Receiving your benefits

When your employment with BP ends, you have several options to consider. You may request a distribution of your vested benefit in the BP Employee Savings Plan, or you may defer receiving your account balance if you meet certain requirements.

You can request a distribution by contacting Fidelity via the following methods:  

Online
By phone
NetBenefitsSM
 
BP Retirement Services at Fidelity:

Call Fidelity directly: 
  • Within the U.S.: 1-877-272-3334.
  • Outside the U.S.: dial the AT&T access number of the country you are in. When prompted, dial 1-877-272-3334.
    Or, call collect at 508-787-9902.
  • Hearing or speech impaired: 1-888-343-0860.
  • Representatives (available Monday – Friday, 7:30 A.M. – 11:00 P.M., central time).

Automatic distribution or rollover of account balance valued at $5,000 or less

If your vested account balance is valued at $5,000 or less when you leave the company or at any time after you leave (as determined during a quarterly review of your account value), and you do not initiate a full distribution or rollover within 90 days of your separation date, your vested account balance will automatically be paid to you as a lump sum distribution (if your account balance is valued at $1,000 or less) or rolled over to an IRA at Fidelity (if your account balance is valued at greater than $1,000 but not more than $5,000). This could happen even if your account had been previously valued at $5,000 or more and you chose to defer your distribution.

You may roll over this one-time lump sum payment directly into an Individual Retirement Account (IRA), another tax-qualified plan or an eligible employer plan. 

If you receive a minimum required distribution or begin receiving installment payments, you should not automatically receive a lump sum distribution. 

If you do not initiate a rollover or distribution, your lump sum benefit will be paid out as follows:

  • Benefits valued at greater than $1,000 but not more than $5,000. The Internal Revenue Code (IRC) requires that your lump sum payment be rolled over into a qualified IRA which will defer taxes until you choose to withdraw your distribution.

The lump sum will be rolled over into a Fidelity Rollover IRA in your name and will be invested in the Fidelity Cash Reserves Fund (FDRXX), a money market vehicle designed to preserve principal and provide a reasonable rate of return and liquidity. The Cash Reserves Fund investment management fees will be charged to your IRA and will not be paid by BP or the plan(s).

If one of these IRAs is established for you, Fidelity will provide you information about your account. No further benefits will be payable from the plan. 

To learn more about this IRA, call BP Retirement Services at Fidelity at 1-877-272-3334 on any business day (except New York Stock Exchange holidays) between 7:30 A.M. and 11:00 P.M., central time.

  • Benefits valued at $1,000 or less. If your vested account balance is valued at $1,000 or less, a check for the entire amount of the lump sum will be sent to you with the required 20% federal income tax withheld. Additional state taxes will also be withheld, if applicable. No further benefits will be payable from the plan.

 

Publication date: June 2018

 

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