Chevron 401(k) match, vesting and fees
What Chevron's 401(k) plan says about matching contributions
The Plan has a fixed match feature. The Company will match 4 percent of regular pay to participants making basic contributions of 1 percent to the Plan or 8 percent of regular pay to participants making basic contributions of 2 percent to the Plan. The Code limits the amount of compensation that can be taken into account when calculating participant and company matching contributions to the Plan; for the year 2024, company matching contributions ceased when a participant reached regular pay of $345,000. The Company matching contribution is made in cash and allocated according to the participants’ current payroll elections.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 245 ↗ |
| Match vesting | Vesting. Employees are always fully vested in all contributions to their accounts, as well as the investment income earned from all contributions to the Plan. | Audit report, p. 245 ↗ |
| Roth contributions | Employee contributions are comprised of basic and supplemental contributions and rollover contributions from other qualified retirement plans or from a rollover IRA, on a pre-tax, after-tax, and/or Roth 401(k) basis. | Audit report, p. 246 ↗ |
| Loans | The Plan loan provision allows participants to borrow funds from their Plan account, subject to certain restrictions and limitations. Participants may borrow up to the lesser of $50,000 or 50% of their total account balance or the value of the account(s) used to fund the loan. The minimum loan is $1,000. The minimum term for repayment of any loan is 6 months and the maximum term is 5 years. However, the maximum term for repayment of a loan to purchase the participant’s principal residence is 25 years. Loans bear a reasonable fixed rate of interest. Interest rates charged during 2024 and 2023 on new and carried loans ranged from 2.23% to 10.25% with maturities extending to 2050. Most loan repayments are made through payroll deductions and the principal and interest paid by the participants are reinvested in the participants’ accounts. | Audit report, p. 246 ↗ |
| Recordkeeper | Chevron Corporation | Schedule C ↗ |
| Independent auditor | Withumsmith+brown, PC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 203 defined-contribution plans in manufacturing with 10,000 to 49,999 participants.
| Chevron: employer contribution per participant | $9,302 | |
| Peer median | $3,733 |
| Chevron: average balance | $592,921 | |
| Peer median | $157,962 |
| Chevron: admin expenses ÷ assets | 0.02% | |
| Peer median | 0.05% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $18.9B at the end of plan year 2023 to $20.4B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 35,035 | $20.4B | $320M | $9,302 | 0.02% | Quoted in the audit report, p. 245 ↗ | Form 5500 ↗ |
| 2023 | 35,056 | $18.9B | $313M | $9,049 | 0.02% | Not published | Form 5500 ↗ |
Other Chevron plans (5)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Chevron Retirement Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Withumsmith+brown, PC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
The Star Enterprise Retirement Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Withum Smith + Brown, PC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Pension Plan of Chevron Mining Inc. for Employees Represented by the Umwa
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Withumsmith+brown, PC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Chevron-Sup Marine Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Withumsmith+brown, PC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Chevron-Meba Marine Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Withumsmith+brown, PC (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Chevron match 401(k) contributions?
The audit report attached to the Chevron Employee Savings Investment Plan's plan year 2024 Form 5500, page 245 says: “The Plan has a fixed match feature. The Company will match 4 percent of regular pay to participants making basic contributions of 1 percent to the Plan or 8 percent of regular pay to participants making basic contributions of 2 percent to the Plan. The Code limits the amount of compensation that can be taken into account when calculating participant and company matching contributions to the Plan; for the year 2024, company matching contributions ceased when a participant reached regular pay of $345,000. The Company matching contribution is made in cash and allocated according to the participants’ current payroll elections.” Plan terms may have changed; check your current Summary Plan Description.
When is the Chevron 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 245 says: “Vesting. Employees are always fully vested in all contributions to their accounts, as well as the investment income earned from all contributions to the Plan.”
Who manages the Chevron 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Chevron Corporation. The plan administrator is Chevron Corporation.
I left Chevron. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Chevron Corporation, (713) 372-4335) or the recordkeeper, Chevron Corporation. The Chevron old 401(k) page lists the contacts from every plan filing. Find an old Chevron 401(k)
Data from the public Form 5500 annual reports Chevron filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Chevron. Not financial advice. Report a correction · Methodology