BP basic life and AD&D insurance plan

Transcription

1 BP basic life and AD&D insurance plan IMS#65525

2 Table of Contents Basic life and accidental death & dismemberment insurance plan 1 Eligibility and participation 2 How to enroll 3 Paying for coverage 4 When coverage begins/ends 5 Beneficiary designation 6 How the plan works 7 Basic life insurance coverage 8 Accidental death & dismemberment (AD&D) coverage 10 Seat belt and air bag benefits 12 Bereavement and trauma counseling benefit 13 Home alteration and vehicle modification benefit 14 Insurance continuation expense benefit 15 Spouse/domestic partner retraining benefit 16 Child care center benefit 17 Base pay 18 How to file a claim 19 Process for formal claim for benefits 20 Process for formal claims relating to eligibility to participate 21 Leaving BP 22 Administrative information 23 Plan administrator 25 Assignment of benefits and power of attorney (POA) matters 26 Governing plan documents 27 No right to employment 28 Future of the plan 29 Your ERISA rights 30

3 Basic life and accidental death & dismemberment insurance plan Life and AD&D provide a financial safety net should you die or become injured Life and accidental death and dismemberment coverages provide important security and financial protection to you and your beneficiary(ies) if you are injured or die while covered under the plan. Basic life insurance and accidental death and dismemberment (AD&D) coverage are provided at no out-of-pocket cost to you; you do not need to enroll to participate. You do not need to enroll in any other BP health and protection benefits to participate in the Basic Life and Accidental Death & Dismemberment Insurance Plan. Basic life coverage is insured and administered by MetLife; AD&D coverage is insured by Life Insurance Company of North America and administered by Cigna. In general, the plan provides the following coverages: Basic life coverage should you die Accidental death and dismemberment coverage should you become injured or die 2 x base pay, up to a maximum of $3.75 million. If you lose a limb or combination of limbs: 25% to 100% of 2 x base pay for a covered loss, up to a maximum of $1 million. If you die: 2 x base pay, up to a maximum of $1 million. Because this document is intended as a summary of a BP benefits plan, it is not intended to describe each plan provision in full detail. More complete details are contained in the governing plan documents (including applicable insurance policies). While we intend to update this summary on a regular basis, it is possible that at any point this summary may be neither current nor complete. Further, differences between this summary and the applicable plan document are not intended. If, however, any differences are found to exist, the relevant provisions of the applicable plan document and not the summary will govern. BP reserves the right to amend or terminate a plan at any time without advance notice. 05/Apr/18 02:35 The most up-to-date information is available online at Page 1 of 32

4 Eligibility and participation Learn about the eligibility rules governing the life and accident insurance plan Who is eligible You are eligible for the Basic Life and Accidental Death & Dismemberment Insurance Plan if you are classified as a full-time, part-time or temporary employee of a participating employer. Full-time employee: An employee assigned a position that: Requires full-time service as determined by BP; Is established to fill regular and ordinary employment requirements; and Is expected to continue for an indefinite period of time. Part-time employee: An employee assigned a position that is: Regular and ordinary in nature; Expected to continue for an indefinite period of time; and One in which the employee works a schedule that is less than that of a full-time employee but is at least 20 hours a week. Temporary employee: An employee assigned to a position that: Requires full-time or part-time (not occasional) service as determined by BP; Requires a regular schedule of hours; and Will continue for a specified period of time or until the occurrence of a specified event, such as the return to work of a regular employee or the completion of a special assignment or project. Interns and co-ops are considered occasional employees. Who is not eligible Regardless of your employee classification, you are not eligible to participate if you are: An occasional employee. A member of a collective bargaining unit (union), unless your collective bargaining agreement provides that you are eligible to participate in the Basic Life and Accidental Death & Dismemberment Insurance Plan; Not classified as an employee on a participating employer s payroll, even if reclassified as a common-law employee by any third party. An Inpat (foreign resident working in the U.S.). An employee on an unpaid leave of absence which has not been approved by BP. Occasional employee: For purposes of the plan, an "occasional employee" means an employee who is employed by BP for work that is irregular or infrequent in nature and which ordinarily should last no longer than four to six months, or an employee who works a regular schedule that is less than 20 hours per week and which is expected to continue for an indefinite period of time. An employee s classification in BP s payroll records controls eligibility regardless of whether the individual is later reclassified. An employee s classification is determined at the time of hire. If later changed, the new classification will only apply prospectively, regardless of the actual hours worked under the initial classification. 05/Apr/18 02:35 The most up-to-date information is available online at Page 2 of 32

