How the plan works

Important information about the BP Employee Savings Plan
mechanic

As a participant in the plan, an account is set up in your name. You will either be automatically enrolled at 7% on a before-tax basis (see How to enroll section) or you may elect a percentage of your eligible pay to contribute each pay period, up to plan and legal limits.  You may change the amount you contribute, stop contributions, or begin contributing at any time.

BP makes a company matching contribution equal to 100% of every dollar you contribute (excluding rollover contributions), up to 7% of your eligible pay each pay period.

As a participant in the plan, all contributions and investment gains or losses are reflected in your plan account. You choose how your savings are invested from a variety of investment options. You assume all investment risk. For more information on the investment options available in the plan, refer to Investing at BP (http://hr.bpglobal.com/Lifebenefits/Assets/eGuide/Investing_at_bp/).

As an active employee, you may borrow from your account and, in certain situations, make withdrawals. When you leave BP, you may choose from several distribution options, including a rollover distribution to another employer’s qualified plan or IRA, or you may leave your account in the plan under certain conditions.

You may view your account information securely online at http://netbenefits.com/bp, or you may receive printed quarterly statements. If you elect the online feature, you’ll have access to your account balances and your personal rate of return for any month or calendar quarter within the last 24 months. No matter how you decide to review your account — quarterly hardcopy statements or online — you will receive a paper statement annually following the fourth quarter of each year.

 

Publication date: June 2018

 

Related links

View your guide to making the most of your BP savings plan
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