The Defined Benefit Plan (Pension Plan) was replaced on October 1, 2007 with the Company Retirement Contribution (CRC) to the 401(k) plan (Incentive Savings Plan). Unless you elected to remain a participant and have an accrued benefit or you elected to freeze your benefit on December 31, 2007 and receive the Company Retirement Contribution (CRC), you are not eligible for this plan. If you are eligible for a vested pension, you will receive information from the Retirement Service Center.
- Normal retirement age is 65
- Early retirement benefits may be available if you retire after earning 10 years vesting service and are at least 55 years old
- You can elect to start receiving your benefit following employment termination if you’ve not reached your normal or early retirement age
- The Pension Plan can pay you a monthly benefit for life or a single lump sum (choice must be made at employment termination)
- If you are married, the plan may also provide a benefit to your spouse should you die before or after you start receiving your pension benefit
If you have questions regarding your pension, please contact the Retirement Service Center:
- Phone number: (888) 338-6676
- Email Address: email@example.com
401(k) Incentive Savings Plan
If you had a balance in the Devon 401(k) incentive plan when you left the company, you are entitled to receive a distribution of the full value of your vested plan account, including all of your pre-tax, Roth, matching, company retirement, and rollover contributions, plus the earnings (or minus the losses) on each.
- If your total account balance was $1,000 or less, it was automatically paid to you in a single lump sum payment or paid in the form of a direct rollover at your election. An automatic distribution to you was made if you did not request a direct rollover.
- If your total account balance was between $1,000 and $5,000, it was paid to you in a single lump-sum payment or paid in the form of a direct rollover at your election. If you do not make an election, your account was automatically rolled over to an IRA established for you in your name, and the balance is no longer part of the plan.
- If your total account balance was more than $5,000, you had the option to:
- Take a total distribution as a lump sum
- Receive your account balance in equal installments for any period less than the life expectancy of you and your beneficiaries
- Have your account directly rolled over into another eligible retirement plan
- Leave the balance in the plan (If at any point you choose to remove your balance from the plan, you cannot rejoin the plan unless you return to Devon as an active employee and meet all eligibility requirements
Disclaimer: The information set forth on devonenergy.com is a summary of information regarding benefit plans that Devon currently has in place. In the case of a conflict between the official plan documents and the summary information furnished on devonenergy.com, the official plan documents will govern. Devon reserves the right to terminate, amend or modify plans or any benefits under its various benefit plans, in whole or in part, at any time.