5 How to enroll You do not have to enroll for coverage. As an eligible employee, you automatically become a participant in the plan. Contact the BP HR & Benefits Center for answers or assistance. There are two ways to access the BP HR & Benefits Center: Online The BP HR & Benefits Center online: By phone Through the BP HR & Benefits Center: Within the U.S.: Outside the U.S.: You can: Change or reset your BP HR & Benefits Center password. Designate a beneficiary for your Basic Life/AD&D benefit. You can speak to a Participant Services Representative (available Monday Friday, 7:00 A.M. 7:00 P.M., Central time) to: Get answers to your questions about BP s benefits. Change information about you that is on file. 05/Apr/18 02:35 The most up-to-date information is available online at Page 3 of 32

6 Paying for coverage BP pays the full cost of your basic life and AD&D coverages. By law, the value of company-paid life insurance coverage in excess of $50,000 is considered taxable income; therefore, the value is reported on your IRS Form W-2 and shown as imputed income on your pay advices during the year. You are subject to taxes on imputed income unless you: Are totally and permanently disabled; or Designate a charitable organization as your beneficiary. If your basic life insurance amount exceeds $50,000, you can reduce your basic life coverage to $50,000 so you do not have to pay imputed income on the coverage. If you wish to reduce your basic life coverage, you must do so when you first become eligible or during annual enrollment. If you make this election, you can cancel it (and revert to basic life coverage of two times base pay) during any subsequent annual enrollment period. You cannot change your election mid-year. 05/Apr/18 02:35 The most up-to-date information is available online at Page 4 of 32

7 When coverage begins/ends When coverage begins You are automatically covered on the date you become eligible for the plan if you are actively at work on that day. Otherwise, coverage begins on the first day you are actively at work. When coverage ends Your basic life and AD&D insurance coverages end on the earliest of the following: The date your employment ends for any reason. However, if your death occurs within 31 days after your employment ends, your basic life insurance benefit will be paid to your beneficiary. The date you become ineligible because you are no longer an eligible employee or because your employee group no longer participates in the Basic Life and Accidental Death & Dismemberment Insurance Plan. The date BP terminates the Basic Life and Accidental Death & Dismemberment Insurance Plan. The date you begin an unpaid leave of absence which has not been approved by BP. Grandfathered retiree life insurance coverage Your basic life insurance ends when you are no longer a BP employee. However, 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 coverage only and does not include AD&D. The amount of coverage is based on the eligible retiree s eligible pay when leaving BP. Reduction factors and other terms and conditions are based on the terms and conditions applicable to the relevant heritage retiree life insurance plan as of the grandfather date. 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, 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. An individual eligible for grandfathered retiree life insurance coverage who is rehired automatically continues to be eligible for the retiree life coverage on his or her subsequent termination of employment from BP. 05/Apr/18 02:35 The most up-to-date information is available online at Page 5 of 32

8 Beneficiary designation Your beneficiary is the person who will receive your benefits under the plan on your death. You should name your beneficiary for basic life insurance and AD&D when you begin participation in the plan. You may also change your beneficiary at any time by accessing the BP HR & Benefits Center online or by calling You can name one or more individuals, trusts or legal entities as your primary beneficiary. You can also name one or more individuals, trusts or legal entities as contingent beneficiaries. The beneficiary(ies) you name for the Basic Life and Accidental Death & Dismemberment Insurance Plan will also be your beneficiary(ies) under the Occupational Accidental Death (OAD) Plan, unless you submit a separate beneficiary designation form for the OAD Plan to the BP HR & Benefits Center. You must contact the BP HR & Benefits Center by phone at to request this form. If you name more than one primary or contingent beneficiary, you need to decide how benefits will be divided among them. If you die without having left instructions for dividing your benefits, each primary beneficiary will receive an equal benefit (or, if none of your primary beneficiaries is alive at your death, each of your contingent beneficiaries). If a named beneficiary dies before you do, that person s share of the benefit will be divided equally among any surviving beneficiaries of the same class, unless otherwise noted on the applicable beneficiary designation. If you die before you or your assignee (if you have assigned your coverage) have named a beneficiary or if no designated beneficiary is alive when you die, benefits will be paid as follows: To your spouse, if applicable. If you have no spouse, to your estate. Any beneficiary designations on file expire when you leave BP unless you are eligible for grandfathered retiree life insurance coverage. If you are later rehired, unless you are eligible for grandfathered retiree life insurance (in which case the designation in effect before rejoining BP is still applicable), you should designate a new beneficiary(ies). The identification of the proper beneficiary for the payment of your benefits will be made solely by MetLife. 05/Apr/18 02:35 The most up-to-date information is available online at Page 6 of 32

