Thread regarding ConocoPhillips layoffs

Severance/retirement

Made this comment, but in the wrong place. Those who received severance packages and retirement benefits better hang on to their severance. Pensions are not guaranteed. Bankruptcy can make your blessed pension disappear.

by | Post ID:
1111 views | 5 replies (last )
Comment! It's anonymous! Reply to this post anonymously by submitting the form near the bottom of the page!

5 replies (most recent on top)

The ConocoPhillips pension is a defined benefit plan.

Workers in bankruptcy situations face two important issues when it comes to their retirement benefits: access to pension benefits and the continued safety of their pension assets. Generally, your pension assets should not be at risk when a business declares bankruptcy, because ERISA requires that promised pension benefits be adequately funded and that pension monies be kept separate from an employer’s business assets and held in trust or invested in an insurance contract. Thus, if an employer declares bankruptcy, the retirement funds should be secure from the company’s creditors. In addition, plan fiduciaries must comply with the ERISA provisions that prohibit the mismanagement and abuse of plan assets. If contributions to a plan have been withheld from your pay, you may want to confirm that the amounts deducted have been forwarded to the plan’s trust or insurance contract.

In addition, some pension benefits may be insured by the Federal Government. Traditional plans (defined benefit plans) are protected by the Pension Benefit Guaranty Corporation (PBGC), a Federal Government corporation. If a plan is terminated because an employer has financial difficulty and cannot fund the plan, and the plan does not have enough money to pay the promised benefits, the PBGC will assume responsibility for the plan. The PBGC pays benefits after termination up to a certain maximum guaranteed amount. On the other hand, defined contribution plans, such as 401(k) plans, are not insured by the PBGC.

by | Post ID:

- I think our pensions are protected from external factors (Pension Corp or something like that)

by | Post ID:

Scenario:

  • we have our first global recession in 8-yrs in 2016

  • no oil demand growth

  • 25% loss on stock market

  • everyone else unlocks oil shale

HR, any comments regarding the security of the COP pension?

by | Post ID:

To the "shouldn't you be looking" post, one does not need to be in HR or Legal to Google ConocoPhillips pension.

by | Post ID:

The pension(s) are in fact guaranteed by the Pension Benefit Guarantee Corp. And the ConocoPhillips pension(s) are well funded. Few pension are 100% funded and the % varies due to the investments involved with the pensions. As a rule pensions invest conservatively.

by | Post ID:

Thanks for clarification HR and/or Legal. Shouldn't you be looking for people to layoff instead of posting links on this site?

by | Post ID:

/>

by | Post ID:

Post a reply

:

Related pages


lowes farmingdale hourskmart houston tx locationsverizon in tampateradata ncrdiebold corpqualcomm bouldercabellas woodbury mnkohls irvinebig lots coon rapids mngenworth financial lynchburgsales associate stapleswhole foods headquarters austin txduk tickersnhu higher one card loginapple store manhattan beach mallmccloskey mechanicalapria healthcare companyhusky oil stockbns jamaica careersepayment.everest.eduweatherford halliburtonwww.frys electronics.comnvtl.comshrimpfest red lobsterjacobs engineering singapore careervarco orange cawhen did centurylink acquire qwestdresser rand painted post nywesterngeco ltdbp bankruptcyis ameriprise financial a good companyverizon basking ridge addressibm wagesqvc jobs in rocky mount ncnextera energy inc stockhalliburton jobrif layoffadvanced analogic technologies incpotash incsears holdings kmartbeckinson dickinsonphilips healthcare layoffswalmarts hours todayuti technical institute reviewsburlington coat factory nampanewlink genetics ames iowaibm sales manager salarydevry ceohhgregg lafayette inwhiting petroleum corp stockcvs store jobsharriscaprock comweyerhaeuser alabamaapple store alderwood mallwhole foods devon hourshr.searshc.comhome depot corporate office atlanta garuby tuesday watertown nycognizant locationshgst singaporepillsbury new albany inhuntington ingalls jobsapple crocker parkwalgreens corporate office deerfield illee enterprises layoffsburlington coat factory savannah georgiabw3 minneapolistarget corporation minneapolis minnesotaabbott vascular layoffshgst western digitaluniversity of phoenix losing accreditationverizon fios stockst vincent worcesterdsw columbussaint francis medical center lynwood cafrys electronics planocempra pharmaceuticalsnetapp email addresswms industriesamgen jobs thousand oaks