Retiring from BP

BP offers employees a comprehensive benefits program, including benefits that help with your retirement income needs. Here you will find information about how you can plan for retirement and manage your benefits when you leave the company
man in hard hat

Note: This section contains general information to help you understand your BP benefits. 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 Retiring from BP tab does not mean that you are eligible for that particular benefit. For plan eligibility questions, please refer to the Benefits Handbook.

Considering retirement

Here are guidelines for preparing for retirement:

  • Guide to preparing for retirement. Tips on how to prepare for your retirement from BP; including the information you need to review, how to set goals, analyze your sources of income and more.

Ready to retire

Review these three important resources when you're ready to retire:

  1. Steps to retirement at BP. A summary of steps you need to take when you are ready to retire.
  2. Retirement plan information you will receive. A summary of the information you will receive, who will send it and when you will get it.
  3. You leave BP. A summary of benefit options, available changes and when active coverage ends.

After retirement

As a BP retiree, you'll have continued access to information, resources and programs to help you stay connected and informed.

Learn about your retirement benefits
  Retirement Income Benefits Health and Protection Benefits
Resources for more information
At BP, there are resources available to help you get specific and accurate information about your retirement benefit plans. Here you'll find links to these resources.
Note: The long-term care plan administered by John Hancock is closed and not open to new enrollees.
BP retirement benefits
Here you'll find a summary of what happens to your BP benefits after you retire. You'll also be able to link to the online Benefits Handbook to learn more about each benefit.
BP Retirement Accumulation Plan (RAP)

The BP Retirement Accumulation Plan (RAP) helps provide financial security in retirement. BP solely funds this plan — you do not make any contributions. The RAP is a "cash balance" retirement plan that allows your retirement benefit to grow steadily with monthly pay and interest credits over your career with BP.

Although your BP RAP benefit is meant for your retirement, it is also portable — meaning you can take it with you if you are vested when you leave BP, regardless of your age or service. When you are ready to receive your benefit, you have several payment options. You can also leave your account balance in the RAP* after you leave BP — subject to certain minimums — and let it earn additional interest credits, or you can roll it into the BP Employee Savings Plan, another eligible plan or an IRA.

* By law, you must start receiving your plan benefit no later than April 1 of the year following the calendar year in which you reach age 70½.

Employee Savings Plan (ESP)

The BP Employee Savings Plan (ESP) allows you to save a percentage of your eligible pay, up to annual plan limits, toward your retirement. You can elect to contribute on a before-tax basis, after-tax basis, Roth 401(k) basis or a combination of all three.

BP matches 100% of every dollar you contribute, up to 7% of eligible pay each pay period.

If you participated in the plan, you'll have the option to receive a distribution of your account balance, to leave it in the plan* — subject to certain minimums — or to roll your account balance into another eligible plan or IRA.

* By law, you must start receiving your plan benefit no later than April 1 of the year following the calendar year in which you reach age 70½.
Retiree medical coverage

BP offers retiree medical coverage to eligible 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 (as long as you have been employed on or after April 1, 2009) age 55 with at least five years of vesting service under a BP retirement plan and you are a full-time or part-time employee working for a participating BP employer group which offers its employees eligibility under the BP Retiree Medical Plan.

BP's retiree medical coverage has a prescription drug component. Prescription drug coverage varies based on the medical plan option you select.

Retiree dental coverage

BP offers the BP Voluntary Retiree Dental Plan to BP retirees. By enrolling in the plan, you benefit from the group rates offered — you will pay less for dental coverage than if you were to buy COBRA continuation coverage or an individual policy. You will also have access to the same network of dentists that was available to you as an employee if you participated in the BP Dental Plan. The BP Voluntary Retiree Dental Plan is administered by MetLife. Once enrolled, you will make payments directly to MetLife. To enroll once you retire, contact MetLife directly: Online at www.metlife.com/mybenefits, or by phone at 1-800-GET-MET8 (1-800-438-6388).

Long-term care coverage

The BP group long-term care insurance plan offers you and your family financial protection in the event a covered participant requires long-term care services.

Long-term care coverage is portable. This means you and your eligible family members can continue coverage at the same premium rates.

Note: The long-term care plan is closed and not open to new enrollees.

