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Chevron Retirement Plan (CRP)

Chevron Retirement Plan, commonly known as CRP, can be taken in the form of lump-sum or monthly lifetime annuity. Election of CRP option requires completion of the When You Leave paperwork.

CRP Lump Sum is currently the most popular election made by Chevron retirees. It is widely believed that over 80% of the retirees opted for it in 2017. It is important to note that CRP lump sum calculation is calculated using several variables like your age, year of service, highest salary, and segment rates etc. The most significant factor in the calculation is the segment rate which is based on a blend of interest rates and change every month. All else being equal, lower segment rates will result in a higher lump sum amount, while higher segment rates will result in a lower lump sum amount.

CRP annuity can be taken in various forms of monthly payments. Other than single life annuity, all other options offer a continuing payment for your beneficiary. Keep in mind that CRP annuity has no cost of living adjustment (COLA) so the payment stays the same throughout your lifetime.

Read more about how we can help you understand your Chevron Employee Benefits.

Are you ready to retire? Use our retirement calculator to find out if you are on track.

Frequently Asked Questions

We have a team of Financial Planners dedicated to answering your questions.
For more information, please read the complete FAQ section or fill out the request information form.

Chevron provides a retirement plan that is fully paid by the company. Employees start building their first day at work and it increases as their service, salary, and age increase. Typically, employees are vested after five years of service.

You are vested if any of the following apply (same for Pre and Post 2008): 

  • You have five years of Vesting and Eligibility Service
  • You reach age 65; regardless of your years of Vesting and Eligibility
  • You’ve completed at least one year of Vesting and Eligibility Services and you’re Totally Disabled 
  • You’re laid off because of lack of work or you accept or reject employment with a buyer of the operation in which you are employed (regardless of your years of Vesting and Eligibility Service).

Hired before Jan 1, 2008 – Your benefit is calculated according to a formula that uses a percentage of your Highest Average Earnings, your years of Benefit Accrual Service and a Social Security offset. Different formulas apply if you were hired on or after January 1, 2008 or were a represented employee at the Questa Division mine. 

Hired on or After Jan 1, 2008 – While the Retirement Plan provides for various forms of benefit payments, your benefit under the Retirement Plan is first calculated as a lump sum amount. Any other payment form, or the amount of any earlier distribution, is determined based on this lump sum amount, which uses your Highest Five-Year Average Earnings and your years of Benefit Accrual Service 

Family Financial Planning

What Should You Consider When Choosing Your Chevron Retirement Date?

Under 65 years of age? Find out if the amount of your benefits will be reduced.

Insight Wealth Strategies, LLC is not affiliated with Chevron.

To learn more about what Insight Wealth Strategies can do for you or your colleagues in San Ramon and Point Richmond, CA or Houston, TX, please call us at (800) 318-7848, email us at info@insight2wealth.com or fill out the request information form.

Company retirement plans are subject to change. For specific plan information consult your human resource department.