The benefits of the The Oxy Savings and Retirement Plans€¦ · The Oxy Savings and Retirement...
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The benefits of the The Oxy Savings and Retirement Plans CN#: 0912-27482-1018
Transcript of The benefits of the The Oxy Savings and Retirement Plans€¦ · The Oxy Savings and Retirement...
The benefits of the The Oxy Savings and Retirement Plans
CN#: 0912-27482-1018
Presenter
Presentation Notes
Hello, my name is ______________ (a registered representative of Voya Financial Advisors, Inc.) and I will be the host of this presentation. I think we all realize that it has become our responsibility, more now than ever, to prepare for retirement. This presentation will provide you will high level overview of this plan and should give you the information and education about your own account. Now, while this presentation will cover a lot of material a review of your Plan website and documents is suggested as well.
Disclosure
Registered representative and retirement educational seminars are provided by Voya Financial Advisors, Inc. (VFA). These educational seminars are provided to you as a supplemental service to your plan sponsor as part of the Plan Administrative services provided by Voya Institutional Plan Services, LLC (VIPS). The information contained herein should not be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. You should contact your investment representative (or advisor), attorney, accountant or tax advisor, with regard to your individual situation prior to implementing a retirement plan strategy.
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Presenter
Presentation Notes
Before we begin, please take a moment to read this important disclosure. Registered representative and retirement educational seminars are provided by Voya Financial Advisors, Inc. (VFA). These educational seminars are provided to you as a supplemental service to your plan sponsor as part of the Plan Administrative services provided by Voya Institutional Plan Services, LLC. The information contained herein should not be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. You should contact your investment representative (or advisor), attorney, accountant or tax advisor, with regard to your individual situation prior to implementing a retirement plan strategy.
Have a strategy Establish your retirement goals Oxy 401(k) Savings Plan Oxy Retirement Plan Tools & Resources
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Agenda
Presenter
Presentation Notes
To understand this retirement saving plan, you should put some thought behind why you need it and develop a strategy on how to use it. Having a plan, may increase the likelihood of reaching your goals. Before you make your elections today or in the future, think about the impact those elections could have both today and in the future. Today we will discuss: Establishing your retirement goals The Oxy Retirement Plan The Oxy 401(k) Savings Plan And Tools & Resources
You could spend 25% of your life in retirement
You may need 75-85% of your current working income for each year in retirement 1
Only 26% of workers are very confident in having enough money to pay for the basics expenses in retirement
Only 14% of workers are very confident in having enough money to live comfortably in retirement 2
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1 Georgia State University RETIRE Project Report, 2008 2 2012 EBRI Retirement Confidence Survey
Why plan
Retirement goal
Presenter
Presentation Notes
When I speak about saving for retirement, far too many people simply ask “Why should I have a Plan?”. And a lot of people have excuses to why they don’t. However the reasons why most people should save, are plenty. You should not underestimate your longevity, in some cases you may spend more than 25% of your life in retirement. And if you are planning on living a lifestyle close to the one you live prior to retirement, you may need to replace 75% to 85% of your pre retirement income. As you can see, retirement can be expensive. Maybe the most expensive thing you every have to pay for. However, with that being said, according to an industry study, very few workers are very confident in having enough money to pay for the basics expenses in retirement and even less are very confident in having enough money to live comfortably in retirement. This is a trend that needs to change.
Put some thought into your future – At what age can you realistically
retire? – What lifestyle would you like to lead? – How much income will you need? – Do you have other assets and
benefits to consider?
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Retirement goal
Presenter
Presentation Notes
When you make your elections put some thought into your future. Think about at what age can you realistically retire? What lifestyle would you like to lead? How much income will you need? It is also important to take an inventory of any other assets and benefits? Of course, all of this doesn’t have to be done right now, but it is a process that should be thought about. Fortunately, this plan allows you to make changes almost as often as you need. And as you will learn, there are many tools and resources that will be available to help you plan for your future.
The above represents a hypothetical illustration of investing $100/month at a 6% annual return, compounded monthly. In the above illustration, Jane starts investing now whereas John starts five years later. Please note, this example does not represent any specific investment or product. This example does not take into account any fees, charges or tax implications which may be applicable to some products or investments. Past performance does not guarantee future results. Your results may differ from the above mentioned investment returns.
