Appendix for ARCO heritage participants

The following provisions apply to employees who are classified as ARCO heritage (including Vastar and CH-20) participants. Unless specifically stated in this section, all other provisions of the cash balance formula apply.

ARCO heritage participant

Generally, an ARCO heritage participant is someone who was an active participant in the Atlantic Richfield Retirement Plan (ARCO heritage plan) on December 31, 2001, was an active BP employee in the plan (or on an approved leave of absence) on January 1, 2002, and has not had a one-year break in service. Certain union employees at the Carson refinery who were employed before January 1, 2002, are not considered ARCO heritage participants and are not covered by this Summary Plan Description.

Participation

ARCO heritage participants became participants in the BP Retirement Accumulation Plan (RAP) on January 1, 2002.

Note: All references to the ARCO heritage plan also apply to the CH-20 Retirement Plan, and all references to ARCO heritage employees include Vastar and CH-20 heritage employees.

Opening Account

If you were an ARCO heritage participant, a BP RAP Opening Account balance was established for you on January 1, 2002.

Generally speaking, your Opening Account balance is based on a lump sum present value of the benefit you earned in the ARCO heritage plan through December 31, 2001.  

Employees rehired after December 31, 2001 and prior to January 1, 2018, after a one-year break in service, who had an accrued benefit and did not previously receive a distribution also received an Opening Account balance upon being rehired. No new Opening Accounts will be created on or after January 1, 2018. At benefit commencement, this Opening Account balance will be compared to your prior ARCO benefit and the larger amount will be added to your Current Account. 

For details on how the Opening Account balances were calculated, contact BP Retirement Services at Fidelity at 1-877-272-3334.

Current Account

If you are an ARCO heritage participant, your Current Account began on January 1, 2002.

 

Publication date: June 2018

 

© 2000-2019 BP Corporation North America Inc. All Rights Reserved. | Legal disclaimer | Privacy statement | PrintPrint this page