9 How the plan works Important information about how the life and accident plan works The Basic Life and Accidental Death & Dismemberment Insurance Plan is provided at no cost to you to help ensure that you and your family have the financial protection you need if the unexpected happens. The plan offers two levels of benefits: Basic life insurance, which pays a benefit in the event of your death. Accidental death and dismemberment (AD&D) insurance, which pays a benefit in the event you lose a limb (or any combination of limbs) or die due to an injury. Leave of absence Your basic life insurance and AD&D coverage continues while you're on an approved leave of absence. If you receive an increase in your base pay while on leave, your increased coverage amount is not effective until you return to work. 05/Apr/18 02:35 The most up-to-date information is available online at Page 7 of 32

10 Basic life insurance coverage The plan provides you with basic life coverage equal to two times your base pay. If your base pay is not an even multiple of $1,000, your coverage amount is rounded up to the next higher multiple of $1,000 up to a maximum of $3.75 million. Benefits are paid to your beneficiary when you die. The basic life insurance benefit is paid in addition to any benefits payable through the AD&D benefit, Group Universal Life (GUL) Insurance Program and/or the Occupational Accidental Death (OAD) Plan. Basic life insurance coverage increases immediately when an increase in your base pay places you in a higher $1,000 bracket. You must be actively at work in order for an increase to take effect. If you are not actively at work, the increase takes effect the day you return to active work status. However, your basic life insurance coverage will not be reduced if your base pay decreases for any reason while you are a BP employee. If your basic life insurance amount exceeds $50,000, you can reduce your basic life coverage to $50,000 so you do not have to pay imputed income on the coverage. If you wish to reduce your basic life coverage, you must do so when you first become eligible or during annual enrollment. If you make this election, you can cancel it (and revert to basic life coverage of two times base pay) during any subsequent annual enrollment period. You cannot change your election mid-year. Note: Effective April 1, 2012, the calculation for basic life coverage changed from one times eligible pay to two times base pay. Your coverage amount was not reduced if your new benefit calculation using base pay was less than your previous calculation using eligible pay. Early payout benefit If you die while you are covered under the Basic Life and Accidental Death & Dismemberment Insurance Plan, an early payout benefit of 50% of your basic life insurance coverage, up to a maximum of $10,000, will be available to your beneficiary immediately. Your beneficiary does not need to provide a copy of your death certificate before this early payout is made. To request the early payout benefit, beneficiaries should call the BP HR & Benefits Center. This early payout benefit does not apply to your AD&D benefit. The early payout benefit is not available when no beneficiary has been named or if benefits are payable to your estate and MetLife has not received the estate papers. 05/Apr/18 02:35 The most up-to-date information is available online at Page 8 of 32

11 Accelerated benefit option (ABO) An accelerated benefit option (ABO) allows terminally ill people the opportunity to receive up to 50% of their life insurance benefit (subject to an 8% mortality and interest charge) during their lifetime. The minimum benefit available is $10,000 and the maximum benefit is $250,000. The ABO does not apply to AD&D benefits. An ABO is available to you if: You are covered by the Basic Life and Accidental Death & Dismemberment Insurance Plan; You or your legal representative requests payment of the ABO; and MetLife accepts your doctor s written certification that you have a terminal illness and your life expectancy is six months or less. The ABO is payable only once, and payment is made only while you are still living. Once an ABO is paid, the amount of your basic life insurance coverage is reduced by the amount you received as a result of the ABO payout. When you die, your beneficiary will receive the remaining balance of your basic life insurance benefit. No ABO will be paid if: You have assigned your basic life insurance benefit; MetLife has been notified that all or a portion of your basic life insurance benefit is to be paid to your former spouse as part of a divorce agreement; Your life expectancy is limited and you are expected to die within six months as the result of: Attempted suicide; Intentional injury to yourself; Alcohol or drug abuse; A war or a war-like action in time of peace; or Any event occurring while you were in violation of criminal law; The amount of your basic life insurance coverage is less than $20,000; or A government agency requires you to request payment of an ABO before you may apply for, receive or keep a government benefit or entitlement, such as payment for long-term care in a skilled nursing facility. You or your legal representative may request payment of an ABO by calling the BP HR & Benefits Center. A representative will outline the steps you or your legal representative must take to request the ABO. 05/Apr/18 02:35 The most up-to-date information is available online at Page 9 of 32

