If you are a new employee, this limit applies to your combined pre-tax contributions and Roth 401(k) to all 401(k) plans you participated in during the calendar year. Therefore, you should keep an eye on your contributions – including catch-up contributions, if any – and request a refund of those that exceed the limit by contacting your former employer or Fidelity`s Bp Retirement Services at 1-877-272-3334. (The deadline to submit this application to bp Retirement Services with Fidelity is March 15 of the year following the year your contribution exceeds the limit.) To request a rollover, contact Fidelity or go online at netbenefits.com/bp. A 20% federal income tax withholding applies to the taxable portion of withdrawals that are eligible for rollover but are not directly transferred to another tax-eligible plan or IRA. You may also be responsible for national and local taxes. While your account remains in the plan, it is still subject to investment gains and losses, and you can switch between investment options at any time. You can transfer this one-time lump sum payment directly to an individual retirement account (IRA), another tax-eligible plan or an eligible employer-sponsored plan. The Company reserves the right to modify or terminate the Plan at any time without notice. The decision to do so may be the result of changes in federal or state benefit laws or any other factor. If any of these IRAs are set up for you, Fidelity will provide you with your account information. No other benefits are paid by the plan. You have the right to enroll in the Plan on the first day of your employment or as soon as administratively possible if you meet the above requirements and are not excluded in any of the categories described in Who is not eligible. You cannot have more than two outstanding loans at a time under this plan and other BP savings plans.

If you die or become disabled during an eligible military leave (as determined in BP`s long-term disability plan), you will receive business consideration based on your contributions made during the 12 months preceding the start of your eligible military leave. If you reach the increased annual contribution limit before taxes and Roth 401(k) (including the catch-up contribution), your employee contributions will be automatically converted to after-tax contributions for the remainder of the year, unless you choose to stop contributions. You`ll fall back on input tax and/or Roth 401(k) contributions early next year. All your employee contributions – including catch-up contributions – are doubled by the company up to a maximum of 7% of the eligible salary. Loans in your plan (if any) will not be used to fund installment payments. As the Income Assistance and Hero Tax Relief Bill, 2007 allows, if you are a reservist or a national guard who served after September 11. Was appointed to active duty in September 2001 and served six months (180 days) or more to withdraw some or all of your contributions to the plan without having to pay the 10% prepayment penalty. However, in most cases, these payments continue to be subject to regular income tax.

In addition, you can repay all or part of the withdrawal amount to an individual retirement account (IRA) within two years of the end of your active service. For more information, please contact Fidelity`s BP Retirement Services at 1-877-272-3334. If you do not change your contribution choice, you will automatically be enrolled in the savings plan as soon as administratively possible, starting with your first paycheque starting on your 30th day of employment. A pre-tax deduction of 7% of your eligible salary is automatically paid into your savings plan account each payment period. As a member of a bp benefit plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act, 1974 (ERISA). ERISA provides that all plan members are entitled to: Ineligible deferred compensation plans, while less common, are another way for high-paid employees to save for retirement or other financial goals. These plans give members the option to make pre-tax contributions of up to 100% of their annual compensation, but are usually reserved for a limited number of high-income employees within a company. They offer greater flexibility than DC plans with respect to college payments or other purposes other than retirement, but do not offer the same protection as eligible plans. To name your beneficiary or change your name, contact bp Retirement Services online at Fidelity or 1-877-272-3334.

Fill in all the required forms correctly, by . B notarized consent and return them to bp Retirement Services at Fidelity for your new or amended beneficiary designation to take effect. If the required forms are not properly completed or are not accepted by bp Retirement Services at Fidelity, your designation will not be valid. If you are a member of an ineligible Bp pension plan, the rules may differ. For more information, see Unqualified Plans Overview. BP`s Employee Savings Plan is a 401(k) plan that allows you to save a percentage of your eligible salary up to the legal limits of your retirement. You can choose to contribute before tax, after tax or Roth 401(k) or a combination of all three. bp makes it easy to save for retirement as part of the savings plan by offering an automatic enrollment feature. If you are hired or reinstated on or after January 1, 2011, you will automatically contribute to the Savings Plan, unless you expressly choose not to do so.

However, you remain a member to participate in investment gains and losses, change your investment orientation and receive plan information until your account balance is distributed and/or expires. Employers can allocate an employee`s contributions to a Roth 401(k) or 403(b); However, these contributions fall into the traditional version of plans, which means that they are subject to taxes when the funds are withdrawn. Health Savings Accounts (HSAs) are a type of ESP that allows you to set aside a portion of your paycheck for eligible medical expenses. You fund them with pre-tax money and you get tax-free withdrawals when you use the money to cover health care costs. If you apply for a loan and meet the conditions applicable to your application, you will receive a cheque or an electronic transfer (EFT), if you wish, for the amount of the loan. The loan agreement, which contains a truth in the loan, will be sent to you or made available online if efT is chosen. You should read the loan agreement carefully before recommending your credit check or online confirmation, as your confirmation binds you to the terms of the loan agreement. The plan must also comply with legal non-discrimination rules designed to ensure that eligible pension plans do not pay a disproportionate portion of their benefits to high-paid workers.

If you are a highly paid worker, your contributions — with the exception of catch-up contributions that are not subject to these rules — may need to be reduced or partially reimbursed for the plan to comply with these rules. You will be notified if you are affected. If the plan administrator determines that you have received more than you are entitled to under the terms of the plan, they are authorized to collect that overpayment, including offsetting any additional amounts to which you may be entitled under the plan. If you choose to receive your vested benefits as a lump sum payment and you die after payments begin, but before the vested portion of your plan account has been fully distributed to you, the remainder of your account will be paid as a lump sum to your designated beneficiary. Any civil action for benefits that is not brought in time can therefore be dismissed by the court. In any lawsuit you bring, you must comply with both the applicable limitation period under ERISA and the specific provisions of the regime that govern when actions must be brought. The plan includes a provision that governs when actions must be brought. Any civil action for benefits must be brought no later than two years after the first of the following years: (i) in the case of a lump sum payment, the date on which the payment was made, (ii) in the case of a regular payment, the date of the first of the series of payments, or (iii) for all other claims, the date on which the action at issue took place. This limitation period is extended by all toll periods during the complaint or appeal procedure. If you are entitled to benefits that are denied or ignored in whole or in part, you can take legal action in state or federal court.

In addition, if you disagree with the plan`s decision or lack thereof regarding the permissible status of a Family Relations Order (DSB), you can sue in federal court. (You can`t sue until you`ve exhausted the plan`s claims and appeals.) If the plan trustees abuse the plan`s money, or if you are discriminated against in claiming your rights, you can contact the U.S. Department of Labor or file a lawsuit in federal court. You are solely responsible for selecting the investment options in which you invest. Neither the Company nor any other trustee of the Plan shall be liable for any impairment of your investment holdings resulting from the exercise of your investment liability, to the extent permitted by Section 404(c) of ERISA. .