You leave BP

Note: To help you understand how life events may impact your benefits, examples have been included in this section. However, eligibility for plan benefits (be it retirement, medical or the other benefits listed here) is based on the terms of the particular plans, and a benefit being listed under the Life events tab does not mean that you are eligible for that particular benefit. For plan eligibility questions, please refer to the Benefits Handbook.

To make the transition when you leave BP as smooth as possible, please see the information below to determine what changes and choices you have in regards to your BP benefits. 

Benefit Available Changes Deadline Other Things to Consider
Medical Your coverage ends on the last day on the month in which your employment ends.  N/A Even if you are eligible for retiree medical coverage, you still have the option to elect COBRA continuation coverage at 102% of the full cost of coverage.
You and your covered dependents (excluding your domestic partner) may elect continuation of coverage under COBRA. If you have a domestic partner, he/she may also elect to continue coverage under rules similar to COBRA. Within 60 days of the loss of coverage or the date the COBRA materials were sent, whichever is later The BP HR & Benefits Center will mail COBRA enrollment materials to you and your eligible dependents. If you have a domestic partner, they will receive separate enrollment materials. Contact the BP HR & Benefits Center by phone or online to enroll.
If you are eligible for retiree medical coverage under the BP Retiree Medical Plan and are enrolled in the BP Medical Program when you leave the company:
  • and are age 65 or above, you and your covered dependents are automatically enrolled in a BP Retiree Medical Plan option, the Medicare Advantage Plan.
  • and are below age 65, your medical coverage defaults to No Coverage under the Retiree Medical Plan. You have 30 days to enroll into coverage.
If you are below age 65, within 30 days of leaving Your coverage will be effective the first of the month following your termination. You will be sent a confirmation of your assigned coverage, and of any other options available to you, from the BP HR & Benefits Center. You may change your assigned option if another option is now available to you or dis-enroll by contacting the BP HR & Benefits Center by phone or online within 30 days of leaving the company. If you choose to opt out of coverage when you first retire, you must wait until the next annual enrollment period to elect coverage and this will count as your one-time "Opt out" of retiree medical coverage.

Note: You also have the option of continuing coverage under COBRA, see above. Electing COBRA will not count as your one-time "Opt out" of retiree medical coverage, Upon termination of COBRA, you can enroll in the BP Retiree Medical Plan.
If you are eligible for retiree medical coverage but you are not enrolled in the BP Medical Program when you leave the company you can elect coverage for yourself by contacting the BP HR & Benefits Center. Within 30 days of leaving Your coverage will be effective the first of the month following your termination. You may enroll your eligible dependents during a subsequent annual enrollment with coverage effective the following April 1. If you do not enroll when you leave BP, you will be required to wait until the next annual enrollment period to elect coverage for yourself and your eligible dependents.
  • Dental
  • Vision
  • Your coverage ends on the last day of the month in which your employment ends.
  • You may elect COBRA coverage for yourself and/or your covered dependents) for up to 18 months (or longer, depending on whether you have another qualifying event). If you have a domestic partner, he/she may also elect to continue coverage under rules similar to COBRA.
If you are eligible for retiree medical coverage, you may also elect to enroll in the BP Voluntary Retiree Dental Plan. See Retiring from BP for more details.
Within 60 days of the loss of coverage or the date the COBRA materials were sent, whichever is later The BP HR & Benefits Center will mail COBRA enrollment materials to you and your eligible dependents. If you have a domestic partner, they will receive separate enrollment materials. Contact the BP HR & Benefits Center by phone or online to enroll.
Health Care Flexible Spending Account
  • Your participation ends on the last day of the month in which your employment ends.
  • You may elect to continue contributing to the HCFSA on an after-tax basis through COBRA until the end of the plan year, but only if you have a positive balance in your HCFSA at the time of termination.
Within 60 days of the loss of coverage or the date the COBRA materials were sent, whichever is later Any HCFSA claims for eligible expenses incurred prior to the date your coverage ends must be submitted within 90 days of the plan year (by June 30).

The BP HR & Benefits Center will mail COBRA materials to you. Contact the BP HR & Benefits Center by phone or online to enroll.
Dependent Care Spending Account Your coverage ends on the last day of the month in which your employment ends. N/A Any DCSA claims for eligible expenses incurred prior to the date your coverage ends must be submitted within 90 days of the plan year (by June 30).
 
Short-term Disability (STD) Your STD coverage ends on the date your employment ends. N/A You cannot convert STD coverage to an individual policy.
Long-term Disability (LTD) Your eligibility for LTD coverage ends on the date your employment ends, or earlier, if you no longer meet eligibility requirements. However, if you are receiving LTD benefits at the time of your termination or are in the LTD elimination period, coverage may continue until Cigna determines you are no longer disabled. N/A You cannot convert LTD coverage to an individual policy.
  • Basic Life
  • Accidental Death and Dismemberment (AD&D)
  • Occupational Accidental Death (OAD
Your coverage ends on the date your employment ends.

Basic Life: If you are a heritage ARCO, Vastar or Amoco employee who meets specific conditions, you may be eligible for grandfathered retiree life insurance coverage. This coverage is basic life insurance only and does not include AD&D.

Eligibility for grandfathered retiree life is satisfied by:

  • An Amoco heritage employee who was at least age 50 with at least 15 years of vesting service under the Amoco Employee Retirement Plan as of March 31, 2000.
  • An ARCO or Vastar heritage employee who, as of December 31, 2001 was at least age 55 with at least 10 years of ARCO/Vastar pension vesting service or was at least age 62 without regard to pension vesting service.
AD&D: You cannot convert coverage to an individual policy.

