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Exxon Baton Rouge refinery union to seek talks over 401K change: sources

Published 08/07/2020, 01:09 PM
Updated 08/07/2020, 01:25 PM
© Reuters. A sign is seen in front of the Exxonmobil Baton Rouge Refinery in Baton Rouge, Louisiana.

© Reuters. A sign is seen in front of the Exxonmobil Baton Rouge Refinery in Baton Rouge, Louisiana.

HOUSTON (Reuters) - The United Steelworkers union (USW) local representing workers at Exxon Mobil Corp’s (N:XOM) Baton Rouge, Louisiana, refinery and chemical plant are seeking talks with the company over the upcoming suspension of the employer contribution to their 401K plan, said sources familiar with the matter.

Exxon told employees on Tuesday it would stop in October making the employer contribution to retirement savings plans.

The USW local at Baytown is also seeking talks with Exxon over the change.

© Reuters. A sign is seen in front of the Exxonmobil Baton Rouge Refinery in Baton Rouge, Louisiana.

In regard to the Baton Rouge union’s plans, Exxon spokeswoman Ashley Alemayehu said, “Exxon Mobil’s total remuneration remains competitive despite the suspension.”

Latest comments

Just out of curiosity, what is the average life span of a refinery worker? Those are some pretty noxious and hazardous chemicals that they are working with, not every man's dream job. And the executives are cutting the benefits of their workers. Remind me how any record profits this company recorded year after year? Remind me what they did with those record profits!
The Board Members, Executives, as well as, upper management are leading by example and suspending entitlements, perks, benefits, stock options, retirement payments, and bonuses, as well as, yearly incentive pay? These are the working class that they are cutting benefits, the same people that pay taxes because the don't have the same loopholes.
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