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25
50
75
100
5 yrs 10 yrs 15 yrs 20 yrs 25 yrs 30 yrs
Jane John
Jane Starting now . . . John 5 years later . . .
$100,452
$69,299
Investing $100/month 6% annual return
Dollars in thousands
Consider starting early
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Presenter
Presentation Notes
What I do want to stress is the importance of starting as early as possible. Time can be your friend when planning for retirement, where procrastination can be your enemy. The above represents a hypothetical illustration of two coworkers, Jane and John. After listening to a presentation just like this, Jane immediately starts investing one hundred dollars a month, whereas her colleague John starts five years later. Now I understand John will have a little more money than Jane in his paycheck for the first five years but assuming they invested the same way and experienced a 6% annual return, compounded monthly, the delay could cost him much more down the road. In this example, after 30 years of employment, the delay cost him over $30,000. The above represents a hypothetical illustration of investing $100/month at a 6% annual return, compounded monthly. In the above illustration, Jane starts investing now whereas John starts five years later. Please note, this example does not represent any specific investment or product. This example does not take into account any fees, charges or tax implications which may be applicable to some products or investments. Past performance does not guarantee future results. Your results may differ from the above mentioned investment returns.
Two Plans
Oxy 401(k) Savings Plan Oxy Retirement Plan
give you the opportunity to pursue financial security during your retirement years.
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Presenter
Presentation Notes
The Oxy 401(k) Savings Plan and the Oxy Retirement Plan are two Plans that give you the opportunity to pursue financial security during your retirement years.
Oxy 401(k) Savings Plan Highlights
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Presenter
Presentation Notes
When you save a portion of every paycheck and invest the money in your employer’s plan, you’re putting together many of the pieces that will eventually be the source of your retirement income. It is important to understand the details of the Plan. We will talk about some of those details in the Plan Highlights section.
Before-tax • Contributions are
before-tax and will reduce taxable income
• Growth on contributions are tax-deferred
• Taxes are paid on your contributions and any earnings at distribution
• Eligible for company match
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Roth 401(k) • Contributions are after-tax
and will not reduce taxable income
• Growth on contributions are tax-deferred
• Potential tax-free distribution 1 on contributions and related earnings
• Eligible for company match
1 Qualified tax-free distributions on the earnings from a Roth 401(k) occur after the participant reaches age 59½ OR on account of the participant’s death or disability, AND after the participant has held the account for at least five years.
Saving options: contribution types
After-tax • Contributions are after-
tax and will not reduce taxable income
• Distribution of contributions is not subject to Federal income tax
• Taxes are paid on any earnings at distribution
• Eligible for company match
*New*
Coming 2017
Presenter
Presentation Notes
The Oxy 401(k) Savings Plan will not only ask how much you want to save, you will need to know what type of savings is right for you. In this Plan you have to the ability to save on a Pre-tax, after tax and, in 2017, a Roth 401(k) basis. Now, it doesn’t have to be one way or the other, it could be a combination of the options. Let’s discuss the three savings options. Pre-tax contributions are the way we have been saving to 401(k) plans for decades. These contributions come directly out of your check but are taken before-taxes are calculated, thus lowering your taxable income. As you invest your contributions, the potential growth is tax-deferred. However, when it comes time to take the money out, taxes will be paid on your contributions and any earnings. After-tax contributions are made after-tax and will not reduce taxable income. Please keep in mind you pay current taxes on after-tax contributions, but you can withdraw the contribution portion tax free at any time. Any investment earnings portion of withdrawals are subject to income taxes. Roth 401(k) contributions allow you to save in a different way. The contributions still come out of your check and are deposited into the same 401(k) plan, the difference is the contribution are made after-taxes. This means the contribution will be taken from your check after taxes have been calculated, therefore they will not reduce your taxable income. Just as with pre-tax contributions, potential growth is tax-deferred. The biggest difference, qualified distributions are tax free. You pay no Federal income taxes on contributions and related earnings. Qualified tax-free distributions on the earnings from a Roth 401(k) occur after the participant reaches age 59½ OR on account of the participant’s death or disability, AND after the participant has held the account for at least five years. You can choose any combination of the contribution options to fit your needs.
