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Chevron Employees

Championing Chevron: Advisors Who Understand You

Meet Garrett Leroux, Wealth Advisor, who specializes in retirement planning for Chevron Employees.

Garrett brings a wealth of expertise gained through his CERTIFIED FINANCIAL PLANNER™ Designation and his tenure in the financial services industry. A proud Louisiana native and an alumnus of Louisiana State University, Garrett earned his degree in Finance with a specialized focus on Financial Planning.

Notably, he also served as an Infantryman in the United States Marine Corps, a testament to his dedication and discipline. Garrett enjoys traveling, live music, and Brazilian Jiu-Jitsu training when he is not hard at work for clients.

Your 401(k) & the advantages of working with us:

Amidst a variety of advisors available, you may wonder "Why BEAM Wealth?" Because we are independent, we can offer benefits that most other advisors cannot. Additionally, we've elected to partner with Fidelity to grant us an expansion of services to better serve the Chevron community.

401(k) Management

The design of BEAM Wealth Advisors permits us to bring your Chevron ESIP under our care. When you work with us, you have the option to transfer the responsibility of growing and protecting your 401(k) to our company, allowing you to focus your energy on the activities you enjoy.

BrokerageLink®

BrokerageLink® is a Chevron approved service within your 401(k) that allows you to invest up to 50% of your 401(k) into funds other than the standard options offered by Chevron. Because of our relationship with Fidelity, we employ BrokerageLink® to bring half of your 401(k) under BEAM’s umbrella of professional management, led by CIO Jeffrey Cone.

Learn more about our Chief Investment Officer, Jeffrey Cone, here.

Early retirement

The topic of early retirement is one we frequently discuss with Chevron employees; our unique solution for delivering income to individuals retiring before age 59.5 is one that separates BEAM Wealth Advisors from other financial advisors. The solution we utilize is called the rule of 55 and offers unrestricted access to funds in your 401(k). Below is a table that outlines the key differences between the rule of 55 and its less flexible counterpart, known as 72(t).

Common Questions:
72(t)
Rule of 55
Will this option avoid the 10% early distribution penalty?
Yes. Under the condition you do not break your series of predetermined periodic payments.
Yes. You must retire in the year in which you turn 55 or later.
Can I increase or decrease my income?
No. Receiving income that differs from your 72(t) calculation will result in a retroactive 10% penalty on every distribution you have taken to date.
Yes. You can change your income amount as often as your income needs change.
Will I have access to these funds if I have an emergency?
No. The income schedule determined at the inception of 72(t) will be your income for at least 5 years.
Yes. In addition to your monthly distribution, the rule of 55 offers the flexibility to take an additional distribution every month.

Your Pension

When you retire, Chevron will give you the option to take the pension benefit of your retirement package as either monthly payments or a one-time, large distribution of cash, known as your lump sum.

Monthly payment

Advantage: The payment will be guaranteed for the length of time selected at retirement.

Disadvantage: The payment does not offer a cost-of-living adjustment, meaning inflation will erode your purchasing power over time.

Lump Sum

Advantage: The lump sum allows you to invest a large sum of cash into the market, allowing for compound growth over time. There are no tax consequences for electing the lump sum option.

Disadvantage: Investing your lump sum subjects these funds to market volatility.

Which option is best for you?

There are several factors to consider when determining if the monthly payment or the lump sum option is best for you – interest rates, life expectancy, income needs, risk comfort, estate plans, etc. Take advantage of a complimentary retirement analysis, where our team can construct an analysis for each option and review the results with you.

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