After 27 years with ExxonMobil I was given NSI this cycle. I was told on Tuesday of this week. I am fortunately retirement eligible, but was hoping to work for a couple of more years. I’m reaching out to understand how I would be able to claim unemployment after all is said and done. I was leaning toward retirement (as my manager is horrendous and I don’t think I would pass a PIP) and planning to defer my pension as I am not yet 60 and was betting on interest rates going down in the next few years. If I “retire” and defer the pension, would I still be able to claim unemployment? From my research, I believe I could do so, but want input from those that have been through it. If I do claim unemployment, will ExxonMobil fight me on it? Will it affect any other benefits such as retiree medical? Do I have to go through the PIP (and fail) to be able to claim? Any other guidance would be greatly appreciated.
16 replies (most recent on top)
You are going to defer taking a lump sum to hope for lower interest rates when you turn 60? The low interest rates we saw until 2023 were the abnormal period. Interest rates now are closer to the long term average. Today’s interest rates could easily go higher and wipe out the 5%/yr increase that you get between 55 and 60. As others have said, get a good financial advisor to run you through what the numbers show and make an educated decision. If you have worked for EM for 27 years and put the 6% into the 401K, plus your lump sum or pension, you should be fine.
Other than pure greed, why would you want to claim unemployment? Don't you think it should be for the benefit of the truly unemployed and not someone trying to rig the system or find a loophole?
don't defer your pension. take the Lump Sum and invest wisely in the market and you will FAR exceed the discount you're getting.
PA is a way to avoid RIF payments. One day, the people will rise up together and take this one to the Bench. Until then, managers will keep making age-related decisions.
Op, congratulations on making it to retirement. Despite the poor treatment at the end, you should be proud of your contributions. You may be the last employee tier to take this benefit, which makes you the winner over all these whiners.
@bh how can you be so oblivious to why they are upset. You obviously have no friends there that have worked hard and delivered for decades then suddenly "su-k". It is a lie to outsouce and offshore under the lie of ranking people to accommodate more outsourcing and offshoring. Wake up!
Unemployment is a-s, like 1,000 bucks a month. If you aren’t ready to retire after working here 27 years you did something very wrong
Chat GPT is great for getting all these answers quickly, and you can ask all sorts of clarifying questions without being judged.Someone also mentioned hiring a financial advisor, and I highly recommend it. If you have a good one, you’ll be better off taking your pension now and investing it. Your advisor should be able to do much better than the standard pension interest rates."
It’s your turn now, how does it feel?
Pathetic. Someone contributes for 27 years and then is suddenly not good enough. Total BS. This is the future that awaits those who think they will retire when they want to with a pension. You will never see the pension or full retirement age. Especially young people. If you aren’t within a couple of years of retirement you are doomed. Why do you think they got rid of NRE protection
Do you have a financial advisor yet? If not, I suggest you get one. Quick.
You hopefully have enough cash or cash-ready assets to bridge you from now until you reach 60. If not, you're going to have to get a job as unemployment isn't going to be your bridge to retirement.
Op here, for those with negative comments and vitriol I ask “why”?- all I can say is if you stick around, your turn will come and hope you are treated kinder than you have been. As for HR providing info - I haven’t received my MLRP email or heard anything from HR - thus my query.
Wonder why you feel the need to be so hateful?
You worked at EM for 27 years, are retirement eligible, and you want to collect unemployment? You sound like a money grubbing sc-mbag who doesn’t understand personal finance. Go away.
The fact that you’d type all this when the answers are provided by hr / 3 seconds on
Google tells me your boss got it right with Nsi.
Great news!
Well deserved reward. Ciao.