Receiving your benefits

You can take your plan benefit with you when you leave BP — as long as you are vested at the time you leave.

You can request distribution of your benefits by contacting BP Retirement Services at 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).

Your benefit may be paid as one of several payment options available under the plan. If the value of your account is greater than $5,000, you may also choose to leave your plan benefit in the plan until April 1st of the year following the year you reach age 70½. Your account will continue to earn regular interest credits up until your commencement date. When you decide to request payment of your plan benefit, contact BP Retirement Services at Fidelity.

Former BP, Amoco, ARCO, Master Hourly or Castrol heritage employees may be eligible for a grandfather provision. See the applicable heritage plan Appendix for additional details.

In order to receive your benefit, you must have submitted your distribution election to Fidelity at least 30 days prior to commencement in order to ensure a timely distribution. After you leave BP, if you have not requested a distribution you will receive an accrued benefit statement that includes instructions for initiating your benefit.

If you left BP without taking a distribution, you can elect to begin receiving your plan benefit at any time by contacting BP Retirement Services at Fidelity and requesting that the necessary forms be mailed to you.

Benefit commencement dates always occur on the first day of a calendar month. The election of a benefit commencement date and optional form of benefit payment selected is revocable until such date as determined by the Plan Administrator, but no later than the day prior to the commencement date.

You must separate from BP employment prior to your benefit commencement date. If your separation date changes and you elected to commence your benefit, your benefit commencement date cannot precede your separation date. If your new separation date is after your elected benefit commencement date, your benefit commencement date will be defaulted to the 1st of the month following your new separation date and this may impact your benefit amount. Please contact BP Retirement Services at Fidelity if your new separation date is after your elected benefit commencement date.

If you terminate employment prior to age 65 but commence your benefit after age 65, your age 65 benefit will be actuarially increased from age 65 to your age at benefit commencement date. This increase will be based on the applicable mortality table and the applicable interest rate(s). See Important terms under Receiving your benefits for additional information.

 

Publication date: June 2018

 

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