Employees hired on Jan. 1, 2003 and before Jan. 1, 2019 were automatically enrolled in the ConocoPhillips Cash Balance Account. This plan was closed to hires and rehires effective Jan. 1, 2019.
The company provides 100% of your benefit and you do not make any contributions. The benefit is yours after three years of vesting service.
Your account value grows every month with two types of credits:
- Pay credits - 6, 7 or 9% of eligible pay based on age and years of service
- Interest credits
- You decide whether to receive your retirement benefit as a lump sum or as a series of monthly payments.
- Plan distributions may be subject to federal, state and local income taxes. If you aren’t sure how it will affect your taxes, consult a qualified tax advisor before electing your distribution.
- You can designate beneficiaries on Your Benefits Resources (YBR).
Cash Balance Plan Documents
Annual Funding Notice and Schedule SB
Annual Funding Notice
ConocoPhillips is required by law to make an Annual Funding Notice (AFN) available to its retirement plan participants and surviving beneficiaries with an interest in a plan. The notice contains funding information about the plan and other plan information required to be in the AFN.
The Plan actuary certifies the funded status of the Plan annually and has certified the funded status exceeds the required threshold, and therefore the Plan is not restricted in paying lump sum distributions.
The Company is required to file an annual report (Form 5500) each year with respect to its U.S. pension plan, the ConocoPhillips Retirement Plan (Plan). We are required to post Schedule SB (Single-Employer Defined Benefit Actuarial Information) from the 5500 form on the Company intranet site. The information on this schedule, along with the Annual Funding notice contains financial information about the Plan.