Current Status Introducing Body:House Bill Number:4448 Primary Sponsor:Keegan Committee Number:26 Type of Legislation:HR Subject:Chevron Oil Corporation Residing Body:House Current Committee:Labor, Commerce and Industry Computer Document Number:BBM/10830JM.94 Introduced Date:19940112 Last History Body:House Last History Date:19940112 Last History Type:Introduced, referred to Committee Scope of Legislation:Statewide All Sponsors:Keegan Type of Legislation:House Resolution
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
4448 House 19940112 Introduced, referred to 26
Committee
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URGING CHEVRON OIL CORPORATION TO ABIDE BY AND HONOR THE RETIREMENT BENEFITS GRANTED TO FORMER EMPLOYEES OF GULF OIL CORPORATION.
Whereas, under the Gulf A&B Pension Plan, Gulf Oil Corporation made "irrevocable" contributions to the Gulf Trust, which was to be used for the "exclusive" benefit of the members of the Gulf A&B Pension Plan; and
Whereas, it was intended and provided that no amendment or modification could be made to change these provisions; and
Whereas, the Gulf Plan also stated that if there were a partial termination of the plan, the members affected by the termination would have a share of the plan accountable to them as of the date of partial termination; yet, Chevron Oil Corporation, which has fiduciary duties to former Gulf employees, has added a reversionary clause to the plan; and
Whereas, under the Contributory Retirement Plan (CRP-SAP), a court order will determine how the plan is administered; however, the Gulf retirees still have concerns and questions about the administration of the plan (particularly with respect to the most elderly of the retirees); and
Whereas, Chevron should, in all fairness, uphold its fiduciary duties to the former Gulf employees and should abide by and honor the retirement benefits owed to the Gulf retirees so as to prevent the need for regulatory legislation limiting the ability of Chevron to do business in the State of South Carolina until equity is provided to the persons covered under the Gulf A&B Pension Plan. Now, therefore,
Be it resolved by the House of Representatives:
That the House of Representatives of the State of South Carolina, by this resolution, urges Chevron Oil Corporation to abide by and honor the retirement benefits granted to former employees of Gulf Oil Corporation.
Be it further resolved that a copy of this resolution be forwarded to Chevron Oil Corporation.