- Retirement Preparation
Below are important considerations if you end employment with Marathon Petroleum and are retirement eligible. If you are uncertain as to whether you qualify to be a retiree, please contact the Marathon Petroleum Benefits Service Center at 1-888-421-2199.
- Contact the Fidelity Benefits Center at 1-866-602-0595 at least 45 days, but not more than 180 days, prior to your desired “benefit commencement date,” generally the same as your retirement date. (Note: the benefit commencement date does not refer to the actual disbursement date of retirement monies. See the “Retirement Plan” section below.)
- Retirements are effective only on the first day of any month.
- When contacting Fidelity, you should ask to be assigned to a Retirement Benefits Coordinator (RBC). The RBC will serve as a single point of contact throughout the retirement process, from answering initial questions and starting the process through the actual payment of benefits. You will be asked to provide the following dates: your last day worked and your benefit commencement date (BCD). Please note the BCD is typically your retirement date (which has to be the first day of a month).
- Fidelity’s RBC will walk you through the benefit election process over the phone. If you are not ready to make your benefit elections at that time, the RBC will initiate a benefit modeling statement (which will be mailed to you) to assist you in the benefit election process.
- Once your benefit elections have been communicated (via telephone) to Fidelity you will receive a Pension Benefit Election Authorization statement outlining your benefit elections to sign.
- Note: This mailing may include additional forms to complete, depending on the type of benefit you elect (e.g., a spousal consent form).
- Fidelity must receive your signed Pension Benefit Election Authorization statement (along with any other forms, e.g. spousal consent) in good order prior to your benefit commencement date. To ensure there is no delay in processing your request, return your completed forms promptly (two to four weeks prior to your retirement date) in order to allow Fidelity adequate time for review and processing.
- Note: If you have a MPC legacy benefit and are contemplating retirement in January, but your final decision will be based on the lump sum interest rate determined the previous December 15, you should still request at least 45 days in advance. You can then wait to return the completed forms after the December 15 date when the new interest rate is determined. Please keep in mind that the January 2-7 retirement lump sums are paid out at the lower of the current interest rate or the following year’s rate (determined December 15.)
- Contact the Marathon Petroleum Benefits Service Center at 1-888-421-2199 for information regarding the effect of your retirement on other benefit plans (e.g., Health, Dental, etc.).
- Typically, employees notify organizational management one to three months prior to their planned retirement date. Management will contact Human Resources, who will then make arrangements with you for an exit interview.
- Since the Company considers retirement discussions confidential, Fidelity will not notify Marathon Petroleum of your intention to retire until your signed forms are received by them.
- Remember to update Marathon Petroleum with your contact information (including your address and phone number) throughout your retirement by calling the Marathon Petroleum Benefits Service Center at 1-888-421-2199 or emailing to firstname.lastname@example.org.
- Please note that if you have a retirement benefit payable from outside of Marathon Petroleum’s control group (i.e., Ashland / USS), you will need to contact them directly to begin their retirement process.
Most of your Marathon Petroleum benefits cease as of your retirement date. Below is a brief summary of the benefits that may continue upon retirement. For more detailed information on how your benefits are affected by your upcoming retirement, you can access the Retirement Benefits Guide and view a Retirement Basics Presentation at Thinking About Retirement, found under the "Your Financial Future" tile on myMPCbenefits.com.
- Thrift Plan: As a retired member, you can...
- Rollover your Retirement Plan benefit into the Thrift Plan.
- Transfer assets between funds.
- Change beneficiaries.
- Maintain loans/take new loans.
- Initiate retired member withdrawals.
- Initiate installment withdrawals.
- Contact Fidelity for additional information regarding your Thrift Plan and options available to you.
- Retirement Plan: Retirement benefit payments will commence approximately five weeks from your benefit commencement date. This timing ensures that all of your pay can be appropriately included in the calculation of your final benefit.
Note: Although you are not required to take distribution of your retirement plan benefits at retirement, please be aware that should you die after you have retired, but prior to returning properly completed paperwork to Fidelity, benefits will be paid as follows:
- Legacy Formula – If married, your spouse will receive 50% of the monthly amount that you would have been eligible to receive had you elected a Single Life Annuity, to be effective the first of the month in which you died. If single, no benefit will be payable.
- Cash Balance Formula – If married, your spouse will receive a lump sum payout of this benefit. If single, a lump sum distribution will be payable to your Estate.
- Health Plan: You must complete a Pre-65 Retiree Benefits Plan Enrollment Form within 31 days to waive or enroll in the retiree plans when you retire. Your monthly premiums will be based on the percentage of Company subsidy that you have accrued as of your last day of employment.
- If you or your spouse are age 65 or older at the time you retire, coverage for the post-65 member will end under the Marathon Petroleum Health Plan. The pre-65 member can remain in the Pre-65 Retiree Health Plan until they reach age 65. You will have the opportunity to supplement or replace your Federal Medicare coverage with an individual plan through a private insurance company by electing coverage through ViaBenefits.
- If you were hired or rehired as a Regular Full-Time or Regular Part-Time employee prior to January 1, 2008, MPC will provide a subsidy toward the cost of medical coverage for Medicare-eligible retirees and spouses through a contribution to a tax-free Health Reimbursement Account (HRA), administered by OneExchange, if they enroll in a supplemental plan. The HRA funds can be used to pay for eligible health care expenses such as monthly premiums, deductibles and copayments. The amount of the subsidy is based on the final accrual percentage you earned upon retirement.
- Health Savings Account (HSA): Your HSA funds roll over from year to year and belong to you so you will always have access to these funds. You can continue to contribute to your HSA, up to the IRS limits.
- Marathon Petroleum Health Reimbursement Account (MPHRA or HRA): As a retiree, you will continue to have access to the balance of your account. Effective January 1, 2016 your account was converted to a Limited-Purpose Health Reimbursement Account and can be used to reimburse yourself for out-of-pocket dental and vision expenses (no medical). If you are a pre-65 retiree, the money can also be used for reimbursement of premiums for the Retiree Health Plan, Pre-65 Retiree Dental Plan or Pre-65 Retiree Vision Plan.
- Life Insurance Coverage - Level Premium Plan Only. (This plan was closed to new members on June 1, 1994): Coverage continues after retirement at no cost to the retiree. Coverage will be reduced in equal amounts over 40 months (including the first month of retirement) to 25% of the amount of insurance in force immediately prior to retirement, but not less than $2,000. To update beneficiary designations, click here.
- Pre-65 Retiree Dental Plan and Pre-65 Retiree Vision Plan: Please contact the Benefits Service Center for eligibility in the pre-65 retiree dental and pre-65 retiree vision plans. If interested, enrollment must be made within 31 days of retirement. (Refer to the COBRA section of the Retirement Benefits Guide for additional information.)
No portion of this benefits summary is intended to change the terms of the plans and policies, or the official texts that control them. If there is any inconsistency between this summary and the official texts of the plans and policies, the official texts will prevail.