12 Accidental death & dismemberment (AD&D) coverage Accidental Death & Dismemberment (AD&D) coverage pays a benefit if you experience an accident that results in your death or a covered loss within one year of the date of the accident. The AD&D death benefit amount is two times your base pay up to a maximum of $1 million. The AD&D dismemberment benefit is a percentage of the AD&D death benefit amount, depending on the covered loss. Any AD&D benefit is paid in addition to any benefit payable through the basic life benefit, Group Universal Life (GUL) Insurance Program and/or the Occupational Accidental Death (OAD) Plan. AD&D insurance coverage increases immediately when an increase in your base pay places you in a higher $1,000 bracket. You must be actively at work in order for an increase to take effect. If you are not actively at work, the increase takes effect the day you return to active work status. However, your AD&D coverage will not be reduced if your base pay decreases for any reason while you are a BP employee. The AD&D benefit is paid if you suffer a covered loss as listed in the table below and if: The accident is the sole cause of the injury; The injury is the sole cause of that covered loss; and The covered loss occurs within 365 days of the date of the accident. For loss of... Percentage of the AD&D benefit amount paid is... Life 100% Two or more hands and feet 100% Sight in both eyes 100% One hand or one foot AND sight in one eye 100% Speech and hearing in both ears 100% One hand or foot 50% Sight in one eye 50% Speech 50% Hearing in both ears 50% All four fingers of the same hand 50% Thumb and index finger of the same hand 25% For the following conditions... Quadriplegia (total paralysis of both upper and both lower limbs) 100% Paraplegia (total paralysis of both upper limbs or both lower limbs) 100% Hemiplegia (total paralysis of the upper and lower limbs on one side of the body) 100% Coma Monthly benefits (paid for up to 11 months) Lump sum benefit (payable at the beginning of the 12th month) 1% 100% Loss of: Hand or foot means complete severance through or above the wrist or ankle joint. 05/Apr/18 02:35 The most up-to-date information is available online at Page 10 of 32

13 Sight means the total, permanent loss of all vision in one eye that is irrecoverable by natural, surgical or artificial means. Speech means total and permanent loss of audible communication that is irrecoverable by natural, surgical or artificial means. Hearing means total and permanent loss of ability to hear any sound in both ears that is irrecoverable by natural, surgical or artificial means. A thumb and index finger of the same hand or four fingers of the same hand means complete severance through or above the joints between the fingers and the hand, of the same hand. Paralysis means the total loss of use of a limb. A physician must determine the loss of use to be complete and irreversible. Coma means a profound state of unconsciousness which resulted directly or independently from all other causes from a covered accident, and from which you are not likely to be aroused through powerful stimulation. Coma does not mean any state of unconsciousness intentionally induced during the course of treatment of a covered injury unless the state of unconsciousness results from the administration of anesthesia in preparation for surgical treatment of the covered accident. The maximum AD&D benefit payable from any single accident, regardless of the number of covered losses suffered, is 100% of the benefit amount. The plan does not pay AD&D benefits for any loss caused by or resulting from: Intentionally self-inflicted injury, suicide or any attempt, while sane or insane; Committing or attempting to commit a felony or an assault; Participating or attempting to participate in a riot or insurrection; Declared or undeclared war or act of war, but only where the loss occurs in the U.S. or its territories and possessions, or in any nation of which the covered person is a citizen; Bungee jumping, parachuting, skydiving, parasailing or hang-gliding; Flight in, boarding or alighting from an aircraft or any craft designed to fly above the Earth s surface, except as: A fare-paying passenger on a regularly scheduled commercial or charter airline; A passenger in a non-scheduled, private aircraft used for pleasure purposes with no commercial intent during the flight; or A passenger in a military aircraft flown by the Air Mobility Command or its foreign equivalent. Sickness, disease, bodily or mental infirmity, bacterial or viral infection, or medical or surgical treatment, except for any bacterial infection resulting from an accidental external cut or wound or accidental ingestion of contaminated food; A covered accident that occurs while engaged in the activities of active duty service in the military, navy or air force of any country or international organization. Covered accidents that occur while engaged in Reserve or National Guard training are covered; Intoxication as determined according to the laws of the jurisdiction in which the accident occurred; or Voluntary ingestion of any narcotic drug, poison, gas or fumes, unless prescribed or taken under the direction of a physician and taken in accordance with the prescribed dosage. Benefits will not be paid for death or dismemberment caused by services or treatment rendered by a physician, nurse or any other person who is: Employed or retained by BP; Providing homeopathic, aroma-therapeutic or herbal-therapeutic services; Living in your household; or Your parent, sibling, spouse/domestic partner or child. 05/Apr/18 02:35 The most up-to-date information is available online at Page 11 of 32