Contributions Contribute between 1% and 30% of eligible compensation in 1/10th increments
– If your salary is greater than $120,000, you are limited to contributing 15%.
Annual Bonus - contribute between 1% and 5% of eligible bonus in 1/10th – As of January 1, employees will need to elect a contribution amount for bonus, to a max of 5%,
and receive company matching contributions. The percent they’ve elected to contribute on their base salary will no longer automatically apply to their bonus.
You can save on a Before-tax and/or After-tax basis (Roth available in 2017). 2016 IRS contribution limit is $18,000. If you’ll be 50 or older by the close of the calendar year, you can make catch-up
contributions (made as a dollar amount per pay period) up to the 2016 IRS limit of $6,000.
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The Oxy 401(k) Savings Plan*
* While Oxy refers to the "Oxy 401(k) Savings Plan ("401(k) Plan”) in communications for ease of use, the formal Summary Plan Description will refer to the Plan as Occidental Petroleum Corporation Savings Plan Personal Savings Account. These plans are one-in-the-same.
Presenter
Presentation Notes
Let’s discuss contributions. You can contribute between 1% and 30% in 1/10th increments. However, if your salary is greater than $120,000, you are limited to contributing 15%. For your annual bonus, you can contribute between 1% and 5% in 1/10th increments. As of January 1 2017, employees will need to elect a contribution percentage specifically for a bonus, to a max of 5%, and to receive company matching contributions. The percent you have elected to contribute on your base salary will no longer automatically apply to your bonus. You can save on a before-tax and/or after-tax basis, keeping in mind Roth will be added in 2017. The 2016 IRS contribution limit is $18,000. If you’ll be 50 or older by the close of the calendar year, you can make catch-up contributions up to the 2016 IRS limit of $6,000 which is made as a dollar amount per pay period.
Company Matching Contributions
The Oxy 401(k) Savings Plan
Oxy matches regular and Annual Bonus contributions*
– Catch-up contributions are not matched.
Oxy will contribute 200% of the first 2% you contribute and 100% of the next 3% to 5% you contribute.
– This means that if you save at least 5% of pay, Oxy will contribute 7% for a total of 12% toward your retirement.
Immediately 100% vested.
Company matching contributions are invested in the Oxy Stock Fund.
– You can transfer your company match balance, or portion thereof, to any other investment option(s) in the 401(k) Plan.
* If you are covered by a union bargaining agreement, please refer to that agreement for specifics on your Oxy match (if any). The match described here is for non-union employees.
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Presenter
Presentation Notes
Now let’s review your company contributions Oxy matches your regular contributions and your Annual Bonus contributions. Catch-up contributions are not matched. Oxy will contribute 200% of the first 2% you contribute and 100% of the next 3% to 5% you contribute. This means that if you save at least 5% of pay, Oxy will contribute 7% for a total of 12% toward your retirement. Your are immediately 100% vested. Company matching contributions are invested in the Oxy Stock Fund, regardless of your investment elections for your contributions. However, you can transfer your company matching contribution balance, or portion thereof, to any other investment option(s) in the 401(k) Plan.
Company Matching Contributions
The Oxy 401(k) Savings Plan
Example You earn $100,000 a year and save 5% in the 401(k) Plan. Oxy contributes $2 for every dollar you save on the first 2%.
+ Oxy adds $1 for every dollar you save on the next 3% to 5% of pay.
If you are covered by a union bargaining agreement, please refer to that agreement for specifics on your Oxy match (if any). The match described here is for non-union employees.
• You save $100,000 x 5% = $5,000
• Oxy adds $100,000 x 2% x $2 = $4,000
+ • Oxy adds $100,000 x 3% x $1 = $3,000 Total toward your retirement = $12,000
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Presenter
Presentation Notes
Here we see a hypothetical example of how the company match works. Assume you earn $100,000 a year and save 5% in the 401(k) Plan. Oxy contributes $2 for every dollar you save on the first 2%. Plus Oxy adds $1 for every dollar you save on the next 3% to 5% of pay. Therefore the total contributions made for the year is $12,000.
