Retirement Plan

jar with money

The Retirement Plan is designed to help provide you with financial security during retirement.

How the Retirement Plan Works

The Retirement Plan (formerly called the Personal Retirement Account, PRA) is funded entirely by Oxy. Your participation automatically begins on your hire date. Following is a high-level summary of the Retirement Plan. For details, refer to the summary plan description. Voya Financial is the recordkeeper for the Retirement Plan. ​

Who’s Eligible
  • All non-union, full-time and part-time employees.
  • Union-represented employees if provided for in the collective bargaining agreement.
Oxy’s Contributions
  • The Retirement Plan is funded entirely by Oxy.
  • Oxy’s annual contribution will equal:
    • 7% of your eligible pay up to the Social Security Wage Base (SSWB) ($127,200 in 2017​), PLUS
    • 12% of your eligible pay above the SSWB.

Note: Retirement contributions will be credited to the Supplemental Retirement Plan instead of the Retirement Plan if your annual base pay during the year exceeds the annual threshhold amount ($150,000 in 2017).​

Vesting
  • You are fully vested after three years of Oxy service.
Investment Options
  • You decide how Oxy’s contributions are invested.
  • Choose from a variety of investment funds each with varying levels of risk and return.
  • For details about each investment fund, log on to oxy.voya.com. In Account List on the home page, select Oxy Retirement Plan > Investments > Fund Information. ​
When You Receive Your Account
  • Your Retirement Plan account becomes payable when you retire, become totally and permanently disabled, die or otherwise​ terminate your employment with Oxy.
  • In-service withdrawals of your vested balance are available at age 60, the plan’s normal retirement age.
Beneficiary Designation
  • Be sure you name the beneficiary who will receive your account in the event of your death.
  • Complete a beneficiary designation on oxy.voya.com.
Accessing Your Account

You have several options for accessing your account:

  • oxy.voya.com.
  • OxyLink Online​. Log in with your network ID and password. Select Employee Self Service > My Oxy.voya.com.
  • Voya Retire app, available for iPhone, Kindle and Android devices. Download from your device's app store.
  • Oxy Retirement Service Center, 844-OXY-401K.

Supplemental Retirement Plan

Certain IRS limits may reduce the annual amounts Oxy may contribute to your Retirement Plan and 401(k) Plan.  If Oxy's contributions to the Retirement Plan or 401(k) Plan are limited by these governmental caps, Oxy will make contributions to the nonqualified Supplemental Retirement Plan (SRP). The SRP (formerly called the Supplemental Retirement Plan II or SRPII)​ is entirely paid by Oxy.

Following is a high-level overview of the plan. For details, see the SRP Highlights on oxy.voya.com. Voya Financial is the SRP recordkeeper.

Who’s Eligible

You are eligible to participate if you fall into one or more of the following categories:

  • Category 1: Eligible to participate in both the Retirement and 401(k) Plans and your base pay is equal to or greater than the annual threshold amount ($150,000 in 2017).  
  • Category 2: Eligible to participate in the 401(k) Plan and your base pay plus your annual bonus exceeds the annual compensation limit ($270,000 in 2017).  
  • Category 3: Eligible to participate in the Deferred Compensation (DCP) and the Retirement Plan, and you make a base salary or a bonus deferral election under the DCP.
Oxy’s Contributions
  • Contributions are credited to your account and interest is allocated daily.
  • Contributions are based on your eligibility category (you might be eligible for, and receive contributions under, more than one category):
Category Oxy Contribution
1
  • 7% of your eligible pay up to the Social Security Wage Base (SSWB) ($127,200 for 2017), PLUS
  • 12% of your eligible pay above the SSWB.
  • Contributed to your SRP at the same time you are paid.
2
  • 7% of your base pay plus annual bonus paid in excess of the annual compensation limit, PLUS
  • An additional 5% for interest make-up, made on the last available paycheck in December or at the beginning of the following year.
3
  • 12% of your deferred bonus, contributed to the SRP at the same time the bonus is paid.

 

Vesting
  • You are fully vested after three years of Oxy service.
When You Receive Your Account
  • You choose how and when to receive payment of your account:
    • As a lump sum or installment payments after you leave Oxy , if vested, based on your distribution election.
    • As a lump sum payment at a specified age. You can receive your account balance while an active employee at age 60 or older.
  • The SRP is a nonqualified retirement plan.  Your SRP account balance cannot be rolled over into an IRA or another qualified plan and is subject to income tax as soon as it is paid to you.
Beneficiary Designation
  • Be sure you name the beneficiary who will receive your account in the event of your death.
  • Complete a beneficiary designation on oxy.voya.com

 

 

 

related sites

forms/docs

tools & resources

 

Online Forms

Complete your Retirement and SRP beneficiary designations on oxy.voya.com.

Qualified Domestic Relations Orders (QDRO)

Qualified Domestic Relations Orders (QDRO) related to Oxy’s Retirement plans should be submitted to:
Oxy QDRO Administration
P.O. Box 24425
Jacksonville, FL 32241-4425

For more information about QDROs, see the Retirement Plan Summary Plan Description or call 904-791-2927.

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