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I’m retiring

Congratulations on your impending retirement! As your life changes, so do your benefits! Consider the dropdowns below to prepare yourself for retirement.

Click on the sections below for more information.

Understand your income sources at retirement by completing these items:
 
  • Review the Sun Life Retirement Ready Guide;
  • View your account balances online at Sun Life;
  • Contact Sun Life and speak with a licensed Sun Life Retirement Consultant at no charge to understand how you can access your savings at retirement,1-877-893-9893 Monday to Friday, 6 am to 6 pm, MT;
  • Go to the Government of Canada website to request a statement of contributions that will help you see how much income you’ll receive from government sources at retirement;
  • If you worked abroad with SLB contact BACO in relation to your IPP or ESM for US pensions;
  • Confirm your eligibility for retirement medical with ESM;
  • Use your EAP benefits for support in managing the personal changes associated with retirement.

Sun Life is the SLB Retirement Savings Plan Administrator. They will assist you and provide you details on what you can do with your money.

What to expect 

Following your final pay with SLB, Sun Life will be notified of your termination/retirement and your status with Sun Life will be updated from active to terminated. This will trigger a separation package that will be processed within 10 business days and mailed to the address on file with Sun Life. Mailing times will vary depending on your location. This package will include your account balances and the choices about what to do with your money. You do not need to wait to receive this package to learn about your choices. You can contact Sun Life at anytime to speak with a licensed Financial Consultant at no charge to discuss your options. You will continue to be able to view your account balances online at anytime. If you are eligible for the SLB DB pension plan you will receive a separate package in the mail.

 

SLB recognizes that employees leaving the company may continue to need periodic support with HR-related questions. We are committed to assisting you with these queries through ESM Alumni Service Center, which is accessible from the internet. Once registered, you will be able to submit your queries and benefit from the support of our subject-matter experts. These HR specialists will have access to the information related to your career history and any post-employment benefits with SLB.
 

A ESM Alumni Service Center account will be automatically created for you within two weeks after the termination process has been completed. The ESM Alumni Service Center account will only be automatically created if you provide personal email address to your local HR. Following account creation, you can expect an email that will contain your account details. If you did not provide an email, you can still set-up an account by following the alternative steps to access ESM Alumni Service Center.

Alternative steps to access ESM Alumni Service Center:

1. Create an account on ESM Alumni Service Center:

  • Access ESM Alumni Service Center.
  • Complete the registration form and save. It is essential that you provide complete and accurate information to avoid the risk of your application being denied. The information you submitted will be verified and you will receive a notification once the account creation is validated. You will receive your login credentials in a separate e-mail.

2. Submit your query on ESM Alumni Service Center:

  • Access ESM Alumni Service Center.
  • Click the “Login page” link on the top of the page and enter your credentials, then click “Login”
  • Submit your query

If you have any further questions or need support, reach out to  ASC-Support@slb.com
 

Retiree Health Spending Account (HSA) and Retiree Life Insurance Benefit

SLB offers retiree medical coverage to eligible employees. This is a supplementary plan to assist employees with the transition into retirement.

Eligible employees will receive an HSA of $1,200 at the beginning of each benefit year. These funds can be used for eligible medical expenses that fall under the Income Tax Act (Canada) and are not paid, or not paid in full, under a group plan, your spouse's plan or any government-sponsored plan. These include expenses such as medical, hospital, dental and medical insurance plan premiums. Unused HSA funds will forfeit 2 plan years after deposit.

In addition to the Retiree HSA, eligible employees will receive a $5,000 Retiree Life Insurance benefit.

Retiree Medical Eligibility

To be eligible, you must reside in Canada and meet all the following conditions:

  • you are retired in accordance with the SLB retirement program
  • you must have been covered under a SLB group health plan on the day preceding retirement, and meet the following criteria:
  • employee with active provincial health care coverage.
  • employee has worked 15 years after age 40.
  • employees leaving SLB from outside of Canada must have at least 10 years of credited service working for Schlumberger Canada Limited and must be returning to Canada immediately upon departure from SLB.
  • If you are an employee from a previous acquisition, service prior to the acquisition date can be included to determine eligibility for the HSA plan. This service is not included when determining the number years of HSA contributions. The SLB pension plan participation date will be used as the basis to determine the recognized continuous service for the purpose of calculating the number of years of HSA contributions.
          Years of Recognized Continuous Service                       Years of HSA Contributions
1 to 3 1
4 to 6 2
7 to 9 3
10 to 12 4
13 to 15 5
16 to 18 6
19 to 21 7
22 to 24 8
25 to 27 9
28 to 30 10
If you have questions about Retiree Medical or a Legacy Retiree Medical plan, please submit an ESM ticket. Please note that Retiree Medical plans are subject to change. Eligibility must be confirmed by the company at the time of Retirement.
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