BP Employee Savings Plan (ESP)

The savings plan can help you save for your retirement
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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 pay 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.

For more information, see:

  • Eligibility and participation
  • How the plan works
  • Investment options
  • Receiving your benefits
  • What happens if …
  • Administrative information
  • If you have questions about your benefits
  • How to file a formal 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. For more information about the prospectus and the materials incorporated into the prospectus, see the BP prospectus.

This summary is only a component part of the prospectus and does not incorporate by reference or otherwise any documents which have been filed with the U.S. Securities and Exchange Commission ("SEC") by BP or any entity related to BP.

The sponsor of the plan is BP Corporation North America Inc., which is sometimes referred to in this document as "the company" or "BP." As the context requires, "the company" or "BP" may also refer to another subsidiary of BP plc that adopts this plan.

 

Publication date: July 2019

 

Related links

view your guide to making the most of your BP savings plan
Learn about the resources available to you on the Fidelity NetBenefits site
To help you become a more informed investor and maximize your resources for retirement income
This document constitutes part of a prospectus covering securities registered under the Securities Act of 1933, as amended
If you're eligible, find out more about BP's non-qualified savings and pension plans.
In order to make elections for next year, you need to complete them by the end of this year.
if you're eligible, this guide will help you make any desired enrollment changes on Fidelity NetBenefits.
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