Loans, Withdrawals and Distributions • You have access to your account through loans, withdrawals, and distributions when
leaving Oxy employment • Loans1
• One loan permitted at any time; either general or residential
• Minimum of $1,000 to a maximum of 50% of vested balance, no more than $50,000 in a 12 month period
• Withdrawals and Distributions 2
• Options depend upon your account balance and employment with Oxy (options may include leaving money in the Oxy plan, roll to new employer or IRA, or cash out the taxable account value)
1 Loans may impact your withdrawal value and limit participation in future growth potential.
2 Before taking a withdrawal or distribution you are required to review the IRS Special Tax notice. This notice can be obtained on oxy.voya.com or by
mail. Voya Financial® does not offer legal or tax advice. Consult with your tax and legal advisors regarding your individual situation. Withdrawals and distributions from the Plan may be subject to 20% federal tax withholding. State tax withholding may also apply. If you are less than age 59½, a 10% premature distribution penalty tax applies unless there is an exception.
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The Oxy 401(k) Savings Plan
Visit oxy.voya.com – Plan Highlights or call for more information. All withdrawals and distributions must be made by calling the
Oxy Retirement Service Center.
Presenter
Presentation Notes
To this point I have spoke a lot about contributions, putting money into the account. However, we also need to spend some time on when or if, you can take money out. You may have access to your account through loans, withdrawals, and distributions when leaving Oxy employment Loans are offered. One loan is permitted at any time and that loan can be either for general or residential purposes. There is a minimum of $1,000 and a maximum of 50% of vested balance, no more than $50,000 in a 12 month period. Withdrawals and Distributions are a little more complicated and options will depend upon your account balance and employment with Oxy. Options may include leaving money in the Oxy plan, roll to new employer or IRA, or cash out the taxable account value. Please visit the Plan website, Plan Highlights or call for more information. All withdrawals and distributions must be made by calling the Oxy Retirement Service Center. Because withdrawals and distributions can result in tax consequences you should review your plan with a tax professional. You should note: Loans may impact your withdrawal value and limit participation in future growth potential. Before taking a withdrawal or distribution you are required to review the IRS Special Tax notice. This notice can be obtained on your Plan’s Web site or by mail. Voya Financial® does not offer legal or tax advice. Consult with your tax and legal advisors regarding your individual situation. Withdrawals and distributions from the Plan may be subject to 20% federal tax withholding. State tax withholding may also apply. If you are less than age 59½, a 10% premature distribution penalty tax applies unless there is an exception.
Investment options
Investment options for all types of investors.
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Presenter
Presentation Notes
The Plan offers investment options for all investors.
Investment Funds
Stable Value Fund
Bond Fund
Inflation Protected Securities Fund
High Yield Bond Fund
Global Convertible Bond Fund
Diversified Balanced Fund
S&P 500 Index Fund
Large Cap Value Fund
Investment Funds
Large Cap Growth Fund I
Large Cap Growth Fund II
Large-Mid Cap Value Fund
Mid Cap Index Fund
Small Cap Value Fund
International Equity Fund
REIT Index fund
Oxy Stock Fund
CRC Stock Fund (closed & removing from line up November 30, 2016)2
1 For more information about the funds, including historical performance, fund fact sheets, and fund restrictions, go oxy.voya.com and select the Fund Information menu. You should read all fund information made available to you before investing.
2 If they have a balance in the CRC Stock Fund, you must move it out no later than November 30 or it will be moved for you. No new money can be invested in the CRC Stock Fund.
Investment options1
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Presenter
Presentation Notes
You have the opportunity to build your own portfolio from a selection of investment options. These investments span from conservative to aggressive and represent different segments of the market place. From this list it is your responsibility to develop a strategy using any combination of funds that are right for your situation. But take this role serious as you need to understand the characteristics of these funds. All the necessary information can be found in the fund fact sheets. If making these decisions are not something you are interested in please reach out for help. A little later in this presentation you will learn about ways we can offer this assistance. If you have a balance in the CRC Stock Fund, you must move it out no later than November 30, 2016 or it will be moved for you. No new money can be invested in the CRC Stock Fund.
