As a participant in the plan, a “notional account” is set up in your name. You do not make any contributions to the account — BP makes all contributions. BP Retirement Services at Fidelity keeps track of your account balance, expressed as a lump sum, so you can see how your cash balance account grows over time.
Each month your cash balance account is credited with a pay credit and regular interest credits. The amount of the pay credit you receive is a percentage of your "eligible earnings," based on your age or years of vesting service — whichever provides the greater percentage. Every participant has a Current Account that receives these pay credits and regular interest credits. You can take your benefit with you, if you are vested when you leave BP, regardless of your age and years of service.
If you are a heritage employee or had a benefit in a prior retirement plan that was rolled into the BP Retirement Accumulation Plan (RAP), you also have an Opening Account. See the specific heritage employee appendix that applies to you for more details.
All plan assets are held in a trust and are available to pay each participant's plan benefit.
Publication date: March 2012