401(k) Plan

nest eggs

Save for the future with Oxy's 401(k) Savings Plan.

How the 401(k) Plan Works

When you participate in the plan, you can take advantage of the company matching contribution. It’s like getting “free” money. Following is a high-level overview of the 401(k) Plan (formerly called the Personal Savings Account, or PSA).  For details, refer to the summary plan description. Voya Financial is the recordkeeper for the 401(k) Plan.

Who’s Eligible
  • All non-union, full-time and part-time employees.
  • Union-represented employees if provided for in the collective bargaining agreement.
Automatic Enrollment

Newly hired, permanent employees are automatically enrolled in the 401(k) Plan. This means:

  • You will automatically be enrolled in the 401(k) Plan with a before-tax contribution of 5% of base pay.
  • Contributions begin with your first available paycheck after your hire date.
  • Oxy makes a matching contribution:
    • Two dollars for every dollar you contribute up to 2% of eligible pay, plus
    • Dollar-for-dollar match on next 3% of pay.
  • Your contibutions are invested in the Diversified Balanced Fund until you elect otherwise. Oxy's matching contribution is invested in the Oxy Stock Fund.

If you want to change elections or opt out of the plan, log on to oxy.voya.com.

  • From the Account List on the home page, select Oxy 401(k) Savings Plan > Account.
  • To opt out, change your contribution rate to 0% and select Refund. You must make this change within 30 days from when your first contribution is made to the 401(k).

All other eligible employees:
You may enroll in the 401(k) Plan at any time.

Bonus Enrollment
  • Auto-enrollment does not apply to your bonus election.
  • If you wish to contribute bonus pay to your 401(k) account, you must make a separate bonus election.
  • Regular incentive bonus pay is eligible up to a maximum of $100,000.
  • Oxy matches bonus pay contributions at the same percentages as your regular pay contributions.
Your Contributions
  • Save a percentage of your eligible regular and bonus pay on a before-tax basis, Roth or after-tax basis, or a combination of all three, up to IRS limits. Make contribution changes on oxy.voya.com.
  • 2017 IRS contribution limits
    • Annual contribution (before-tax): $18,000.
    • Annual catch-up contribution (before-tax)​ if you are 50 or older during 2017: $6,000.
    • Maximum eligible pay that may be used for contributions under the 401(k) Plan: $270,000

Note: If Oxy's contributions to the 401(k) Plan are limited by IRS caps, Oxy will make allocations to the nonqualified Supplemental Retirement Plan (SRP).

Oxy Contributions

Oxy matches before-tax, Roth and after-tax contributions (catch-up contributions excluded):

  • Two dollars for every dollar you contribute, up to 2% of your eligible pay, PLUS
  • An additional dollar-for-dollar match on the next 3% of eligible pay you contribute, for a total match of up to 7%.

Note: Oxy's contributions are invested in the Oxy Stock Fund.

  • You are immediately vested in your contributions and Oxy’s matching contributions.
Investment Options
  • Choose from a variety of investment funds, each with varying levels of risk and return.
  • For details about each investment fund, log onto oxy.voya.com. In Account List on the home page, select Oxy 401(k) Savings Plan > Investments > Fund Information.
  • You may borrow money from your balance and repay it through after-tax payroll deductions.
  • Minimum loan amount: $1,000
  • Maximum loan amount: Lesser of $50,000 or 50% of highest loan balance in last 12 months.
When You Receive Your Account
  • Your 401(k) account becomes payable when you retire, become totally and permanently disabled, die or otherwise​ ​terminate your employment with Oxy.
  • If you satisfy certain requirements, withdrawals from your account can be made while you are working at Oxy.
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.
  • Taxable rollovers and Roth rollovers from other employers’ qualified plans are accepted.
  • You will need to complete a rollover request on oxy.voya.com or call 844-OXY-401K.
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.


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Online Forms

Complete your beneficiary designation, rollover and other forms on oxy.voya.com.

Qualified Domestic Relations Orders (QDRO)

Qualified Domestic Relations Orders (QDRO) related to Oxy’s 401(k) plan should be submitted to:
Oxy QDRO Administration
P.O. Box 24425
Jacksonville, FL 32241-4425

For more information about QDROs, see the 401(k) Summary Plan Description or call 904-791-2927.