One of the unique benefits of Chevron’s retirement programs is a very generous retirement savings matching plan. If an employee contributes 1% of his pay, Chevron will kick in 4% of his pay to match. If he contributes 2%, Chevron will kick in 8% of his pay. The interesting thing about Chevron’s plan is that they make this matching contribution not in cash, but with Chevron stock.
It is not uncommon for someone who makes a career at Chevron to retire with several hundred thousand dollars worth of Chevron stock. Twenty years of contributions, a couple of stock splits, and increasing oil/stock prices make this very feasible. It is nigh on impossible to walk out with a gold watch and not have at least $5,000 worth of stock.
Simple math: Operator pay of $55,000 x 8% = $4,400 x 5 years of work = $22,000 of stock (not accounting for price increases)
Since vesting in this plan is from day one, a simple year’s work and savings could net $5,000+ in company stock.
Economic Interest Statements
State law requires annual filing of Statements of Economic Interest. Filers must disclose any “[…]ownership interest in the business, the fair market value of which exceeds Five Thousand Dollars.”
The requirement is clear and statutory. MCA 25-4-27(d)(iii)
Three Supervisors Have Chevron Ties
Three supervisors have past employment at Chevron: John McKay, Melton Harris, and Troy Ross. McKay retired after 20 years with Chevron, Harris retired in 1999, and Troy Ross left Chevron around the same time he was elected in late 2011.
The supervisors owe a duty to the voters of Jackson County to make clear that they have no interest in, and receive no benefit from Chevron.
Won’t you ask them?