Steps to retirement at BP

When you are ready to retire, use these steps to help you navigate the retirement process
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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.

Below are the steps you need to take when you are ready to retire, including whom to contact and what information to review.

  1. Contact your manager and Human Resources Advisor and notify them of the date you plan to retire.

  2. Review your benefit options and allowable changes to determine what changes, if any, you will make to your BP benefits. You can do this by reviewing the You leave BP section under the life events tab.

  3. Contact BP Retirement Services at Fidelity at 1-877-272-3334, or log on to NetBenefits to review your account balances under the Retirement Accumulation Plan and Employee Savings Plan (if you participated). Determine if you would like to receive your distribution or wait until a later date.
    • Retirement Accumulation Plan (RAP) — 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. 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.
    • Employee Savings Plan — If you participated in the plan, you will receive a distribution kit after you leave the company. Contact BP Retirement Services at Fidelity when you are ready to receive a distribution of your plan benefit.

  4. Enroll in COBRA or retiree medical coverage, if eligible.
    • To continue benefits through COBRA, you must contact the BP HR & Benefits Center, by phone at 1-800-890-4100 or online through LifeBenefits, within 60 days of your COBRA qualifying event or of the date noted on your COBRA materials from the BP HR & Benefits Center, whichever is later. Benefit continuation available through COBRA includes medical, dental, vision and the health care spending account for those plans you were enrolled in while employed.  
    • If you are eligible for the BP retiree medical program and:
      • Are age 65 or above, and are currently enrolled in the BP medical program when you leave the company, you and your covered dependents are automatically enrolled in a BP Retiree Medical Plan option, the Medicare Advantage Plan.
      • Are below age 65, and are currently enrolled in the BP medical program when you leave the company, your coverage will automatically default to No Coverage under the Retiree Medical Plan. You will have 30 days to enroll into coverage.
      • Are currently enrolled in the BP medical program but a dependent is not, your eligible dependent(s) must wait until annual enrollment to enroll in coverage.
      • Are not enrolled in BP medical coverage when you leave BP, you must enroll in retiree medical coverage within 30 days of your retirement; otherwise, you will be required to wait until the next annual enrollment. Contact the BP HR & Benefits Center at 1-800-890-4100 for more information on enrolling for benefits.

  5. Convert your basic life insurance coverage into an individual policy if you do not have grandfathered retiree life insurance coverage. If you are eligible to convert your basic life insurance coverage, a conversion form will automatically be sent to you after you leave the company. The conversion form will list a number to call for referral to the MetLife office nearest you who will help guide you through the conversion process. You are not required to provide evidence of insurability. You must contact MetLife and speak to an agent within the 31-day conversion period. You will not be able to convert your basic life insurance later.

  6. Continue your Group Universal Life (GUL) and long-term care insurance coverage, if applicable.
    • If you are enrolled in Group Universal Life, MetLife will automatically send you a packet of information after you leave the company, detailing what you need to do to continue coverage.
    • If you are enrolled in long-term care, John Hancock will send you information about how to continue this coverage after you leave BP.

  7. Consider enrolling in the BP Voluntary Retiree Dental Plan. To enroll once you retire, contact MetLife directly: online at www.metlife.com/mybenefits, or by phone at 1-800-GET-METS (1-800-438-6388).
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