retirement & savings plan
The COCL Retirement and Savings Plan provides employees the opportunity to save money for the future. Employee can choose how much to contribute from their monthly base salary and the company matches with a fixed percentage.
All Congolese payroll employees, with a permanent employment contract are eligible to participate in the plan. Participation in this Plan is voluntary.
plan overview
| Employee Contribution | 3% to 10% of monthly gross salary |
|---|---|
| Company Contribution | The company matches employee contributions on a 1:1 ratio up to 6% of your gross pay. |
| Contribution change period | Employee can change their contribution percentage and the beneficiaries information once a year. For changes to your contributions please complete a Employee information RSP NSIA form |
| Discontinuation of Participation | Employee may elect to stop contributions into the plan however, funds cannot be accessed until employment ends. |
| Exit the program | Employee can exit the plan at any time but however funds will be assessable to them in these cases of employment ends with the company, i.e., retirement, resignation, termination dismissal or death. |
For more details, please read here retirement saving plan - My HR
process reference guide
To enroll, the employee will need to fill out NSIA Enrollment form that will be provided by the Human Resources and then return it to Human Resources department in a sealed envelope.
Period for changes the monthly percentage contribution: will be done annually only.
Employee may :
- Edit the percentage contribution – if you wish to modify your contributions percentage.
- Edit the current beneficiaries – if you wish to modify your beneficiary's information (Beneficiaries Name, Relationship, % of entitlement).
- Cease contributions to retirement and savings plan – if you wish to stop your contributions to the plan.
Please read the Retirement & Saving Plan guidelines
The plan will be administered by our local Insurance Company La Nouvelle Société inter africaine d'Assurance (NSIA), who guarantees a 3.5% annual interest on investment. The retirement contribution will be a combination of employee and employer’s contributions.
If you are already participating in the Retirement and Savings, you can monitor your monthly contributions (Employee & Employer) through your monthly pay lip of the annual statement.
If you have questions or concerns, please send an email to ChevronCongo-HR@chevron.com
View your individual account balances by accessing your paycheck on monthly you will be able to:
- View your current allocation of percentages across the investment funds.
- Request investment allocation changes.
process reference guide for new employee
If you are new to COCL you may ask how to enroll on the plan. You can join the plan if you're an effective COCL employee. All you need to do is fill out a Savings Plan Application.
When you enroll, you give the company permission to deduct the percentage of pay you elect (from 3% percent minimum to 10% percent maximum of base salary) automatically from your paycheck each month.
HR will make the deductions for the loan repayment as indicated in the loan request statement. Deductions will be made in every payroll cycle.