Leaving the Company (Prior to attaining Age 50 with 10 years vesting service)

Below are important considerations to keep in mind if you separate employment from Marathon Oil prior to being retirement-eligible. In addition to handling the following action items, you should also notify your Human Resources Consultant so he or she can schedule an exit interview.

What to Consider… What You Need to Know and/or Do…
  • Home address
  • Telephone number

Keep Marathon Oil updated on your contact information by calling 1-855-652-3067. Having current information on file will help ensure you receive your W-2s and Fidelity mailings.

Health, Dental, Vision and EAP coverage

  • Coverage terminates at midnight on your last day of employment.

COBRA coverage

  • Continuation of coverage in the Health, Dental, Vision and EAP plans will be offered to you and your eligible dependents provided you were covered by the plans on your last day of employment.
  • Additional COBRA information can be found here.
  • COBRA rates can be found here.

Flexible Spending Accounts - Health Care Spending Account (HCSA), Limited Health Care Spending Account (LHCSA) and/or Dependent Care Spending Account (DCSA)

  • You can continue to submit claims incurred (with a date of service) prior to your termination date, as long as submitted to UnitedHealthcare by next March 31.
  • If you participate in the HCSA or LHCSA, you may want to call UnitedHealthcare at 1-888-266-4066 for continuation information.

Health Savings Accounts (HSA)

  • Your HSA and the funds in the account belongs entirely to you. To access your account, simply log in to NetBenefits at netbenefits.com. For additional questions pertaining to your account, please contact a Fidelity Representative at 1-800-544-3716.

Accidental Death & Dismemberment (AD&D) coverage

  • Coverage ends at midnight on your last day of employment.
  • You* have the right to port coverage to an individual policy with Minnesota Life within 31 days of last day. For more information, click here. Call Minnesota Life at 1-877-282-1752 for rates if you are interested.

* Except for Minnesota residents.

Life Insurance coverage

  • Coverage ends at midnight on your last day of employment; however, if you die within 31 days following termination, the coverage in force at the time of your termination will be paid to your beneficiary.
  • You have the right to convert or port coverage to an individual policy with Minnesota Life within 31 days of your last day of employment. Minnesota residents can apply for continuation of coverage, but cannot port coverage. For more information, click here. If you are interested, call Minnesota Life at 1-877-282-1752 or use the Minnesota Life online tool. For more information, click here.
  • This information also applies to Dependent Life Insurance.

Long Term Disability (LTD)

Coverage terminates on your last day of employment.

Thrift Plan

  • The Plan requires three years of vesting service in order to be vested.
  • It takes approximately three to four weeks to invest your final Thrift contribution and change your employment status with Fidelity.
  • Whether you can maintain your account depends on its vested value:
    • If your vested account value is greater than $5,000, you can leave your money in the Thrift Plan or take your distribution at any time by calling Fidelity at 1-800-841-0213.
      • You can leave your account at Fidelity until no later than April 1 following the year you turn 70½.
      • All outstanding loans must be repaid within 60 days of your termination date.
        • You can either pay your loan with a check or,
        • You can take a one-time partial withdrawal within 60 days of termination.
        • If you don’t repay your loan, you will be contacted by Fidelity regarding their procedure to report the outstanding amount as a distribution to the IRS.
      • You can still make transfers between investment options.
      • You can change your beneficiaries (with spousal consent).
      • You cannot take additional loans.
      • You cannot take partial withdrawals.
      • You continue to receive statements from Fidelity.
    • If your vested account value is less than $5,000, you will be notified within three months that you must take your distribution.
      • The withdrawal can be paid to you or you can choose to do a direct rollover.
      • If you don’t respond, the monies will be rolled into a Fidelity IRA account (this is an outside account — not within the Thrift Plan).
    • If your vested account value is less than $1,000, you will be notified within three months that you must take your distribution.
      • The withdrawal will be paid to you via check to the address on file with Fidelity.
      • You may request to have the withdrawal sent via EFT to a bank account by contacting Fidelity.
  • Review the Special Tax Notice Regarding Plan Payments and the General Description of Forms of Payment Available Under Marathon Oil Corporation Thrift Plan click here.
  • For purposes of the Thrift Plan, an employee that is age 50 or older and has three years of vesting service is a retired member. Please see the Retirement Preparation Tip Sheet for additional information.

Retirement Plan

  • The Plan requires three years of vesting service in order to be vested.
  • If you are vested, prior to your last day of employment you may want an estimate of your Retirement benefit. Estimates are available through Fidelity at www.netbenefits.com/MarathonOil or 1-800-841-0213.
  • If you are vested and elect to take your retirement benefit, you will need to contact Fidelity at 1-800-841-0213 or through online election at www.netbenefits.com/MarathonOil.
  • If you are married, have not elected to take your vested retirement benefit and you die, your surviving spouse is eligible under the Legacy formula to receive ½ of the lifetime monthly benefit amount beginning when you would have turned age 50. The Cash Balance formula provides for a one-time payment (assuming your surviving spouse meets the eligibility requirements for such benefit as defined in the Plan).
  • If you are single, have not elected to take your vested retirement benefit and you die, the Legacy formula provides no payable benefit, but a one-time Cash Balance payment is provided to your estate.

Stock Options, Restricted Stock, and Annual Cash Bonus Plan

  • Unvested Stock options are forfeited
  • Vested stock options can be exercised until end of last day of employment
  • Unvested Restricted stock are forfeited
  • Eligibility for Bonus is forfeited, even if worked full plan year

Vacation and Holidays

  • Unused vacation will be paid in your final paycheck (direct deposited or mailed as usual), on the next scheduled payday.
  • Your separation date cannot be moved forward to include your unused vacation days or holidays.
  • If don’t take your floating holiday before you terminate, you won’t be paid for it.

MetLife Long-Term Care Insurance

  • Coverage remains unchanged and intact as long as premiums are paid.
  • Call MetLife at 1-800-438-6388 with questions and to set up direct billing.

MetPay Property and Car Insurance

  • Coverage can continue as long as premiums are paid; however you will be converted from payroll deduction to direct billing, and you may not be eligible for special group rates and discounts.
  • If you move to another state, availability of policies and coverage may vary.
  • Call MetPay at 1-800-GET-MET1 (1-800-438-6381) as soon as possible.

Returning Company Property

Corporate credit cards, Company identification, parking permit, cell phone and Company issued keys, etc. must be returned to Human Resources or your supervisor.

Where to Go for Assistance

You can contact the Marathon Oil Benefits Department at 1-855-652-3067 or email: MROBenefitsHelp@MarathonOil.com.

Where to Find More Details

Go to www.MRObenefits.com and click on the applicable benefit.

No portion of this benefits summary is intended to change the terms of the plans and policies, or the official texts that control them. If there is any inconsistency between this summary and the official texts of the plans and policies, the official texts will prevail.