5 Reasons to Make a "Special Contribution" to the ExxonMobil Savings Plan (EMSP)

12/08/20 • 7 min

If you are an ExxonMobil employee participating in the ExxonMobil Savings Plan, you have until December 15th to take advantage this year of a little-known provision in the Plan called making a "Special Contribution." Here's everything you need to know.
This is the audio version of a blog posted on our website (investecwealth.com) on December 8, 2020. The blog post itself can be found here.
Disclaimer: The information provided here is general and intended as educational in nature. It is not intended nor should it be considered as tax, accounting, or legal advice. Investec Wealth Strategies and its advisors do not provide tax, accounting, or legal advice. We recommend you seek the counsel of your attorney, accountant or other qualified tax advisor concerning your situation. Information about the ExxonMobil Savings Plan is believed to be accurate, but no guarantees can be made, as Plan details are subject to change by the Plan sponsor. The author is not an employee of ExxonMobil and his views are his own.

Previous Episode

6 Steps to Take Now if You're Exiting ExxonMobil

According to an email ExxonMobil CEO Darren Woods sent all employees on October 21, the company faces "significant headwinds, more work to do and, unfortunately, further reductions are necessary." For many, exiting ExxonMobil may become a reality. What should you do?
This is the audio version of a blog posted on our website (investecwealth.com) on November 19, 2020. The blog post itself can be found here.
Disclaimer: The information provided here is general and intended as educational in nature. It is not intended nor should it be considered as tax, accounting, or legal advice. Investec Wealth Strategies and its advisors do not provide tax, accounting, or legal advice. We recommend you seek the counsel of your attorney, accountant or other qualified tax advisor concerning your situation. Information about the ExxonMobil Savings Plan is believed to be accurate, but no guarantees can be made, as Plan details are subject to change by the Plan sponsor. The author is not an employee of ExxonMobil and his views are his own.

Next Episode

XOM & XTO Employees: Think About Your ExxonMobil Savings Plan (EMSP)

Is your EMSP account on auto-pilot? Take time to think through what’s best for you in the new year. We offer some ideas to help make your decision.
This is the audio version of a blog posted on our website (investecwealth.com) on January 14, 2021. The blog post itself can be found here.
Disclaimer: The information provided here is general and intended as educational in nature. It is not intended nor should it be considered as tax, accounting, or legal advice. Investec Wealth Strategies and its advisors do not provide tax, accounting, or legal advice. We recommend you seek the counsel of your attorney, accountant or other qualified tax advisor concerning your situation. Information about the ExxonMobil Savings Plan is believed to be accurate, but no guarantees can be made, as Plan details are subject to change by the Plan sponsor. The author is not an employee of ExxonMobil and his views are his own.

Investec Wealth Strategies - 5 Reasons to Make a "Special Contribution" to the ExxonMobil Savings Plan (EMSP)

Transcript

What Is It?

The IRS imposes limits on how much can be contributed each year to defined contribution plans like the EMSP. Most people are aware that they can contribute up to $19,500 this year to the Before-Tax Account and/or to the Roth 401(k) Account.