Appendix for Amoco heritage participants

The following provisions apply to employees who are classified as Amoco heritage participants. Unless specifically stated in this section, all other provisions of the cash balance formula apply.

Amoco heritage participant

Generally, an Amoco heritage participant is someone who was an active participant in the Employee Retirement Plan of Amoco Corporation and Participating Companies (Amoco heritage plan) on June 30, 2000, was an active BP employee in the plan (or on an approved leave of absence) on July 1, 2000, and has not had a one-year break in service.

Participation

Amoco heritage participants became participants in the BP Retirement Accumulation Plan (RAP) effective July 1, 2000.  

Additional Vesting Service

If you were an active Amoco heritage employee on April 1, 1993, you were granted an additional year of vesting service.

Opening Account

If you were an Amoco heritage participant, a BP RAP Opening Account was established for you on July 1, 2000.

Generally speaking, your Opening Account balance is based on a lump sum present value of the benefit you earned in the Amoco heritage plan through June 30, 2000.  

Employees rehired after June 30, 2000 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 Amoco 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 Amoco heritage participant, your Current Account began on July 1, 2000.

 

Publication date: July 2019

 

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