Former Exxon CEO Lee Raymond Dies at 87

[intercst]

Former Exxon CEO Lee Raymond Dies at 87

I got an unexpected pension benefit due to Raymond’s greed.

Back when Exxon was laying everyone off in the mid 1980’s, Raymond raided the employee pension fund which was “overfunded” at the time. You needed 10 years of service to vest a pension, but “withdrawing funds for other corporate purposes”, (like excessive Executive Compensation) dropped that to 5 year’s vesting and I beat that by a few months.

It’s not often, but sometimes “the skim” falls in your favor.

intercst

[DrBob2]

@intercst

You needed 10 years of service to vest a pension, but “withdrawing funds for other corporate purposes” (like excessive Executive Compensation) dropped that to 5 year’s vesting and I beat that by a few months.

IIRC, the vesting change to five years was required by Federal law (ERISA guidelines).

DB2

[Leap1]

Pratt and Whitney was also 5 years by that point.