14 Seat belt and air bag benefits If you die in an automobile accident while wearing a seatbelt, the plan pays an extra 10% of your AD&D coverage amount, up to $25,000 (this is in addition to the regular AD&D benefit you may be eligible to receive). No seat belt benefit is payable if it is determined that the seatbelts were not properly fastened or were being worn incorrectly. Automobile means a self-propelled, private passenger motor vehicle with four or more wheels that is a type both designed and required to be licensed for use upon the highways of any state or country. It also includes a sedan, station wagon, sports utility vehicle or motor vehicle of the pickup, van, camper or motor-home type. Automobile does not include a mobile home or any motor vehicle that is used in mass or public transit. Seat belt means: Any child restraint device that meets the definition under state law. Any other restraint device that: Meets published federal safety standards. Has been installed by the car manufacturer. Has not been altered after such installation. An additional benefit will be paid if you are in an automobile accident where a supplemental restraint system (an airbag that inflates upon impact for added protection to the head and chest areas) that was properly functioning and inflated upon impact. Proper use of the seatbelt at the time of the accident and that the airbag properly inflated upon impact must be a part of an official police report, or be certified, in writing, by the investigating officer(s) and provided to you to give to Cigna. If this certification or police report is not available or it is unclear if you were wearing a seatbelt or were positioned in a seat protected by a functioning airbag that deployed properly, AD&D coverage will pay a default benefit of $1,000. The plan will not pay this benefit if you are driving under the influence of drugs or alcohol. 05/Apr/18 02:35 The most up-to-date information is available online at Page 12 of 32

15 Bereavement and trauma counseling benefit If you or your immediate family members require bereavement and trauma counseling because of a covered loss resulting directly from a covered accident, the plan will pay $75 per counseling session, up to a maximum of 10 sessions, if counseling is: Received within one year from the date of your death or accident causing the covered loss; Provided under the care, supervision or order of a physician; and Considered a charge if no insurance existed. The expense for a counseling session must be charged for you or one or more of your immediate family members. Covered bereavement and counseling benefits do not include any expense for which the covered person is entitled to benefits under any workers compensation act or similar law. 05/Apr/18 02:35 The most up-to-date information is available online at Page 13 of 32

16 Home alteration and vehicle modification benefit If you suffer a covered loss that requires the use of specialized equipment such as a wheelchair, the plan will pay an additional 10% of your AD&D benefit up to a maximum of $25,000 for home alteration and vehicle modification. This benefit will be paid if you meet all of the following: Did not require adaptation of your residence and/or vehicle or the use of any adaptive devices before the date of the covered accident; Now require such adaptation of your residence and/or vehicle or adaptive devices in order to maintain an independent lifestyle as a direct result of the covered accident; and Require home alteration or vehicle modification within one year of the date of the covered accident. 05/Apr/18 02:35 The most up-to-date information is available online at Page 14 of 32

17 Insurance continuation expense benefit In the event of your death due to a covered accident, your surviving spouse and/or dependent child(ren) may elect to continue BP group medical and/or dental insurance and receive a reimbursement of up to 3% of your AD&D benefit amount (up to $4,500 per year). This insurance continuation benefit may be provided for up to three years, if: Your death results directly or independently from a covered accident; You are survived by a spouse and/or dependent child(ren); Your spouse and/or dependent child(ren) are also covered under a BP medical or dental plan at the time of your death; and Your spouse and/or dependent child(ren) notify Cigna of their election to continue their existing coverage, as permitted, within 60 days of your death. The benefit will be paid at the end of each year that medical and/or dental insurance is continued if the plan receives requests for reimbursement and proof of premiums paid during that year. Benefits will continue to be paid until the earliest of the following: The date your surviving spouse and/or dependent child(ren) are no longer eligible to continue medical and/or dental insurance coverage; The date insurance continuation expense benefits paid total the maximum benefit; or The end of the maximum benefit period (three years). Benefits are payable to your surviving spouse or the person who actually paid the premium on behalf of your surviving spouse. 05/Apr/18 02:35 The most up-to-date information is available online at Page 15 of 32

