What happens if ...

Your benefit may be affected by certain life events

There may be some instances in which your plan benefit could be affected by events in your life. Examples include going on an unpaid leave of absence or being transferred to a BP position or employee group that doesn't participate in the BP Retirement Accumulation Plan (RAP). Here is an overview of how your plan benefit is affected by these situations.  

What happens if ...
Generally ...
During an unpaid leave, you will continue to receive interest credits, and earn vesting service as described in the section You are on a leave of absence.
Your beneficiary's payments and options will depend on when you died and whether you were receiving payments.
You immediately rejoin the plan upon your rehire date. Prior vesting service may be re-credited based on how long you were away and your vesting status when you left.
You have plan service in two or more heritage companies
Your benefit will depend on several factors, including when you worked for each heritage company and whether you already received a benefit from one of the companies. Please contact BP Retirement Services at Fidelity at 1-877-272-3334 for more information.
Your cash balance account will remain in the BP RAP, where it will continue to accrue regular interest credits and supplemental interest credits (if applicable).

 

Publication date: June 2018

 

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