The current Retirement Plans are totally funded with contributions made by the Company. These plans are qualified defined benefit plans (a special status granted by the Internal Revenue Service). As a result, you enjoy the advantage of deferring income taxes on the contributions the Company makes to the Plan on your behalf until you begin receiving benefits from the Retirement Plan.

The following links provide valuable information and details regarding Retirement.

Applying for Your CITGO Retirement Benefit

The First step is to determine your retirement date. Once you have made that decision, the second step is to start the Process. To start the process, if you are an active employee, you are required to contact your Human Resources Consultant or Business Partner 60 to 90 days prior to your proposed retirement date to request your Retirement Benefit Summary (only available for current employees) and Pension Kit. We encourage you to also contact the Benefits Helpline. They are available to answer all of your retirement questions. You may call or email the Benefits Helpline to leave a message 24 hours a day, 7 days a week. A Benefits Representative will return your call or email within 24 hours, Monday through Friday. Messages left on Friday evening, Saturday or Sunday will be responded to on Monday. Be sure to leave a detailed message including your name, social security number and phone number. Don’t be afraid to ask questions!

If you are a former employee, please contact the CITGO Benefits Helpline to request your Pension Kit.

Active employees will receive the following materials within 2 to 3 weeks after you contact Human Resources:

1. Benefit Summary - This will reflect if you are retiree eligible under the CITGO benefit plans and include information regarding medical, dental, vision, life and personal accident coverage’s along with additional information about spending accounts, the 401k plan and the pension/retirement benefits.
2. Benefits into Retirement Continuation Form and EFT (Electronic Funds Transfer) enrollment form and letter of explanation.
3. Pension kit - This will include an estimate of your pension benefits and all applicable retirement forms.
4. 401k Statement
5. Special Tax Notice
6. Postage-paid Return Envelope
7. Benefits Contact Sheet
8. Social Security/Medicare Booklet (If you are 62 years or older this will be included)

When calling the Benefits Helpline, be prepared to provide the required information about yourself and your spouse or other beneficiary, as applicable, in order for us to process your retirement.

Be sure to check your forms to ensure that all the necessary information has been completed, and return the forms by the date indicated in your kit. If you need help in understanding or completing any of the forms, please do not hesitate to contact the CITGO Benefits Helpline for assistance. They will be happy to assist you through this process and answer any of your questions. Remember, they are here to help you!

All required forms must be completed, signed and returned along with the requested documentation 30 days prior to your requested retirement date. Otherwise, the date your pension benefit payments begin may be delayed.

The date your pension benefit payments begin and the type of payment option also depends on when you complete and return all of the required forms included in your retirement kit.

If you are eligible to begin receiving your monthly retirement annuity benefit, your monthly benefit payments will begin the first day of month following your elected retirement date which will include payment for the first and second month. (First month’s payment is paid in arrears, thereafter, payments are made the 1st of each month for that month)

It is up to you to apply for your Social Security and Medicare benefits. The application processes are described below.

Social Security

Medicare

Typically you are eligible for Medicare if you are age 65 or older. (You may be eligible to receive benefits prior to age 65 if you have a qualifying disability or end-stage renal disease.)

The Social Security Administration automatically will send you information regarding Medicare Part A and an application for Medicare Part B three months prior to your 65th birthday if you are receiving Social Security benefits. At that time you should apply for your Medicare Part B benefits. If you do not receive the application for Medicare coverage, then you can request one:

• By calling the Social Security Administration at 1-800-772-1213.
• By accessing the Medicare Website at www.medicare.gov.

When you enroll in Medicare, you may be required to provide the following:

• Proof of age
• Your previous year’s Form W-2 Wage and Tax Statement (earnings)
• Your Social Security card or record of your number
• Marriage certificate, if applicable.

Please note: If you are covered by CITGO’s medical plan as a retiree, you are required to elect Medicare Part B. The CITGO retiree medical coverage will deduct from its benefit the amount of any Medicare Part B benefit for which you were eligible—regardless of whether or not you enrolled.

Additionally, you cannot be enrolled in both Medicare part D (prescription drug coverage) and the CITGO medical plan—it is one or the other. Please be aware, if you enroll in Medicare Part D it will be reported to CITGO and your CITGO Medical coverage will be canceled. This will also include your dependent’s medical coverage.

For additional information regarding coordination of benefits between the CITGO Medical plan and Medicare, please refer to your Medical Summary Plan Description.

Simply request a benefit estimate based on a retirement date between the ages of 55 and 65. You will need your social security number and pin number. If this is the first time to utilize this website your PIN number will be your personnel number with a zero in front of it. The system will direct you to set up a new PIN number for confidentiality purposes. The PIN number must be 6 digits all numeric. If you have previously accessed the Pension Manager then you will need the PIN number that you set up. If you don’t remember it then click on the link provided to have your PIN reset. It will be defaulted back to your personnel number with a zero placed in front of your personnel number. (Example: Your personnel number is 99999 then your PIN would be 099999)

  Access Pension Manager

  Lookup Employee Number

  About the Pension Manager

The following links include the necessary information you will need to provide in order to begin receiving your monthly retirement annuity benefit. Please review this information prior to contacting the CITGO Benefits Helpline.

