ExxonMobil Savings Plan
Exxon Mobil Savings Plan: As long as the energy industry is concerned ExxonMobil is no strange face to the system. The company has enjoyed a great degree of acceptance both locally and internationally. It has received many accolades over the years and continues to stand tall as one of the leading names in the petroleum industry.
ExxonMobil is committed to providing affordable and sustainable energy solutions which are required to advance global prosperity. ExxonMobil invests in technology and communities to bring the world better energy. Hence the summation of their core values and pursuits remain
- Improving energy access
- Improving efficiency
- Mitigating emissions
- Job creation
The company was founded on 30 November 1999 by the merger of Exxon and Mobil. It is the largest descendant of John D. Rockefeller’s Standard Oil. It is an American company that has its headquarters in Irving, Texas.
One of the core pillars of ExxonMobil has remained the value placed on humans and human resources. On this note in line with the desire to see people grow and stay financially free the company introduced the ExxonMobil savings plan which has been designed to create and sustain financial freedom.
The ExxonMobil savings plan is a system that encourages long-term savings among ExxonMobil staff in order to ensure that individuals stay financially free after retirement.
Participants are encouraged to indulge in the plan for their financial security.
The plan was hatched for full-time staff and for some of the non-regular employees. The savings plan makes provision for some non-regular employees, but every full-time staff is eligible once they are employed by the company. This eligibility is effective from the very first day of employment.
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Temporary or non-regular employees become eligible for the savings program after one year of active service with the company and the reality of this is that they must meet the requirement of having worked at least 1,000 hours throughout the year.
However, there are sets of people who are not eligible for the plan even in the long run irrespective of the length of their service period with the company.
Contribution and Company Match
Subject to certain legal limits, before tax deductions are affected participants of the savings plan can save from 6% to 20%. The participant also receives a company match of 7% of pay on the first 6% of pay contributed via payroll deduction.
After thorough consideration and analysis of the investment considerations which should be able to guide your investment decision, you can choose from one of the many investment options which are availably presented by the savings plan.
The considerations help the participant understand the potential risks and benefits of the investment options.
The ExxonMobil savings plan has a choice of seven investment options with varying investment objectives and degrees of risk in which to invest your savings plan account.
The ExxonMobil savings plan has the following investment options:
- Common assets
- Equity units
- Extended market units
- International equity units
- Bond units
- Balanced fund units
- ExxonMobil stock
Participants upon choosing an investment option are entitled to receive periodic reports on the performance of their savings plan investment option.
Earnings from the investments which you acquire from the savings plan accounts are credited as follows:
- Any dividends on ExxonMobil stock are used to purchase additional shares of stock unless the participant elects 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 the 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.
ExxonMobil Savings Plan Account
Every eligible participant of the savings plan is eligible to have up to six accounts in the savings plan. These are collectively referred to as your savings plan account, and this savings plan account is made up of three non-Roth accounts and three Roth accounts.
Participants are also vested with their contributions. This means that you have ownership and when you leave the company you are entitled to receive a distribution of the vested portion of your savings plan account.
Accessing Your Money
Although the ultimate goal of the savings plan is to build a stable retirement fund for employees it is not totally impossible for a participant to have access to their money when they are in need of it given certain situations or pop-up events.
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The participants, in this case, are granted access to their savings through loans, dividends, withdrawals, and distributions. This also depends on the employment status of the applicant.
It is also important to point out that the ExxonMobil saving plan is not a plan that is free of governmental influence. The savings plan is subject to and adheres to the federal government rules, including the employee retirement income security act (ERISA). This means that you can rest assured of the protection of your interest and eradicate every fear of being scammed and exploited.
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