Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Exxon Union Workers to Appeal Removal of 401(k) Pension Benefit

Aug. 6, 2020, 10:00 AM

Two United Steelworkers union locals plan to push back against Exxon Mobil Corp.’s decision to stop matching employee contributions to 401k savings plans.

Unionized workers at Exxon’s Baton Rouge and Baytown refining and chemical complexes are requesting to appeal, or bargain, the decision to remove the benefit, spokespeople for the groups said Wednesday. Employees at the company’s Beaumont, Texas, facility may do likewise, people familiar with the matter said.

The dispute comes less than a week after Exxon posted its worst quarterly loss in its modern history as Covid-19 crushed demand for crude and petroleum products. The company plans to ...