• List of Required Information
• List of Required Documentation
• Social Security and Medicare – This link provides valuable information regarding these benefits. We encourage you to review this information.
• Summary Plan Descriptions

  Retirement Eligibility Rules

  CITGO Salaried Employees’ Pension Plan

  Retirement Plan of CITGO & Participating Subsidiary Companies

  Pension Plan for Hourly Employees of CITGO Refining & Chemicals

  PSI Pension Plan

  UNO-VEN Retirement Plan

Our plan trust was less than 100% funded as of January 1, 2008. This means that there was insufficient money in the trust to pay 100% of future retirement benefits – if the Plan had to pay 100% of those benefits today. Since most future retirement obligations are for payments that will occur many years from now, we have time to make up this deficit through both contributions and future investment returns.

The “Fair Market Value of Assets” section provides a snapshot view of plan assets and liabilities as of December 31, 2008. This is a different measure of the Plan’s financial status. The value of the Plan’s assets relative to its
liabilities declined during 2008. This decline was due largely to the investment loss our trust experienced during the second half of 2008. In fact, it’s
estimated that as a result of last year’s financial decline most U.S. defined benefit pension plans are now under funded.

Our Commitment to Your Benefits

As you know, 2008 was a difficult year for all types of investments. It is expected that 2009 may also present challenges. We have not yet determined our Plan’s funded status as of January 1, 2009. We want to assure you, however, that we have every intention of continuing to fund the plan as required by law.

  Hourly Employees Retirement Plan

  Salaried Employees Pension Plan

  CRC Pension Plan

  UNO-VEN Retirement Plan

The PBGC guarantee generally covers (1) normal and early retirement benefits, (2) disability benefits if you become disabled before the Plan terminates and (3) certain benefits for your survivors.

The PBGC guarantee generally does not cover (1) benefits greater than the maximum guaranteed amount set by law for the year in which the Plan terminates, (2) some or all of the benefit increases and new benefits based on Plan provisions that have been in place for fewer than five years at the time the Plan terminates, (3) benefits that are not vested because you have not worked long enough for the Company, (4) benefits for which you have not met all of the requirements at the time the Plan terminates, (5) certain early retirement payments (such as supplemental benefits that stop when you become eligible for Social Security) that result in an early retirement monthly benefit greater than your monthly benefit at the Plan’s normal retirement age and (6) any non-pension benefits, such as health insurance, life insurance, certain death benefits, vacation pay and severance pay.

Even if certain of your benefits are not guaranteed, you may still receive some of those benefits from the PBGC depending on how much money your Plan has and on how much the PBGC collects from employers. However, there is a ceiling on the amount of monthly benefit that the PBGC guarantees, which is adjusted periodically.

For more information about the PBGC and the benefits it guarantees, ask your Plan administrator or the PBGC. Inquiries to the PBGC should be addressed to:

PBGC
Technical Assistance Division
1200 K Street, N.W., Suite 930
Washington, D.C. 20005 – 4026

The PBGC can also be reached by calling 202-326-4000 (not a toll-free number). TTY/TDD users may call the federal relay service toll-free at 800-877-8339 and ask to be connected to 202-326-4000. Additional information about the PBGC’s pension insurance program is available through the PBGC’s Web site on the Internet at http://www.pbgc.gov.

  Retirement Plan of CITGO Petroleum Corporation (Hourly)

  CITGO Petroleum Corporation Salaried Employees' Pension Plan

  Pension Plan of CITGO Refining & Chemicals, INC (CRC)

  UNO-VEN Retirement Plan

  PSI Pension Plan

1. Your name and social Security number
2. Your home address and telephone number
3. Your current marital status
4. Your spouse’s name, Social Security number, and date of birth (if you are married)
5. Your benefit commencement date (the date that you would like payments to begin)
6. Your beneficiary information:
   • If you are married; if you would like to designate someone other than your spouse as a beneficiary, please provide the beneficiary’s name, date of birth, and Social Security number; you must also provide your spouse’s information even if you choose to have someone other than your spouse as a beneficiary.
   • If you are not married; there are certain payment options that you may elect that require you designate a beneficiary. In this case, you would need to provide the beneficiary’s name, date of birth, and Social Security number.
     

1. A copy of your birth certificate or passport.
2. If you are married, you will need to provide:
   • a copy of your spouse’s birth certificate or passport.
   • a copy of your marriage certificate.
3. If you designate a beneficiary other than your spouse you will also need to provide a copy of your beneficiary’s birth certificate or passport.
4. If you are married, you must, by law, obtain your spouse’s notarized consent to designate someone other than your spouse as your beneficiary.

Don’t Be Afraid to Ask Questions - You may contact the CITGO Benefits Helpline by:

• Phone toll free at 1-888-443-5707
• Email at benefits@citgo.com