Group Universal Life insurance

BP's Group Universal Life (GUL) Insurance Program is portable. This means the coverage you purchase while you were an employee may continue post retirement provided you pay the required premiums to MetLife. Rates for retiree GUL coverage differ from those for active employees. While you can choose to decrease or drop GUL coverage, you cannot increase coverage or purchase it after you retire.  

Basic life insurance

Basic life insurance provides important security and financial protection to you and your beneficiary(ies) if you die while covered under the plan.

After you leave BP, you will have the option to convert your basic life insurance coverage into an individual policy, or you may be eligible for grandfathered retiree life insurance. 

To find out if you are eligible for grandfathered retiree life insurance, contact the BP HR & Benefits Center.
 
 
 Health and protection benefits 
Benefits available through COBRA coverage
You and/or your covered dependents will have access to dental, vision and health care spending account continuation under COBRA for up to
18 months after you leave the company. Note: The BP HR & Benefits Center will mail COBRA materials to you regarding your eligibility for these benefits.
Medical

If you choose not to enroll in or to delay retiree medical coverage, or if you wish to keep a coverage option that is not available to retirees, 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) for your current medical coverage. If you have any questions regarding what coverage options are available to you, contact the BP HR & Benefits Center.

Dental


As an active employee, you are able to elect dental coverage. If you are enrolled in a dental plan, 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.

Vision

As an active employee, you are able to elect vision coverage. If you are enrolled in the vision plan, 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.

Health care flexible spending account (HCFSA)

As an active employee, you have the option of contributing to the health care flexible spending account (HCFSA) to help you save money on eligible health care expenses. 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.

BP Care

You will continue to have access to BP Care, the Employee Assistance Program (EAP), through COBRA at no cost to you. (Company Code: BP.)
 
  Retirement income benefits Health and protection benefits
Benefits that do not continue after retirement
Certain benefits will no longer be available after you leave BP. These include the dependent care spending account, short-term disability, long-term disability, accidental death and dismemberment (AD&D) and occupational accidental death (OAD).
Retirement Accumulation Plan (RAP)

Pay credits to your Retirement Accumulation Plan account will cease after you leave BP. However, you can leave your account balance in the RAP* — subject to certain minimums — until you are ready to take a distribution and continue to receive regular interest credits.

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

* By law, you must start receiving your plan benefit no later than April 1 of the year following the calendar year in which you reach age 70½.

Employee Savings Plan (ESP)

Your contributions and company contributions will end after you leave BP. If you were not vested as of your termination date and are not rehired within seven years, you will forfeit your company match.

You can leave your balance in the plan* — subject to certain minimums — until you are ready to take a distribution of your benefit.

* By law, you must start receiving your plan benefit no later than April 1 of the year following the calendar year in which you reach age 70½.
Dependent care spending account (DCSA)

As an active employee, you are able to participate in the dependent care spending account to help you save money on eligible dependent care expenses.

Your coverage ends on the last day of the month in which your employment ends. Any dependent care spending account claims for eligible expenses incurred prior to the date your coverage ends must be submitted within 90 days of the end of the plan year (by June 30).

Short-term disability

As an active employee, BP provides short-term disability (STD), which offers the continuation of income on a short-term basis if you are ill or injured and are unable to work. STD benefits are generally available for up to 26 weeks a year. Your STD coverage ends on the date your employment ends.

Long-term disability

As an active employee, BP provides long-term disability (LTD), which replaces a portion of your pay if you become disabled for more than six months. 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.

Accidental death and dismemberment

As an active employee, BP provides accidental death and dismemberment (AD&D) coverage, which provides financial protection to you and your beneficiary(ies) if you are injured or die while covered under the plan. Your coverage ends on the date your employment ends. You cannot convert coverage to an individual policy.

Occupational accidental death

As an active employee, BP provides occupational accidental death (OAD) coverage, which is designed to provide financial protection against the loss of your income if you die at the work site due to a work-related injury or as a result of work-related injuries sustained while traveling on company business. Your coverage ends on the date your employment ends. You cannot convert coverage to an individual policy.
 
Quick links Learn more about Social Security online at www.ssa.gov.
 
Learn more about Medicare and Medicare Part D at www.medicare.gov.
Contact information Refer to the Contacts tab.
 
Refer to the Contacts tab.

Related links

Learn more about all aspects of preparing for retirement through Fidelity's online resources and stories.
Learn more about how your RAP benefit (if applicable) may be impacted if you receive LTD benefits
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