Due to rising interest rates, Chevron Employees who have a pension lump-sum of about $1,000,000 may have seen their lump-sum reduced by $20,000 between February and March of 2022. To be clear, this loss will be felt by Chevron employees who elect to commence their benefit in May of 2022. Similarly, those with a $500,000 lump-sum likely lost around $10,000. Given the current trends, interest rates are likely to continue rising over the next few months.
When interest rates rise, it causes Chevron lump-sum values to fall. Just a 1% increase in interest rates can equate to about a 10% reduction in an employee's lump sum. When February's interest rates were released, the blended rates for employees retiring in May of 2022 rose by about 0.2%, which accounts for about a 2% drop in lump-sums.
These new rates only apply to those who retire in May of 2022, therefore Chevron employees can avoid the 20% reduction in their lump-sum by retiring in April of 2020. 
Chevron determines your lump-sum compensation based on a few factors. They use your age and the month you elect to commence your benefits, along with a Social Security offset.
While we do not know if rates will increase or decrease for Chevron employees retiring after May 2022, it is important to note that oftentimes when rates rise, they tend to rise quickly. Techstaffer recommends that you speak with a financial advisor about your options if you are considering retirement.
Sources:
CVX Summary Plan Description, 2019
“The Retirement/Transition Guide for Chevron Employees.” The Retirement Group, The Retirement Group, 11 Aug. 2022, https://energy.theretirementgroup.com/chevron-guide-download-google
