BP Retirement Accumulation Plan (RAP)

The BP Retirement Accumulation Plan helps employees provide for their future security in retirement
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The BP Retirement Accumulation Plan (RAP) can be a key component of your retirement income. BP funds this plan — you do not make any contributions. The RAP is a “cash balance” retirement-plan design that allows your cash balance account to grow steadily with monthly pay and interest credits over your career with BP.

Although your BP RAP benefit is meant for your retirement, it is also portable — meaning you can take it with you if you are vested when you leave BP, regardless of your age or service. When you are ready to receive your benefit, you have several payment options. You can also leave your account balance in the RAP and let it earn additional interest credits (subject to account balance minimums) or roll it into the BP Employee Savings Plan or another eligible plan. 

For more information, see:

  • Eligibility and participation
  • How the plan works
  • Receiving your benefits
  • What happens if …
  • Administrative information
  • If you have questions about your benefits
  • How to file a claim under ERISA
  • Special information for heritage participants

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 (including applicable insurance policies). 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.

The following are not addressed by this Summary Plan Description:
  • Certain union employees at the Carson refinery who were employed and participated in the plan before January 1, 2002
  • Employees of GBS Americas
  • At-site Hourly and Salary Retail Employees
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: June 2018

 

Related links

Learn about the resources available to you on the Fidelity NetBenefits site
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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