Retirement plan information you will receive
Steps to retirement at BP
Guide to preparing for retirement

Retirement plan information you will receive

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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.

When you decide to retire from BP, you will receive information from various plan administrators including:

  • Fidelity for pension (as applicable) and savings benefits.
  • BP HR & Benefits Center for health and protection.
  • MetLife for Basic Life Insurance and Group Universal Life insurance.
  • John Hancock for long-term care.

Keep in mind; you will be receiving information directly from these plan administrators — not from BP. Therefore, information may come to you at different times. The table below shows which plan administrator will be sending you information, what you will receive and when you will receive it. Be sure to carefully review all the information as actions may be required of you at different times — before and during retirement.

You should expect to receive the following information after you leave the company. Depending on your grade/level, you may be eligible for additional benefits and programs. If so, you’ll receive the applicable information from BP.

Plan Administrator
Retirement plan information you will receive
By request or automatic
BP Retirement Services at Fidelity
  • Benefit Commencement kit. If you would like to receive a distribution of your plan benefit when you leave BP, you must request a Benefit Commencement kit from BP Retirement Services at Fidelity by calling
    1-877-272-3334. You can make this request up to 180 days in advance of your termination date.
  • Accrued Benefit statement. 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. This statement includes information about your accrued benefit under the plan and distribution options for receiving your benefit.
Employee Savings Plan (ESP)
  • Employee Savings Plan distribution kit. If you participated in the plan, you will need to call BP Retirement Services at Fidelity to receive a distribution kit after you leave the company. This kit includes information about your account balance in the plan and options for receiving a distribution of your plan benefit. You will need to contact Fidelity when you are ready to receive a distribution of your plan benefit (unless your vested account balance is $5,000 or less).


By request




Automatic







By request
BP HR & Benefits Center
  • COBRA package. COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) is a federal law that may offer you or a covered dependent the option to continue health care coverage, for a specified time, when such coverage would otherwise end. A COBRA package will be sent to your home with information about your medical, dental and vision coverage and health care spending account, if applicable. You should receive this package up to two weeks after your termination date with BP.
Retiree medical program
  • If eligible, you will automatically receive information about the retiree medical program and options available to you. This information will be sent to your home along with your COBRA package.
  • Confirmation statement of assigned coverage. You will be sent a confirmation of your assigned coverage and any options available to you.
 

Automatic









Automatic


Automatic
 
MetLife
  • Basic life insurance conversion form. If eligible, you'll automatically receive information about how to convert your Basic life insurance coverage to an individual policy after you leave BP. A conversion form will automatically be sent to you after you leave the company.
Group Universal Life (GUL)
  • GUL continuation coverage form. If you are enrolled in Group Universal Life (GUL) insurance, MetLife will automatically send you information about how to continue this coverage when you leave the company.
 

Automatic






Automatic
 
John Hancock
  • Long-term care continuation coverage form. If you are enrolled in Long-term care, John Hancock will automatically send you information about how to continue this coverage when you leave the company.
 

Automatic
 
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