Your Financial Future:
Retirement (Pension) Plan
Marathon Petroleum offers the Retirement Plan to help provide you with income during your retirement. You are automatically covered under the plan.
- Retirement Plan Overview
Marathon Petroleum offers a Retirement Plan to help provide you with income once you retire. To be eligible to participate in the Retirement Plan, you must be a Regular Full-time, Regular Part-time or Casual employee. Coverage is provided automatically when you begin employment; enrollment is not necessary.
- The Marathon Petroleum Retirement Plan is an accrued benefit-type (cash balance) pension plan and is provided entirely at Company expense.
- Marathon Petroleum will provide annual Pay Credits at 7%, 9% or 11% of eligible pay. Pay Credit percentages are determined on December 31 each year, using the sum of your age and Cash Balance service, as shown in the chart. Marathon Petroleum also will provide Interest Credits, which are compounded monthly.
- The Retirement Plan is administered by Fidelity and can be viewed anytime at www.netbenefits.com or by calling Fidelity at 1-866-602-0595.
- You are vested in the Plan upon the completion of three years of vesting service.
- Once you are vested, you are eligible to receive your benefit upon your separation of employment. Payment options include a lump sum and a variety of annuity options.
If you participated in the plan prior to January 1, 2010, part of your Retirement Plan benefit will be paid from a legacy benefit when you retire or leave the Company. The amount of your legacy benefit is determined by a final average pay plan formula and is enhanced if you are age 50 with at least 10 years of vesting service. The cash balance benefit and legacy benefit will be combined for payment in one form of benefit.
Effective January 1, 2013, changes were made to the legacy benefit. These changes affect active employees with legacy final average pay benefits who have not yet retired and any former employees who have not commenced their final average pay benefit. The changes do not impact cash balance benefits.
- More Important Information
Retirement Plan Details