Changes Ahead at Chevron in 2025:
Are You Prepared Financially?

Reviewed by: Brian Stormont, CFP®
January 29, 2025

At Insight Wealth Strategies, LLC, we understand the uncertainty Chevron employees face during times of organizational change. With over 20 years of experience serving Chevron employees, executives, and managers in Houston, TX and San Ramon, CA, we are uniquely positioned to guide you through the complexities of Chevron layoffs, the Expression of Interest (EOI) program, and retirement planning.

Recent Developments: Chevron recently announced plans for significant restructuring over the next two years. For employees affected by these changes, understanding Chevron’s Surplus Employee Severance Pay (SESP) Plan for 2025 will be essential.

Key Questions to Consider

• Is now the right time to retire?

If you’ve been planning for retirement and are eligible for a buyout or severance, is it advantageous to take that step now?

• Should you participate in the EOI program?

Understanding the implications of the EOI program on your financial and retirement plans is crucial.

• How will you manage your Chevron Retirement Plan (CRP)?

Deciding between a lump sum and monthly payments can be challenging, particularly in a volatile market.

• How might Segment Rates affect your CRP value?

Rising interest rates could significantly impact the value of your lump sum pension. Stay up to date with the most recent segment rate numbers.

For these and other questions, our knowledgeable financial planners can provide personalized guidance tailored to your unique circumstances.

Understanding Chevron's Severance Packages

Recent Changes:

Department-Level Reductions: Recent layoffs have been handled by department and business units, rather than company-wide policies.

Voluntary Options: Voluntary separation opportunities may be available, but terms and approval rates can vary.

What Shapes Your Package:

Location: Policies may differ by region (e.g., Chevron Canada vs. U.S. operations).

Tenure: Long-term employees often receive different severance terms compared to recent hires.

What to Expect in 2025:

Financial Support: Severance packages will likely remain consistent with past structures.

Healthcare Coverage: COBRA benefits are expected to provide up to one year of coverage for eligible employees.

Important Requirements: Employees must meet specific criteria and submit all required documentation correctly and on time to qualify for benefits.

How We Can Help

For Employees Impacted by Chevron Layoffs or the EOI Program:

Evaluate whether retirement is a viable option at this time.

Understand the critical decisions about company benefits following your separation from service.

For Employees Retiring from Chevron:

Assist with decisions about your CRP and whether the lump sum or annuity option is more beneficial.

Navigate your Retirement Restoration Plan (RRP), Deferred Compensation Plan (DCP), and the impact on your Chevron Incentive Plan (CIP) and Long-Term Incentive Plan (LTIP).

Understand the implications of changing Segment Rates on your CRP value.

Additional Financial Guidance:

Gain a clear understanding of your Chevron benefits.

Help determine the optimal timing for your retirement.

Map out a comprehensive retirement plan.

Address missed coordination gaps in your financial strategy.

Implement tax strategies to help maximize your savings.

Optimize contributions to your Employee Savings Investment Plan (ESIP).

Why Insight Wealth Strategies?

With hundreds of Chevron employees as clients, we are deeply familiar with Chevron’s benefits and retirement plans. Our financial planners specialize in helping clients navigate periods of uncertainty, providing professional and reassuring support every step of the way.

Take the Next Step

If you’re a Chevron employee impacted by the EOI program or potential layoffs, now is the time to take charge of your financial future. Schedule a complimentary meeting with one of our knowledgeable financial planners today. Already a client? Reach out to your financial planner directly.

Let us help you navigate these challenging times with confidence and create a financial plan that secures your future.

Note: This information is based on announcements made by Chevron as of early 2025. For the most current details, please refer to official Chevron communications or contact us for personalized advice.

Insight Wealth Strategies, LLC is not affiliated with Chevron.

Reviewed by,

Brian Stormont, CFP®

Brian Stormont is a comprehensive, fee-only financial advisor with Insight Wealth Strategies who began his career in the financial industry in 2000. His expertise encompasses retirement planning, investment planning, estate planning, and high-level strategies to help business owners and individuals minimize their income taxes.

Sources:

https://hr2.chevron.com/lifevents/leaving-chevron/sesp/severanceplan

Insight Wealth Strategies, LLC is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Insight Wealth Strategies, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Insight Wealth Strategies, LLC unless a client service agreement is in place.

Insight Wealth Strategies, LLC (IWS) and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Changes Ahead at Chevron in 2025: Are You Prepared Financially?