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Understanding Segment Rates: "Am I working for free?"

Watch Our Webinar!

Understanding Segment Rates: "Am I working for free?"

With interest rates on the rise, many Chevron employees are asking themselves “Am I working for free?”.

If retirement is on the horizon for you, choosing the right month to commence benefits could be trickier than it seems.

We break down how segment rates work, how they affect your lump-sum payment and why the timing of your retirement is so important. 

We have over 20 years of experience helping Chevron employees navigate their retirement and get the most out of their benefits package.

Segment Rate Update - October 2022 Numbers

Click the button above to view a rolling 1 year chart of the IRS Minimum Present Value Segment Rates and the 3 month average used for the CRP.

The IRS has posted updated Min Present Value Segment Rates for the month of October 2022. They are as follows:

First Segment

Second Segment

Third Segment

This represents a change from the previous month as follows:

First Segment
Increase of 0.62

Second Segment
Increase of 0.57

Third Segment
Increase of 0.61

IRS segment rates October

Chevron Rates

Based on the 3-month average that the CRP uses (August, September, October) the Segment Rates for January 2023 retirement are:

First Segment

Second Segment

Third Segment

This represents a change from the previous month as follows:

First Segment
Increase of 0.477

Second Segment
Increase of 0.387

Third Segment

Increase of 0.317

CVX Segment Rates
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    The newly published IRS rates will be factored into the 3-month average used for the CRP lump sum calculation for Chevron employees who wish to take the CRP lump sum in January 2023.

    As an example, for a married client age 59, from January 2015 to January 2016, we saw the 1st Segment rise 0.36, the 2nd Segment rise 0.27 and the 3rd Segment rise 0.17; this resulted in a decrease in the lump sum value of ~2.5%. Due to the individual nature of the actual CRP lump sum calculation, you would need to run the estimator for January 2023 to determine the impact to your value.

    The IRS publishes a table of Minimum Present Value Segment Rates here:

    If you would like to speak with a Financial Advisor about how segment rates can affect your unique situation, please fill out the form below and a team member will be in touch shortly.

      Past Segment Rates

      To view past Segment Rates, use the dropdown menu below.

      This is for illustrative purposes only. Any discussion of lump sum values is not a recommendation to forego the annuity option available. Only an individual analysis can provide that information.
      Any reference to CRP is to the Chevron Retirement Plan (hired before 1-1-2008). Company retirement plans are subject to change. For specific plan information consult your human resource department or your plan document.
      Insight Wealth Strategies, LLC is not affiliated with Chevron.

      IWS does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to this web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.