The recent health crisis has us all thinking about health and family, and we hope everyone stays healthy and happy during these tough times. I have recently received a number of calls from my Occidental Petroleum (OXY) clients inquiring about survivor benefits. They are wondering if their spouse would be taken care of if they were to pass away. So I’ve decided to lay out the steps a spouse needs to take to collect OXY benefits in the event of your death.
What your survivor needs to do
- Report your death. Your spouse, a family member or even a friend should call the OXY Benefits Service Center as soon as possible to report your death.
- Collect life insurance benefits. Your spouse or other named beneficiary will need to call the OXY Benefits Service Center to collect life insurance benefits.
If you have a joint pension
- Start the joint pension payments. The joint pension is not automatic. Your joint pensioner will need to complete and return the paperwork from the OXY Pension Call Center to start receiving joint pension payments.
- Be prepared financially to cover living expenses. Your spouse will need to be prepared with enough savings to bridge at least one month between the end of your pension payments and the beginning of his or her own pension payments.
If your survivor has medical coverage through OXY
- Decide whether to keep medical coverage.
- If your survivor is enrolled as a dependent in OXY-sponsored retiree medical coverage when you die, he or she needs to decide whether to keep it. Survivors have to pay the full monthly premium.
Want to learn about the stages of retirement? Visit: https://techstaffer.blog/2020/02/26/stage-of-retirement-for-oxy-employees/
Trying to decide between your OXY Lump-Sum & Annuity? Visit: https://techstaffer.blog/2020/03/03/oxy-lump-sum-vs-annuity/
Wondering how a divorce might impact your OXY benefits? Visit: https://techstaffer.blog/2020/03/09/the-impact-of-divorce-on-your-occidental-petroleum-benefits/
- The Retirement Group or www.theretirementgroup.com
- “Retirement Plans-Benefits & Savings.” U.S. Department of Labor, 2019, www.dol.gov/general/topic/retirement.
- “Generating Income That Will Last throughout Retirement.” Fidelity, 22 Jan. 2019, www.fidelity.com/viewpoints/retirement/income-that-can-last-lifetime.
- OXY Summary Plan Description, 2017