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Investment options - disclosure
Investment Fund Corresponding investment
as of June 30, 2016
Stable Value Fund Individually managed for OXY
Bond Fund PIMCO Total Return Instl Ticker: PTTRX
Inflation Protected
Securities Fund Vanguard Inflation-Protected Secs I Ticker: VIPIX
High Yield Bond Fund PIMCO High Yield Instl Ticker: PHIYX
Global Convertible
Bond Fund Individually managed for OXY
Diversified Balanced
Fund Dodge & Cox Balanced Ticker: DODBX
S&P 500 Index Fund Vanguard Institutional Index Instl Pl Ticker: VIIIX
Large Cap Value Fund BlackRock Equity Dividend Instl Ticker: MADVX
Investment Fund Corresponding investment
ent as of June 30, 2016
Large Cap Growth Fund I
Fidelity Contrafund Fund Ticker: FCTNX
Large Cap Growth Fund II
MFS Massachusetts Inv Gr Stk R6 Ticker: MIGNX
Large-Mid Cap Value Fund Individually managed for OXY
Mid Cap Index Fund Vanguard Mid Cap Index Instl Plus Ticker: VMCPX
Small Cap Value Fund Individually managed for OXY
International Equity Fund
Causeway International Value Instl Ticker: CIVIX
REIT Index fund Vanguard REIT Index I Ticker: VGSNX
Oxy Stock Fund Occidental Petroleum Corp Ticker: OXY
CRC Stock California Resources Corp Ticker: CRC
Presenter
Presentation Notes
This table shows whether an investment fund in the Oxy 401(k) Savings Plan has a corresponding investment option. Most of these investments are publicly traded and may give you additional opportunities to research beyond Plan resources. It is important to know as much as you can about your investments and this information should be helpful. For more information about the funds, including historical performance, fund fact sheets, and more, go to oxy.voya.com and select the Fund Information menu. You should read all fund information made available to you before investing.
Risk disclaimers
Investments are not guaranteed and are subject to investment risk including the possible loss of principal. The investment return and principal value of the security will fluctuate so that when redeemed, may be worth more or less than the original investment.
The value of the debt securities may fall when interest rates rise. Debt securities with longer maturities tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter maturities. For all bond there is a risk that the issuer will default. High-yield bonds generally are more susceptible to the risk of default than higher rated bonds.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, there is no assurance that it will be able to do so. While the fund’s objective includes the preservation of capital, it is possible to lose money by investing money in the fund.
Large company stock returns are based upon changes in the Standard & Poor’s 500 stock index, an unmanaged index. The return and principal value of an investment in stocks fluctuate with changes in market condition.
Small company stocks offer greater potential for growth, but there are additional market and business risks associated with them, such as low trading volumes, a greater degree of change in earnings and greater short-term volatility.
International investing involves special risks such as currency fluctuation, lower liquidity, political and economic uncertainties, and differences in accounting standards [Risks of foreign investing are generally intensified for investments in emerging markets.]
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Presenter
Presentation Notes
Investments are not guaranteed and are subject to investment risk including the possible loss of principal. The investment return and principal value of the security will fluctuate so that when redeemed, may be worth more or less than the original investment. The value of the debt securities may fall when interest rates rise. Debt securities with longer maturities tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter maturities. For all bond there is a risk that the issuer will default. High-yield bonds generally are more susceptible to the risk of default than higher rated bonds. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, there is no assurance that it will be able to do so. While the fund’s objective includes the preservation of capital, it is possible to lose money by investing money in the fund. Large company stock returns are based upon changes in the Standard & Poor’s 500 stock index, an unmanaged index. The return and principal value of an investment in stocks fluctuate with changes in market condition. Small company stocks offer greater potential for growth, but there are additional market and business risks associated with them, such as low trading volumes, a greater degree of change in earnings and greater short-term volatility. International investing involves special risks such as currency fluctuation, lower liquidity, political and economic uncertainties, and differences in accounting standards [Risks of foreign investing are generally intensified for investments in emerging markets.]
