The BP Employee Savings Plan is a 401(k) plan that lets you save a percentage of your eligible pay, up to legal limits, toward your retirement. You can elect to contribute on a before-tax, after-tax or Roth 401(k) basis, or a combination of all three. BP makes saving for retirement under the savings plan easier by offering an automatic enrollment feature. If hired or rehired on or after January 1, 2011, you will automatically contribute to the savings plan unless you specifically choose not to.
If you do not change your contribution election, you will be automatically enrolled as soon as administratively possible in the savings plan starting with your first paycheck on or after your 30th day of employment. A before-tax deduction of 7% of your eligible compensation will be automatically contributed to your savings plan account each pay period.
BP matches 100% of every dollar you contribute, up to 7% of your eligible pay each pay period. As a participant in the plan, you can invest your savings in a variety of funds.
You have access to your account balance through the plan’s loan provision and, under certain conditions, you may take a withdrawal of a portion of your account while you’re still working for BP. However, because the plan is designed to help you save for retirement, taxes and penalties may apply.
This plan is intended to be a "qualified retirement plan" under Section 401(a) of the Internal Revenue Code (the “Code”) and to meet the requirements of Section 401(k) and Section 404(c) of the Code.
This summary is part of the plan prospectus. The complete prospectus includes:
- This summary of the BP Employee Savings Plan.
- The most recent Investment Options Guide* brochure, including any Updates.
- The most recent Quarterly Investment Performance Statement.
- BP’s most recent Annual Review.
- All documents incorporated by reference and future supplements to the above documents.
- Future supplements and amendments to this summary.
* The Investment Options Guide is available at http://www.netbenefits.fidelity.com. Click on the BP ESP link, then Plan Information and Documents and then Plan Information.
For more information, see:
- Eligibility and participation
- How the plan works
- Investment Options
- Receiving your benefits
- What happens if …
- Administrative information
- How to file a claim under ERISA
Because this document is intended as a summary of a BP benefits plan, it is not intended to describe each plan provision in full detail. More complete details are contained in the governing plan documents. While we intend to update this summary on a regular basis, it is possible that at any point this summary may be neither current nor complete. Further, differences between this summary and the applicable plan document are not intended. If, however, any differences are found to exist, the relevant provisions of the applicable plan document — and not the summary —– will govern.
BP reserves the right to amend or terminate a plan at any time without advance notice.
This summary constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.
Publication date: September 2011