Benefit Connections    Retirement
Retirement Overview

It’s Important—Don’t Wait, Plan Now! Your retirement years can be a rewarding time of life, as long as you have prepared for them. Most of us will spend more than one quarter of our lives “retired.” CITGO’s Retirement Plan can make your retirement years more financially secure by providing you with supplemental income, in addition to your 401(k) Savings Plan, Social Security and your personal savings.

The CITGO Retirement Plans are completely 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.

When You’re Ready to Retire
One of the most important decisions you will make in your lifetime is when to retire. You should consider several factors, including your pay, service, age and just how they affect your retirement benefit. Also, don’t forget about Social Security and Medicare. You must remember to apply for these benefits.
Social Security and Medicare
When preparing to retire be sure to include on your list to review information provided by Social Security and Medicare. Both require action on your part and are time sensitive to initiate the process of receiving these benefits. Failure to do so could result in a delay of receiving benefits. Please review the information we have included on this link. Phone numbers and website addresses are provided for your reference.
Pension Manager - Estimate Your Pension
Former Employees
If you left CITGO after 2006 you may still utilize the Pension Manager; however, if you left prior to this date then you may not currently have access to use this system. If this is the case, please contact the Benefits Helpline for assistance.
Retirement Eligibility Rules
Review the Retirement Eligibility Rules to determine if you are eligible to retire under the CITGO Petroleum Corporation Benefit Plans. Depending on your employment history, you may be eligible under more than one plan.
Retirement Payment Options
Benefit payment options vary. Click on the appropriate link below to see how benefits are paid to the following: CITGO Petroleum Corporation Employees’ Salaried Pension Plan, Retirement Plan of CITGO Petroleum Corporation (Hourly), PSI Pension Plan, and Uno-Ven Retirement Plan.
FORMS 5500
Pension Payment Information
Information regarding monthly annuity pension payments.
Retirement Annual Funding Notices
The Annual Funding Notice is a required document which provides participants with information regarding the following Plan’s funding status’: CITGO Petroleum Corporation Employees’ Salaried Pension Plan, Retirement Plan of CITGO Petroleum Corporation (Hourly), and Uno-Ven Retirement Plan.
Pension Insurance
Your pension benefits under the Plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency.
Summary Plan Descriptions
The Summary Plan Description (SPD) describes the benefits available under the Plans, as well as the Plan’s limitations and exclusions. As a participant of the Plan, you may be asked to comply with certain provisions of the Plan, which could affect the benefits you receive. We recommend you review your plan’s SPD in order to make informed decisions about your retirement.
List of Required Information
List of Required Documentation