18 Spouse/domestic partner retraining benefit AD&D coverage will pay benefits of 3% of your AD&D benefit, up to a maximum of $3,000, for your covered spouse/domestic partner to receive occupational or educational training needed for employment if you die as the direct result of a covered accident. This benefit is payable if you die within one year of a covered accident and are survived by your spouse/domestic partner who: Enrolls, within three years after your death, in an accredited school for the purpose of retraining or refreshing skills needed for employment; and Incurs expenses payable directly to, or approved and certified by, such school. 05/Apr/18 02:35 The most up-to-date information is available online at Page 16 of 32

19 Child care center benefit If you die as the result of a covered accident, an additional benefit may be available to help cover the cost of child care. AD&D coverage will pay benefits of 3% of your AD&D benefit amount, up to a maximum of $3,000 per year for a maximum of three years, for the care of each surviving dependent child in a child care center. To be eligible for the benefit, your dependent child(ren) must be under the age of 13 and: Enrolled in a child care center on the date of your covered accident; or Enrolls in a child care center within 90 days from the date of your covered accident. This benefit will be payable to your surviving spouse/domestic partner if your spouse has custody of the child(ren). If your surviving spouse/domestic partner does not have custody of the child(ren), benefits will be paid to the child s legally appointed guardian. Payments will be made at the end of each 12-month period that begins after the date of your death. A claim must be submitted at the end of each 12-month period with proof of enrollment and attendance. A 12-month period begins either: When your dependent child enters a child care center for the first time, within the period specified above after your death; or On the first of the month following your death, if the dependent child was enrolled in a child care center before your death. Each succeeding 12-month period begins on the day immediately following the last day of the preceding period. Pro-rata payments will be made for periods of enrollment in a child care center of less than 12 months. 05/Apr/18 02:35 The most up-to-date information is available online at Page 17 of 32

20 Base pay For purposes of the Basic Life and Accidental Death & Dismemberment Insurance Plan, "base pay" means: For salaried employees, base pay is the base annual pay you receive each year. For hourly employees, base pay is your regular hourly rate multiplied by your regularly scheduled hours, projected over a 52-week period. Unless an item of compensation is expressly included in this definition, it is not treated as base pay. 05/Apr/18 02:35 The most up-to-date information is available online at Page 18 of 32

21 How to file a claim Claims should be filed with the claims administrator To initiate the payment of benefits, you or your beneficiary should call the BP HR & Benefits Center. A representative will outline the steps required to request benefits. Basic life benefit amounts will be paid to your beneficiary in a lump sum. Generally, basic AD&D benefit amounts will be paid either directly to you or your beneficiary, depending on the covered loss. Certain AD&D benefits may be payable to parties other than your beneficiary(ies); for example, under the insurance continuation expense benefit and the child care center benefit. Basic AD&D benefits of $5,000 or less are paid in a lump sum. If the benefit amount is more than $5,000, Cigna will set up a Cignassurance Account, which is an interest-bearing account with checkbook privileges. You or your beneficiaries can then choose to take the benefit as a lump sum or in installment payments. The request for basic life benefits should be filed with MetLife within 90 days of your death or as soon as reasonably possible. A certified copy of your death certificate or other written proof that is acceptable to MetLife must be included, unless the request is for an early payout benefit. Usually, MetLife will act on the request within 30 days. If more time is required, your beneficiary will receive written notification of the reasons for the delay. If you die as the result of an accident or suffer any other covered loss, a request for AD&D benefits should be filed with Cigna within 90 days of the accident, or as soon as reasonably possible. 05/Apr/18 02:35 The most up-to-date information is available online at Page 19 of 32

