Group Annuity Contract
This transaction applies to retirees and beneficiaries who began receiving monthly pension payments effective on or before Jan. 1, 2018. If you are included in this transaction, you will receive additional communications with more details via mail.
ConocoPhillips has entered into an agreement with Prudential, an A-rated insurer, to purchase a group annuity contract. Effective Dec. 1, 2018, Prudential will assume responsibility for ongoing monthly pension payments for approximately 6,700 current retirees and beneficiaries who receive ongoing payments from the ConocoPhillips Retirement Plan. There will be no change in the amount, timing or form of pension payments. The company’s pension plan remains well-funded with no restrictions on honoring lump sum benefit payments.
Additional details will be sent via mail. If you are a ConocoPhillips Store Retirement Plan participant and have questions, please contact Milliman Benefit Service Center at 888-453-4165. Benefits representatives are available 8 a.m. – 7 p.m. Central Time, Monday to Friday.