Page 244 - Adobe Photoshop PDF

University. His parents were illiterate Bedouins in northern Saudi Ara-
ELD :KDW PDJQL¿FHQW H[DPSOH RI KXPDQ GHYHORSPHQW

In the spring of 1981, there were discussions between the four
owner companies about establishing a group called “advisors to Aram-
co,” to be located in Saudi Arabia. I thought the whole idea was arro-
gant and would be rejected by the Saudi Arabs in Aramco management.
I was asked about my possible interest in a two to three year assign-
ment in Arabia as a part of an advisory group. Jean and I discussed it
thoroughly. She was quite willing to go because our earlier assignment
there had been pleasant and our children had now left home. After think-
ing it over, I rejected the possible assignment. Janet and Cindi lived in
Martinez with their small children. If we went to Arabia, we could only
return once a year to see our children and grandchildren. Why leave
our association with children and grandchildren for several years? We
would miss out on a part of their lives. Money and career can’t make up
for that.
-HDQ VXJJHVWHG WKDW ZH ZHUH QRZ ZHOO HQRXJK R൵ WKDW , FRXOG

retire and do whatever appealed to us. The more I thought about it, the
more attractive it seemed. I talked to Bob Maggy, the Manager of the
%HQH¿WV 'LYLVLRQ LQ &KHYURQ DQG DVNHG ZKDW HDUQLQJV DVVXPSWLRQV

were the basis for the Chevron annuity plan. Bob said that the plan ex-
pected to average a 7 percent per year return on its investments. A few
\HDUV EHIRUH &KHYURQ KDG EHJXQ WR R൵HU D OXPS VXP SD\ R൵ LQ OLHX RI

a monthly pension check to retirees. The lump sum was computed on
the basis of the discounted present value of the future annuity. He said
, FRXOG UHFHLYH D SD\R൵ RI , GHFLGHG , FRXOG GR EHWWHU WKDQ

th
earn 7 percent per year. I elected an early retirement at age 60. My 60
birthday was on June 20, and I retired on June 30, 1981. I was able to
VHFXUH D VLPLODU OXPS VXP SD\R൵ IRU P\ \HDUV LQ WKH $UDPFR SHQVLRQ

plan. It proved to be far more generous than I expected.
For the 22 years I’d worked in Chevron I had invested 5 percent
of my salary per month in the Chevron stock plan. The company had
more than matched my contributions based on a formula tied to cor-
SRUDWH SUR¿WV , QRZ UHFHLYHG DOO RI P\ VKDUHV LQ &KHYURQ ZKLFK KDG

240