Transferring among the funds
Fund Transfer Fee: up to 24 fund transfer requests per year at no costs. Includes transactions as a result of setting Automatic Account Rebalancing. For each fund transfer above 24 in any calendar year, a $10 fund transfer fee will be deducted from your account and will be used to pay for administrative expenses.
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You have choices for managing how you are investing including contributions, fund-to-fund transfers, and reallocating your balance.
You can also set up automatic account rebalancing 1.
1 Using rebalancing as part of your investment strategy neither assures nor guarantees better performance and cannot protect against loss in declining markets.
Presenter
Presentation Notes
You have choices for managing how you are investing including contributions, fund-to-fund transfers, and reallocating your balance. You can also set up automatic account rebalancing. Please note that using rebalancing as part of your investment strategy neither assures nor guarantees better performance and cannot protect against loss in declining markets. You can make up to 24 fund transfer requests per year at no costs. This includes transactions as a result of setting Automatic Account Rebalancing. For each fund transfer above 24 in any calendar year, a $10 fund transfer fee will be deducted from your account and will be used to pay for administrative expenses.�
Oxy Retirement Plan Plan Highlights
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Presenter
Presentation Notes
We will now take some time to review the highlights of the Oxy Retirement Plan.
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The Oxy Retirement Plan*
Contributions are solely made by Oxy. Oxy contributes 7% of your annual earnings up to the wage base
plus 12% of earnings that exceed the wage base.
You are 100% vested in your Retirement Plan account after 3 years of service.
– See Plan Highlights for other vesting terms.
* While Oxy refers to the “Oxy Retirement Plan (“Retirement Plan) in communications for ease of use, the formal Summary Plan Description will refer to the plan as Occidental Petroleum Corporation Personal Retirement Account (PRA). These plans are one-in-the-same.
For example, Oxy will make the following contribution for a participant who earns $128,000, assuming that the wage base for the year is $118,500:
7% of $118,500 $8,295 12% of $9,500 + $1,140 Annual Contribution = $9,435
Presenter
Presentation Notes
Contributions are solely made by Oxy Oxy contributes 7% of your annual earnings up to the wage base plus 12% of earnings that exceed the wage base. Take a moment to review the example… You are 100% vested in your Retirement Plan account after 3 years of service.
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The Oxy Retirement Plan1
The Retirement Plan offers four investment options: 1. Stable Value Fund 2. Balanced Strategy I Conservative2 3. Balanced Strategy II Moderate2 4. Balanced Strategy III Aggressive2
Like the 401(k), you have choices for managing how you are
investing including changing elections for future contributions, fund-to-fund transfers, and reallocating your balance.
You can also set up automatic account rebalancing if you choose to invest in more than one of the investment funds.
1 For more information about the funds, including historical performance, fund fact sheets, and more, go to oxy.voya.com and select the Fund Information menu. You should read all fund information made available to you before investing.
2 A percentage of each Balanced Strategy fund’s total balance is automatically invested among a number of funds that represent a variety of different asset classes.
Presenter
Presentation Notes
The Retirement Plan offers four investment options: a Stable Value Fund and three Balanced Strategy Funds: Conservative, Moderate and Aggressive. A percentage of each Balanced Strategy fund’s total balance is automatically invested among a number of funds that represent a variety of different asset classes Stable Value Fund Balanced Strategy I Conservative Balanced Strategy II Moderate Balanced Strategy III Aggressive Like the 401(k), you have choices for managing how you are investing including changing elections for future contributions, fund-to-fund transfers, and reallocating your balance. You can also set up automatic account rebalancing if you choose to invest in more than one of the investment funds.
Withdrawals and Distributions Age 60 or older and active employee
– You may request a withdrawal without penalty
When you separate from service with Oxy – i.e., if you leave for other employment, you retire, or you die.
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The Oxy Retirement Plan
Visit the oxy.voya.com – Plan Highlights or call for more information All withdrawals and distributions must be made by calling the
Oxy Retirement Service Center
Presenter
Presentation Notes
As for withdrawals and distributions: At the age of 60 or older and active an employee may request a withdrawal without penalty Also when you separate from service with Oxy for either other employment, retirement, disability, or to your beneficiaries you may make a request Please visit the Plan website, Plan Highlights or call for more information All withdrawals and distributions must be made by calling the Oxy Retirement Service Center.
