- Introduction
Marathon Petroleum offers the Retirement Plan to help provide you with income during your retirement. You are automatically covered under the plan.
- Retirement Plan Overview
Marathon Petroleum offers a Retirement Plan to help provide you with income once you retire. To be eligible to participate in the Retirement Plan, you must be a RegularFull-time, Regular Part-time or Casual employee. Coverage is provided automatically when you begin employment; enrollment is not necessary.
Age + Cash Balance Service = Annual Percentage of Eligible Pay Credited Under 50 7% 50-69 9% 70 and over 11% Plan Highlights
- The Marathon Petroleum Retirement Plan is an accrued benefit-type (cash balance) pension plan and is provided entirely at Company expense.
- Marathon Petroleum will provide annual Pay Credits at 7%, 9% or 11% of eligible pay. Pay Credit percentages are determined on December 31 each year, using the sumof your age and Cash Balance service, as shown in the chart. Marathon Petroleum also will provide Interest Credits, which are compounded monthly.
- The Retirement Plan is administered by Fidelity and can be viewed anytime at www.netbenefits.com or by callingFidelity at 1-866-602-0595.
- You are vested in the Plan upon the completion of three years of vesting service.
- Once you are vested, you are eligible to receive your benefit upon your separation of employment. Payment options include a lump sum and a variety of annuityoptions.
Legacy Benefit
If you participated in the plan prior to January 1, 2010, part of your Retirement Plan benefit will be paid from a legacy benefit when you retire or leave the Company. Theamount of your legacy benefit is determined by a final average pay plan formula and is enhanced if you are age 50 with at least 10 years of vesting service. The cashbalance benefit and legacy benefit will be combined for payment in one form of benefit.
Effective January 1, 2013, changes were made to the legacy benefit. These changes affect active employees with legacy final average pay benefits who have not yet retiredand any former employees who have not commenced their final average pay benefit. The changes do not impact cash balance benefits.
- More Important Information
Retirement Plan Details
Retirement Plan Summary Plan Descriptions
- Marathon Cash Balance Retirement Benefit Only
- Marathon Cash Balance Retirement Benefit and Andeavor Benefits
- Marathon Cash Balance Benefit, Marathon Legacy Retirement Benefit and Catlettsburg Benefit
- Marathon Cash Balance Benefit and Legacy Retirement Benefit
- Marathon Cash Balance Benefit, Marathon Legacy Retirement Benefit and Northwestern Benefit
- Speedway Retirement Plan
Other Resources
