Leaving BP

What happens to benefits if you leave
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Continuing coverage

For yourself

Your GUL coverage is portable. This means you can continue your coverage when you leave BP for any reason. You will also be able to continue your contributions to the Cash Accumulation Fund until you reach age 100.

After you leave the company, MetLife will automatically send you a packet that details what you need to do to continue coverage. You must respond within 31 days of receipt of the packet in order to continue coverage. Keep in mind that once you leave BP, billing frequency and rates charged may change.

If you are eligible* for retiree medical coverage when you leave, your premiums will be not the same as those paid by active BP employees or by terminated employees not eligible for retiree medical coverage. However, they are preferred group rates.

If you are not eligible* for retiree medical coverage when you leave, your premiums will be 20% higher than the premiums paid by active BP employees. When you reach age 70, your coverage is limited to five times the amount in your Cash Accumulation Fund or $20,000, whichever amount is higher.

* In general, you are eligible for coverage under the BP Retiree Medical Plan when you reach age 50 with at least 10 years of vesting service under a BP retirement plan, or age 55 with at least 5 years of vesting service under a BP retirement plan, and you are a full-time or part-time employee working for a BP employer group which offers its employees eligibility under the BP Retiree Medical Plan. For more details, refer to the Retiree Medical Plan summary under the "BP Medical Program" tab above, or contact the BP HR & Benefits Center to request a copy of the applicable BP Retiree Medical Plan summary plan description.

For your spouse/domestic partner

Your spouse/domestic partner can continue GUL coverage in the event of your termination of employment, your death or divorce or the dissolution of your domestic partnership by paying his/her premiums directly to MetLife.

If you are eligible* for retiree medical coverage at the time of your termination of employment, the premiums for coverage will not be the same as those paid by active BP employees. However, they are preferred group rates.

If you are not eligible* for retiree medical coverage at the time of your termination of employment, the premiums for coverage will be 20% higher than the premiums paid by active BP employees.  When your spouse/domestic partner reaches age 70, his/her coverage is limited to five times the amount in his/her Cash Accumulation Fund or $20,000, whichever amount is higher.

Regardless of your retiree medical eligibility, the premiums that a spouse/domestic partner will pay for ported coverage following a divorce, dissolution of domestic partnership or death will be 20% higher than the premiums paid by active BP employees.

* In general, you are eligible for coverage under the BP Retiree Medical Plan when you reach age 50 with at least 10 years of vesting service under a BP retirement plan, or age 55 with at least 5 years of vesting service under a BP retirement plan, and you are a full-time or part-time employee working for a BP employer group which offers its employees eligibility under the BP Retiree Medical Plan. For more details, refer to the Retiree Medical Plan summary under the "BP Medical Program" tab above, or contact the BP HR & Benefits Center to request a copy of the applicable BP Retiree Medical Plan summary plan description.

For your children

Child coverage is a rider to the employee or spouse certificate. If the employee or spouse has portable coverage, then the child coverage is also billed directly at the participant's home. However, if a child reaches limiting age, then a conversion notice can be mailed upon request from the owner.

Converting coverage

You cannot convert your GUL coverage to individual coverage. However, if your covered child ceases to be an eligible dependent (e.g., he/she marries, exceeds age restriction, etc.) or if you die and have no spouse/domestic partner, your child may convert GUL coverage to an individual policy with MetLife within 31 days of the date his/her eligibility ends. Your child should call MetLife for details.

If you are rehired

If you ported your GUL coverage when you left BP and are later rehired, you may keep your ported coverage by continuing to pay MetLife directly. You may also elect new (additional) GUL coverage at employee rates. Because your new coverage will be treated as separate from your ported coverage, any prior beneficiary designation on file with MetLife with respect to the ported coverage will not apply to the newly elected GUL coverage. You must complete a new beneficiary designation form for any newly elected GUL coverage.

 

Publication date: April 2017

 

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