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The Oxy Savings and Retirement Plans
Before making decisions or to learn more, review plan documents available on oxy.voya.com or speak with a customer service associate
Presenter
Presentation Notes
Before making decisions or to learn more of either plan review plan documents or speak with a customer service associate.
Tools & Resources
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Presenter
Presentation Notes
Another piece of the puzzle is knowing what tools and resources are available.
Mobile Voya Retire
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Online oxy.voya.com
oxylink.oxy.com > Employee Self-Service
Telephone 1-844-OXY-401K 1-844-699-4015
For Illustrative Purposes Only
Conveniently manage your account
iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Presenter
Presentation Notes
A big part of your relationship with the plan is how you will be able to manage your account on an ongoing basis. We will give you access to your account three different ways, through a mobile device, online or over the telephone. Through your mobile device you can access the Voya Retire App which will not only give you your account balance but will provide you functionality ,such as changing your contribution or investments. Access your account through the web by visiting on oxy.voya.com or oxylink.oxy.com and select Employee Self-Service, where you’ll have access to account information, plan material, educational tools and much more. And of course you have telephone access. Dial 888-oxy-4015 (844-699-4015) to access your account 24 hours a day, 7 days a week through an automated line or if you prefer to speak with a customer service associate ,call between the hours of 8am and 8pm Eastern Time, Monday through Friday excluding stock market holidays.
Innovative tools and resources
myOrangeMoney®
– Visual and interactive experience to see where you stand today
– Determine areas of improvement and take immediate action
– Displays how actions taken today could impact your potential income tomorrow
Personal Financial Dashboard
– Organize, analyze and update all your financial information
– Set priorities and track progress – Get a Personal Retirement Action
Plan to work toward your goals
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Presenter
Presentation Notes
Voya prides itself on offering innovative tools and resources. Two of the most effective are: myOrangeMoney® which is a visual and interactive experience that help you determine where you stand today in respects of your retirement income need. This tool helps you determine areas of improvement and motivates you take immediate action. Ultimately is will display how actions taken today could impact their potential income tomorrow And the Personal Financial Dashboard which will help you organize, analyze and update all your financial information. Based on your situation you will get a Personal Retirement Action Plan that will help you work toward your goals by setting priorities and track progress along the way. This tool works well with your retirement plans as it helps you know what you’re spending and identify ways to reduce debt and thus increase savings.
Web based service for investors seeking advice to help make their own decisions.
Based on users input, the Online Advice tool will display:
A retirement forecast of their current choices
Investment and saving recommendations
Available to all Plan participants at no additional cost
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Online Advice Service designed for the investor, who would rather have investment professionals pro-actively manage their Plans.
• Ongoing assessment of your progress
• Automatic updates to keep you on target
• Personalized your profile
• Periodic account optimization
• Review Progress Reports
Professional Management
Retirement Income Identify your retirement Income needs and set goals.
Savings Help participants save adequately for retirement.
Investing Properly diversify and manage risk-appropriate portfolios.
Advisory services offered through Voya Retirement Advisors, LLC, and powered by Financial Engines
IMPORTANT: Forecasts regarding the likelihood of various retirement income and/or investment outcomes are hypothetical in nature, do not reflect actual results (including investment results) and are not guarantees of future results. Results may vary with each use and over time.
First $100,000 0.55% of your Plan balance Next $150,000 0.45% of your Plan balance Amounts over $250,000 0.30% of your Plan balance No more than $550 a year for every $100,000
Presenter
Presentation Notes
Your employer’s plan gives you access to investment advisory services offered through Voya Retirement Advisors, LLC (VRA) and powered by Financial Engines. The service: Will provide you with a realistic forecast of your chance of reaching your retirement income goals, And will provide specific savings and fund recommendations to help improve your chance of potentially reaching your goals Online Advice is web based service for investors seeking advice to help make their own decisions. Based on users input, the Online Advice tool will display a retirement forecast of their current choices, investment and saving recommendations and is available to all Plan participants at no additional cost Professional Management is a service designed for the investor, who would rather have investment professionals pro-actively manage their retirement savings Plan. The service will provide ongoing assessments of your progress, automatic updates to keep you on target, it will personalize your profile and provide periodic account optimization and progress reports. Ongoing delivery of this service does require a monthly fee. IMPORTANT: Forecasts regarding the likelihood of various retirement income and/or investment outcomes are hypothetical in nature, do not reflect actual results (including investment results) and are not guarantees of future results. Results may vary with each use and over time.