OAD: You cannot convert coverage to an individual policy.  
Within 31 days if converting basic life insurance coverage to an individual policy If you are eligible to convert your basic life insurance coverage, a conversion form will automatically be sent to you after you leave BP. You must contact MetLife and speak to an agent within the 31-day conversion period. If you do not apply for an individual policy within the 31-day conversion period, you will not be able to convert your basic life insurance later. If you die within the 31-day conversion period, benefits are payable as if you had converted your coverage to an individual policy, regardless of whether you applied for this coverage.

 
Group Universal Life (GUL) GUL coverage is portable. This means your coverage may continue, provided you continue to pay the required premiums. If you do not choose to continue paying premiums directly to MetLife, coverage ends.

If you are leaving BP and you are eligible for retiree medical coverage, you can continue coverage at preferred group rates, however the rates will differ from those paid by active BP employees of the same age. 
 
If you are leaving BP and you are not eligible for retiree medical coverage, your premium will be 20% higher than the rates paid by active BP employees.

Usually within 60 days of leaving MetLife will automatically send you a packet after you leave the company, detailing what you need to do to continue coverage.
Long-term Care (LTC) Long-term care coverage is portable. This means you and your eligible family members can continue coverage at the same premium rates. If you do not choose to continue paying premiums directly to John Hancock, coverage ends. Usually within 60 days of leaving John Hancock will bill you directly for coverage for yourself and your spouse/domestic partner. Your other eligible family members will continue to be billed by John Hancock and pay premiums directly to John Hancock.
BP savings plan Your contributions and company matching contributions end.

If you were not vested as of your termination date and are not rehired within seven years, you will forfeit your company match. 
 
If your vested account balance is $1,000 or less, you will receive an automatic lump-sum payment of your benefit. 
 
If your vested account balance is between $1,000 and $5,000 and you do not elect a rollover to an IRA or other qualified plan, your balance will be rolled over automatically into a Fidelity Rollover IRA in your name. Your rollover will be invested in the Fidelity Cash Reserves Fund (FDRXX), a money market vehicle designed to preserve principal and provide a reasonable rate of return relative to the level of risk and liquidity. 
 
If your vested account balance exceeds $5,000, you may:
  • Elect to keep it in the plan, or
  • Receive your savings plan account in any one of a number of payment options.
N/A Generally, any form of eligible pay received more than 30 days following your last day of employment is not considered eligible pay.

You will receive a distribution kit after you leave the company. Contact BP Retirement Services at Fidelity when you are ready to initiate payment. 
 
If you have an outstanding plan loan, you must decide how to repay the loan.
  • If you roll your account balance over to another qualified plan or an Individual Retirement Account (IRA), or take a cash distribution, you may want to pay all or part of the outstanding balance beforehand to avoid taxation.
  • If you keep an account balance in the plan, you may continue to repay your loan (via a coupon payment book).
BP retirement plan Generally speaking, additional benefits end.

If you were not vested as of your termination date and are not rehired within seven years, you will forfeit your retirement benefit. 

If your vested retirement benefit is $1,000 or less, you will receive an automatic lump-sum payment of your benefit.
 
If your vested account balance is between $1,000 and $5,000 and you do not elect a rollover to an IRA or other eligible plan, your balance will be rolled over automatically into a Fidelity Rollover IRA in your name. Your rollover will be invested in the Fidelity Cash Reserves Fund (FDRXX), a money market vehicle designed to preserve principal and provide a reasonable rate of return relative to the level of risk and liquidity. 
 
If your retirement benefit exceeds $5,000, you may elect to receive a lump-sum distribution, choose another distribution option or elect to keep your benefit in the plan. 
 
If you would like to receive a distribution of your plan benefit when you leave BP, contact BP Retirement Services at Fidelity. You can make this request up to 180 days in advance of your termination date. 
 
If you do not request a Benefit Commencement Kit prior to your termination date, you will automatically receive an Accrued Benefit Statement when you leave BP.
Generally 45 days prior to (but no later than the day before) your requested Benefit Commencement Date Contact BP Retirement Services at Fidelity when you are ready to initiate payment.

Generally, any form of eligible pay received more than 30 days following your last day of employment is not considered eligible pay. 
 
If you elect to receive a distribution, you must select your distribution option.
Next Steps
Review
  • Your benefit options and allowable changes to determine what changes, if any, you'll make to your BP benefits.
Remember
  • Enroll in COBRA or Retiree Medical Benefits if eligible.
    • To continue benefits through COBRA, you must contact the BP HR & Benefits Center within 60 days of losing eligibility. The BP HR & Benefits Center will then send COBRA materials to the eligible participant. COBRA must then be elected within 60 days of the date that the COBRA materials are sent.
    • If you are eligible for the BP Retiree Medical Plan but are not enrolled in the BP Medical Program when you leave BP, you must enroll in Retiree Medical Benefits within 30 days of your retirement; otherwise you will be required to wait until the next annual enrollment. Contact the BP HR & Benefits Center for more information on enrolling for benefits.
  • Convert your basic life insurance coverage if you do not have grandfathered retiree life insurance coverage.
  • Port your GUL and Long-term Care Insurance coverages.
  • Contact BP Retirement Services at Fidelity when you are ready to initiate payment of your retirement benefits.
Go to or call
  • John Hancock at 1-800-482-0022 to make changes to your LTC participation.
  • BP Retirement Services at Fidelity at 1-877-272-3334 to make changes to your savings plan or to add or change a beneficiary for the BP savings plan or BP retirement plan (as applicable).
  • The BP HR & Benefits Center at 1-800-890-4100 to enroll in or make changes to your other benefits.
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