Would someone be able to tell me what a typical Chevron severance package is today? Thank you in advance.
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Two weeks for every year of service up to 52 weeks max.
I am replying to Anonymous122142 about his/her question about the COBRA Agreement... Chevron will continue to subsidize your medical insurance plan only (not dental or life insurance). A third party company, ADP BeneDirect, will mail you materials within 14 days of your official termination date. You will be able to continue any or all of the benefits you once had as an active employee. However, only the medical insurance will be subsidized by Chevron. You will see no net increase in the premiums. This benefit will be provided to you only for 6 months. After that, you can still continue with COBRA coverage for another 12 to 18 month, but at regular (much higher) COBRA rates. So don't worry about medical if you are laid off. Your premiums (payable to ADP) will be exactly the same as the amount deducted from your current paycheck. The only thing is, you will pay ADP (monthly, not bi-monthly) and Chevron will make up their share for the cost of medical behind the scene. As for me and my wife, the dental premium I used to pay was 12.50 per month to United Concordia DHMO. My new unsubsidised premium through COBRA is $32.28. Not that bad, as AARP quotes around $58 per month for retiree and wife. I hope this helps inform you and puts your mind at ease. Best of luck to you.
How did the ETC email or announcement go?
So am I correctly interpreting the COBRA agreement as they continue to subsidize the majority of the costs versus the former employee funding the full amount? Sorry, a little punch-drunk from my ETC announcement email.
Basically, the Chevron Severance Package pays the non-executive "involuntarily terminated" employee the following: 1) Two weeks per year annualized salary for each year of service (up to max 1 year pay); 2) Six months of COBRA medical coverage under the same employee rate prior to termination. 3) Elegiblity to apply for State unemployment benefits without protest from Chevron. 4) Eligible to rollover any amount of the employee's Chevron Pension lump sum to the Chevron Employee Savings and Investment Plan (401k) without an IRS 10% penalty. Of course, all aforementioned in exchange for signing-off on Chevron paperwork to not sue the company for any reason, including age discrimation.
It's 4+1. Get down on all 4's and they will.....