beginning of the following year.

Only the Company Match, not employee contributions, are credited under the SSP.

Interest is credited to SSP accounts quarterly using 120% of the Long Term Applicable Federal Rate compounded monthly, for the last month of each calendar quarter.

Distributions

The SSP account balance is paid in a lump sum. Payments under the SSP will be processed as soon as practicable upon retirement. Payment of SSP benefits, unlike Savings Plan benefits, cannot be deferred to a later date.

By law, certain senior employees cannot receive the SSP benefit until the earlier of (1) 6 months following their retirement date or (2) their date of death. During this 6-month period, the SSP interest is based on the Citibank Prime Lending Rate.

Death benefits

If you die with entitlement to a Pension Death Benefit under the ExxonMobil Pension Plan, your beneficiary will receive your SSP benefit.

If you have not named a beneficiary prior to your death, your SSP account 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

While still an employee, you can obtain a “Special Beneficiary Designation Form” by calling 1-800-262-2363 and selecting Option 2, or by sending an email to hr.welfare.services@exxonmobil.com. Once you have retired you can obtain a form by calling 1-800-682-2847.

Timing of FICA Taxation

You owe FICA tax on your SSP account balance at the time you attain age 55 with at least 15 years of Benefit Service. To pay the FICA tax, your SSP account balance will be reduced at that time. Following this reduction:

  1. Future company match credits will be subject to FICA taxation when credited, and tax withholding will be accomplished through regular payroll, and
  2. Investment earnings credited to your SSP account will not be subject to FICA taxation even upon distribution of your account.

Income Tax Treatment

The benefits from the SSP 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 SSP, 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
P.O. Box 18025
Norfolk, VA 23501-1867

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:

ExxonMobil Benefits Service Center
P.O. Box 18025
Norfolk, VA 23501-1867

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 SSP in its application to any participant or beneficiary, and to decide any and all claim appeals.

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