Willis Johnson & Associates is not endorsed by nor affiliated with Chevron.

Financial Planning for Chevron Employees

While working at Chevron, you may have questions regarding the specifics of the plans and benefits offered. By coordinating company benefits with your outside assets, we help you understand each offering so you can maximize your benefits and achieve your personal financial goals.

Chevron Employee Savings Investment Plan (ESIP)

You want to make sure you are saving in the most tax efficient manner for you and your family. We can help ensure you are maxing out both pre-tax and after-tax in the ESIP, ensuring you receive the full 8 percent company match and annually converting after-tax money from your ESIP to a Roth IRA for tax-free growth. We will work with you to ensure you have the proper allocation taking into account all of your financial assets, not just your workplace savings.

If you are a participant in the Chevron Employee Savings Investment Restoration Plan (ESIP RP), we can assist you in understanding how your choice of when to retire affects the after-tax value of ESIP RP as well as structuring the investments in your ESIP RP to work in coordination with the rest of your financial assets.

• Employee Savings Investment Plan (ESIP)

• Employee Savings Restoration Plan (ESIP RP)

 

Incentive Plans

At Chevron a significant portion of your compensation can come from the varying incentive plans. It’s important to coordinate the CIP and LTIP with the rest of your financial assets. We work with you to reduce overexposure to Chevron stock in a tax-efficient manner that’s fits with your overall financial goals.

• Chevron Incentive Plan (CIP) – We’ll help you maximize your annual performance bonus through tax planning, savings prioritization, and benefit eligibility assessment.

• LTIP Stock Options

• Stock Options (ISO) and Non-Qualified Stock Options (NQSO)

• LTIP Performance Shares

• LTIP Restricted Stock Units

   

Chevron Insurance Plans

You care about your loved one and want to ensure that if anything happens they will be protected. We can help you understand each insurance option and decide on a plan that works best for you, ensuring you are paying for what you need, but not buying what you don’t.

• Supplemental Life Insurance Plan (SLIP) vs Term

• Long-Term Disability 

Chevron Health Plans

We can help you understand the tradeoffs of specific plans, maximize your take home pay by optimizing your HSA and HC FSA accounts, and guide your contributions for health care costs and retiree medical costs in the most tax-efficient manner.

• Anthem HDHP

• Anthem HDHP basic

• Anthem PPO

Chevron Deferred Compensation Plan (DCP)

For those PSG 28 or above, we optimize your elections in the DCP in coordination with your expected retirement income, to ensure that you’re able to reduce taxes today and minimize them in the future.

 

Active Management Inside Your Chevron 401(k)

Did you know we can actively manage the funds in your Chevron 401(k)? No more “set it and forget it.” No more complex workarounds to adjust your funds. Through Fidelity Brokeragelink® accounts, you’ll gain access to additional funds and our expertise to help guide and actively manage your investments in coordination with your non-company, or outside, assets.

Job Insecurity at Chevron

If you’re affected by Resource Optimization Management (ROM) or Employee Selection Process (ESP) and are “left standing,” we can help determine if retirement is a viable option for you right now, as well as provide insight on the critical decisions about company benefits elections.

Are you unsure about future employment at Chevron or how an untimely layoff may affect your future? Our team is knowledgeable about Chevron packages and benefits. We can help you evaluate your goals, analyze your current financial status and plot the next steps forward.

Being Recruited?

Being recruited is exciting, but how can you know if accepting a position is the right move? We can help you map out the difference in value between your current job and the one you’re being offered. Oftentimes, it is hard to directly compare the value of two compensation packages. Whether you decide to take the job or not, we’ll help you optimize your elections — at Chevron or at your new company.

Planning For Your Retirement From Chevron

Most people only retire once, so they don’t have prior experience to draw from. We will walk you through your retirement wealth plan and ensure all elections are handled correctly so you avoid losing any benefits and minimize taxes.

Chevron Employee Savings Investment Plan (ESIP)

As you think about retirement, you might be asking the question: From where should I be taking the money I need for expenses? We can help you transition from accumulation to deaccumulation, making sure you understand which of your assets you should be pulling from in what order to minimize taxes and ensure a smooth retirement. In addition, we can assist with rebalancing your ESIP for your transition into retirement — taking into account your full financial picture.

If you are a participant in the Chevron Employee Savings Investment Restoration Plan (ESIP RP), we can assist you in understanding how your choice of when to retire affects the after-tax value of your plan as well as structuring the investments in your ESIP RP to work in coordination with the rest of your financial assets.

• Employee Savings Investment Plan (ESIP)

 Employee Savings Restoration Plan (ESIP RP)

 

CRP & Retirement Savings

One of the biggest elections you will make is how to receive your CRP and RRP pension benefits. It is important to understand the tradeoffs between lump sums and annuities, how changing interest rates can affect lump sum values, and the implication of timing and taxes. Before you make an irrevocable election, let us give you a second opinion.

• The Chevron Retirement Plan (CRP)

Chevron Retirement Restoration Plan (RRP)

 

Chevron Deferred Compensation Plan (DCP)

For those PSG 28 or above, we optimize your elections in the DCP in coordination with your expected retirement income, to ensure you’re able to reduce taxes today and minimize them in the future.

 

Setting Up Your Consulting Practice

Upon retirement from Chevron, many of our clients choose to continue working as a consultant. If you plan to do this, we can help you understand how to structure your finances and retirement to fit your new role.

• Liability Protection for LLCs

• Tax Deferral Strategies for Solo 401(k), Sep IRA and Solo Pension Plans

• Negotiating Compensation With an Understanding of How Consultants Get Taxed (1099).

 

When Should You Retire From Chevron?

When you decide to retire from your career at Chevron can have a significant impact on your retirement income. Sometimes, this means waiting a few weeks or retiring just a month earlier. By understanding the payouts and tax implications of your benefits, along with the segment rates, we can determine your tax-efficient retirement date — optimizing your income into your retirement days.

 

 

 

Our WJA Chevron Advisor Specialists

Willis Johnson, CFP®

CEO

Nick Johnson, CFA®, CFP®

PRESIDENT

Alexis Long, MBA, CFP®

DIRECTOR OF WEALTH MANAGEMENT

Jason Mishaw, MSF, CFA®

WEALTH MANAGER
SCHEDULE YOUR COMPLIMENTARY BENEFITS REVIEW

Willis Johnson & Associates is not endorsed by nor affiliated with Chevron.

Why Willis Johnson & Associates?

Since 1996 we’ve been helping Shell executives and professionals with their comprehensive financial planning needs. Our thorough understanding of the transitions in your corporate life allows us to appreciate where you have been and assist with where you are headed.