Advice services disclosure
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Advisory Services provided by Voya Retirement Advisors, LLC (VRA). For more information, please read the Voya Retirement Advisors Disclosure Statement, Advisory Services Agreement and your plan’s Fact Sheet. These documents may be viewed online by accessing the advisory services link(s) through your plan’s web site at oxy.voya.com. You may also request these from a VRA Investment Advisor Representative by calling your plan’s information line at 1-844-OXY-401K (1-844-699-4015). Financial Engines Advisors L.L.C. acts as a sub-advisor for Voya Retirement Advisors, LLC. Financial Engines Advisors L.L.C. (FEA) is a federally registered investment advisor and wholly owned subsidiary of Financial Engines, Inc. Neither VRA nor FEA provides tax or legal advice. If you need tax advice, consult your accountant or if you need legal advice consult your lawyer. Neither Voya Retirement Advisors nor Financial Engines Advisors can guarantee results and past performance is no guarantee of future results. Financial Engines® is a registered trademark of Financial Engines, Inc. All other marks are the exclusive property of their respective owners.
Presenter
Presentation Notes
Advisory Services provided by Voya Retirement Advisors, LLC (VRA). For more information, please read the Voya Retirement Advisors Disclosure Statement, Advisory Services Agreement and your plan’s Fact Sheet. These documents may be viewed online by accessing the advisory services link(s) through your plan’s web site at https://oxy.voya.com. You may also request these from a VRA Investment Advisor Representative by calling your plan’s information line at 1-OXY-401K (1-844-699-4015). Financial Engines Advisors L.L.C. acts as a sub-advisor for Voya Retirement Advisors, LLC. Financial Engines Advisors L.L.C. (FEA) is a federally registered investment advisor and wholly owned subsidiary of Financial Engines, Inc. Neither VRA nor FEA provides tax or legal advice. If you need tax advice, consult your accountant or if you need legal advice consult your lawyer. Neither Voya Retirement Advisors nor Financial Engines Advisors can guarantee results and past performance is no guarantee of future results. Financial Engines® is a registered trademark of Financial Engines, Inc. All other marks are the exclusive property of their respective owners.
Be ready
Take control of your retirement income journey.
Make the most of the Plan
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Presenter
Presentation Notes
Employer sponsored retirement plans can be an important benefit to help you potentially secure your financial future. Saving for retirement and planning your retirement income is a journey. Take control with the knowledge and action steps you’ve learned here today.
Questions
Plan website • oxylink.oxy.com > Employee Self-Service > My oxy.voya.com • oxy.voya.com Oxy Retirement Service Center • (844) OXY-401K (844) 699-4015 • International: 1-904-791-2397 • TTY: 1-844-398-8692
Customer Service Associates (CSAs) are available weekdays (excluding stock market holidays) from 7:00 a.m. to 7:00 p.m. CST.
Mobile Device • Voya Retire®
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Presentation Notes
Thank you for your attention. I hope we made a difference and we look forward to helping you become retirement ready.
Tell us what you think
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Survey: CN0719-26147-0818
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<Not to be used for Brainshark recording. Only used for onsite purposes > Before leaving please take a moment to complete this survey.
Important notes
Today’s workshop was designed to provide you with fundamental information on retirement planning and to outline other sources of information to assist you in managing your personal finances
This presentation does not constitute legal, investment or financial advice of any kind
Please consult your own financial, legal and/or tax advisors for such advice
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© 2016 Voya Financial. All Rights Reserved. Created September 2016
Presenter
Presentation Notes
Today’s workshop was designed to provide you with fundamental information on retirement planning and to outline other sources of information to assist you in managing your personal finances This presentation does not constitute legal, investment or financial advice of any kind Please consult your own financial, legal and/or tax advisors for such advice
