Cash Accumulation Fund

The GUL Program allows you to set aside money through the Cash Accumulation Fund. If you enroll in the GUL Program, you may make contributions to the Cash Accumulation Fund through:

  • Payroll deductions on an after-tax basis; or
  • Additional lump-sum contributions.
Your spouse/domestic partner may also establish a Cash Accumulation Fund with lump-sum contributions.

The maximum amount you and your spouse/domestic partner may contribute to the Cash Accumulation Fund depends on your ages and coverage amounts. You can elect or change contribution amounts to the Cash Accumulation Fund for yourself or your spouse/domestic partner at any time. Call MetLife for more information.

Cash Accumulation Fund features include:

  • Guaranteed interest. Your money grows at a guaranteed interest rate. The interest rate is set in December and may vary each year, but it will never be lower than 4%.
  • Tax-deferred interest. The interest credited to your Cash Accumulation Fund is not subject to income tax while it remains in your account.
  • Pre-funded future insurance costs. You can use your Cash Accumulation Fund to pre-fund insurance premiums after you leave BP.
  • Availability of funds when you need them. You can withdraw money from your Cash Accumulation Fund at any time. The minimum withdrawal amount is $200; the maximum is your account balance.

You may also take out a loan against your Cash Accumulation Fund at any time. The minimum amount you may borrow is $200, and you may only have one loan outstanding per year. Loan repayments must be at least $100 per month and cannot be made through payroll deduction.

You should consult your financial advisor concerning any tax implications of any withdrawal from your Cash Accumulation Fund.

If you leave BP for any reason, including retirement, you can continue to contribute to the Cash Accumulation Fund, or you can choose to receive a lump-sum payment of the amount remaining in your account.

Your participation in the Cash Accumulation Fund ends when you reach age 100. If you have an account balance at that time, it will be paid to you in a lump sum.

Note: The Cash Accumulation Fund is not available to participants living in South Dakota, due to state laws. However, existing South Dakota residents who are participants in the Cash Accumulation Fund may be grandfathered.

 

Publication date: April 2017

 

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