Appendix for Master Hourly heritage participants

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

Master Hourly heritage participant

Generally, a Master Hourly heritage participant is someone who was an active participant employed at the Toledo refinery covered under the applicable collective bargaining agreement, who had an accrued benefit under the BP America Inc. Master Hourly Plan for Represented Employees (Master Hourly heritage plan) on December 31, 2002, who remained an active BP employee under the plan (or on an approved leave of absence) on January 1, 2003, and has not had a one-year break in service.

Participation

Master Hourly heritage participants became participants in the BP Retirement Accumulation Plan (RAP) on December 31, 2002.

Opening Account

If you were a Master Hourly heritage participant, a BP RAP Opening Account balance was established for you on January 1, 2003.

Generally speaking, your Opening Account balance is based on a lump sum present value of the benefit you earned in the Master Hourly heritage plan through December 31, 2002.

Employees rehired after December 31, 2002 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 Master Hourly 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 a Master Hourly heritage participant, your Current Account began on January 1, 2003.

 

Publication date: June 2018

 

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