22 Process for formal claim for benefits If you are not satisfied with a final benefits determination, you may file a formal claim. The formal claim must be in writing and must be filed with the claims administrator. If the formal claim for plan benefits is denied, you will be provided with a notice of denial, which will contain: The specific reason for the denial. The specific reference to the plan provisions on which the denial is based. Descriptions of any additional information that is necessary to perfect the formal claim and an explanation of why this information is necessary. An explanation of the review procedure. If your claim is denied in whole or in part, you will receive an adverse benefit determination within 90 days of the date your formal claim is received by the claims administrator unless special circumstances require an additional 90 days to process your claim. If an extension of time is required, you will be given written notice prior to the beginning of the extension period. The notice will indicate the special circumstances requiring an extension of time and the date by which the claims administrator expects the final decision to be rendered. Process for formal appeals relating to claim denials If your formal claim for benefits is denied in whole or in part, you may submit a written appeal of the decision to the same claims administrator within 60 days of the date you received the formal claims denial. In your written appeal, you may submit written comments, documents, records and other information relating to the claim, whether or not the materials or information was previously submitted in connection with the initial formal claim. You may also request that the claims administrator provide, free of charge, copies of all documents, records and relevant information relating to the claim. You will be notified of the decision on appeal not later than 60 days after the appeal is received by the claims administrator. If an extension of time is needed (up to an additional 60 days) you will be given written notice before the beginning of the extension period. The notice will indicate the special circumstances requiring the extension of time and the date by which the claims administrator expects the final decision to be rendered. The decision on your appeal will be in writing. It will include the reasons for the decision, a reference to the specific plan provision, as applicable, and other relevant information bearing on the decision. If you do not receive notice of the decision within 120 days after receipt of your appeal, it should be considered denied. The decision on the appeal is final, conclusive and not subject to further review. The applicable claims administrator has full and exclusive authority to determine the eligibility of any individual to participate in the plan and receive plan benefits; and grant and deny claims under the plan, including the power to interpret the plan. If following exhaustion of the plan's appeal procedure, you still believe that you are entitled to a benefit under the plan, you may file a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). You may not file a civil action unless you have exhausted the plan s claims and appeals procedure. 05/Apr/18 02:35 The most up-to-date information is available online at Page 20 of 32

23 Process for formal claims relating to eligibility to participate You may make a verbal inquiry to the BP HR & Benefits Center if you have a claim related to eligibility to participate in the plan. In many cases, the inquiry will resolve your issue. If you believe that the response to your inquiry was based on inaccurate information or that additional information may clarify the issue, you may submit a written request for reconsideration to: Claims and Appeals Management BP P.O. Box 1407 Lincolnshire, IL You should receive a decision on your request for reconsideration within 30 days. If you are not satisfied with the reconsideration decision, you may file a formal claim with the claims administrator by submitting a claim to the claims administrator in care of: ERISA Claims and Appeals P.O. Box Houston, TX A formal claim related to eligibility cannot be filed with the claims administrator in care of ERISA Claims and Appeals until an inquiry and a request for reconsideration have been completed. If you file a formal claim with ERISA Claims and Appeals on behalf of the claims administrator, it will be reviewed subject to the same timeframes applicable to formal claims for benefits. The review will be subject to the same procedures, protocols and standards. If your claim is denied in whole or in part, you may appeal the adverse benefits determination by submitting an appeal to the claims administrator for appeals in care of ERISA Claims and Appeals. It will be reviewed subject to the same timeframes applicable to formal appeals for benefits. The review will be subject to the same procedures, protocols and standards. If following exhaustion of the plan's appeal procedure, you still believe that you are entitled to either participate in the plan or to a benefit under the plan, you may file a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). You may not file a civil action unless you have exhausted the plan s claims and appeals procedure. However, any such suit must be filed with a federal court of proper jurisdiction located in Harris County, Texas, no later than one (1) year following a final denial pursuant to the plan's appeal procedure. 05/Apr/18 02:35 The most up-to-date information is available online at Page 21 of 32

24 Leaving BP What happens to benefits if you leave Converting coverage You may not convert your AD&D benefits. However, you may be able to convert all or part of your basic life insurance coverage to an individual policy if: Your BP employment ends; or You are no longer eligible to participate in the Basic Life and Accidental Death & Dismemberment Insurance Plan. You must apply by contacting MetLife within 31 days after your coverage ends. The BP HR & Benefits Center will send a conversion application to your address of record after you leave BP. The conversion form will list a number to call for a 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. If you do not apply for an individual policy within the 31-day conversion period, you cannot convert your basic life insurance coverage later on. 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. An individual policy is not a continuation of coverage under the Basic Life and Accidental Death & Dismemberment Insurance Plan, and the benefits provided will not be the same as those under the Basic Life and Accidental Death & Dismemberment Insurance Plan. In addition, you are responsible for paying the full cost of your coverage directly to MetLife. 05/Apr/18 02:35 The most up-to-date information is available online at Page 22 of 32

