Phillips 66 Company

Leaving the Company

Several factors come into play when your employment with Phillips 66 ends. How will your benefits change? How do you collect your last paycheck? The information below will help support a smooth transition.


What to Consider

To help you think about how your life change will affect you, review the following list.

Ask Yourself Take Action
What will happen to your health care coverage? Active medical, dental, vision coverage and Resources for Living benefits end on the last day of the month in which employment ends. You may be able to continue coverage under COBRA.
What happens if you’re participating in a Health Savings Account (HSA)? If you are enrolled in the Consumer Plan with HSA, the funds in your HSA are yours to keep, including any company contributions.
What happens if you’re participating in the Health Care Flexible Spending Account (HCFSA) and/or the Dependent Day Care Flexible Spending Account (DCFSA)? Your active coverage in the Flexible Spending Plan will end on the last day of the month in which your employment ends.
Are you interested in continuing life and/or AD&D insurance coverage? If so, you may be able to port or convert some coverages.
What happens to your pension benefits?
  • Call the Benefits Center (800-965-4421) or 646-254-3467 (international callers) or visit Your Benefits Resources (YBR). On YBR, you can view the retirement checklist, read how to choose the best form of payment, model your retirement benefit and commence your retirement when you are ready.
What happens to your Phillips 66 Savings Plan account?
  • To learn about options regarding your account, visit Vanguard and accessing your account. Or, you may call Vanguard Participant Services at 800-523-1188.
Will you need to update your beneficiary designation? As you plan to leave the company, it’s a good idea to ensure your beneficiary designations are current.
Do you have Restricted Stock Unit awards that might be affected by your separation of service?
  • Outstanding Restricted Stock Unit awards that have not lapsed could be forfeited upon your separation. Log onto the Connect Total Rewards Compensation page to view RSU information. You will need to be logged into the Phillips 66 network to access this page.
Will you be changing your address?
  • Go to HR Express, click on personal info and the home address tab.

If You’re Leaving Due to an Involuntary Separation

If corporate events result in your involuntary loss of employment, you may be eligible for Severance Pay Plan benefits that can help provide a measure of security during your transition to a new job.

Summary Plan Descriptions

* Please note that many of our plans have the same or similar terms, which are located in the separate Other Information booklet. To fully understand this plan, it’s important that you review both booklets noted with an “*” and the Other Information booklet and SMMs, which together compose the plan’s Summary Plan Description.

Severance Pay Forms

Outstanding Equity Awards

VCIP Payment

  • Eligible employees could receive a VCIP payment in the February following separation based on eligible earnings to date. This payment will be distributed as soon as administratively feasible.

Pension & Savings


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