There are slight differences to take note of for retirees that were hired by Chevron before January 2008. These differences include: • Hired before Jan 1, 2008 – Your benefit is calculated according to a formula that uses a percentage of your Highest Average Earnings, your years of Benefit Accrual Service, and a Social Security offset. Different formulas apply if you were hired on or after January 1, 2008, or were a represented employee at the Questa Division mine. • Hired on or After Jan 1, 2008 – While the Retirement Plan provides for various forms of benefit payments, your benefit under the Retirement Plan is first calculated as a lump sum amount. Any other payment form, or the amount of any earlier distribution, is determined based on this lump sum amount, which uses your Highest Five-Year Average Earnings and your years of Benefit Accrual Service