25 Administrative information Detailed information about plan administration and your rights Name of plan Type of plan Basic Life and Accidental Death and Dismemberment Insurance Plan, a component benefit program of the BP Corporation North America Inc. Consolidated Welfare Benefit Plan Welfare benefit insured. Plan number 504 Plan year April 1 March 31 Plan sponsor and identification number Plan administrator Sources of contributions BP Corporation North America Inc. 501 Westlake Park Blvd. Houston, TX Employer ID#: Director, Health & Welfare BP Corporation North America Inc. 501 Westlake Park Blvd. Houston, TX The BP Corporation North America Inc. Consolidated Welfare Benefit Plan is funded by participants and participating employers contributions and by investment earnings. Participant contributions are set by BP and may be adjusted from time to time. If participant contributions and investment earnings are insufficient to pay plan costs or expenses, the balance of the cost of the plan (if any) is paid by BP. Benefits may be paid through the BP Welfare Benefits Trust III ( VEBA ). VEBA trustee Claims administrators JPMorgan Chase Bank Worldwide Securities Services 4 New York Plaza New York, NY Basic Life Claims: MetLife Insurance Group Life Claims P.O. Box 3016 Utica, NY Accidental Death & Dismemberment (AD&D) Claims: Cigna Group Insurance P.O. Box Pittsburgh, PA Agent for service of legal process For disputes arising under the plan, legal process may be served on: BP Legal BP Corporation North America Inc. P.O. Box Houston, TX Legal process may also be made upon the plan administrator. 05/Apr/18 02:35 The most up-to-date information is available online at Page 23 of 32

26 05/Apr/18 02:35 The most up-to-date information is available online at Page 24 of 32

27 Plan administrator The plan administrator has the authority to control and manage the operation and administration of the plan. In this capacity, the plan administrator (or his/her authorized delegates) generally has several rights, powers and duties, including: Selecting and contracting with a claims administrator and other service providers. Determining expenses that can be paid from plan assets. Determining, in his/her discretion, whether an individual is eligible for or entitled to benefits. Interpreting plan provisions. Establishing rules and procedures for plan administration. The plan administrator has designated the various claims administrators to manage the day-to-day operations of the plans, including processing and paying all claims for benefits. In addition to the rights and duties described above, the plan administrator has the authority to: Refuse payment or reimbursement for claims incurred by any covered person or other person who has engaged in improper conduct with respect to the BP Corporation North America Inc. Consolidated Welfare Benefit Plan. Terminate a covered person s participation in the plan if he/she has engaged in improper conduct. Once it has been determined that an individual has engaged in improper conduct, the plan administrator has the authority to take any actions he/she deems appropriate to remedy such violations, including pursuing legal or equitable remedies to recoup any payments made by the BP Corporation North America Inc. Consolidated Welfare Benefit Plan to any party, regardless of when such improper conduct was taken or discovered. Such action will not preclude the company from taking other appropriate action. If any individual loses any rights or coverage under the BP Corporation North America Inc. Consolidated Welfare Benefit Plan as a result of the plan administrator s determination of improper conduct, coverage will be retroactively terminated as of the date of the improper conduct. 05/Apr/18 02:35 The most up-to-date information is available online at Page 25 of 32

28 Assignment of benefits and power of attorney (POA) matters Assignment of benefits You may make a one-time assignment to transfer the ownership of your benefit under the Basic Life and/or your AD&D coverages under the Basic Life and Accidental Death & Dismemberment Insurance Plan to a trust or to someone other than yourself. To assign your basic life insurance or AD&D coverage, you must do so in writing. To request Basic Life (MetLife) or AD&D (Cigna) assignment forms and instructions for completing and returning the form, call the BP HR & Benefits Center. If you are married and live in a state with a community property law (a law that states assets acquired during a marriage are equally shared by each spouse), your spouse must sign a waiver allowing you to assign your benefits. The assignment of your basic life insurance is effective on the date MetLife approves your signed assignment form. The assignment of your AD&D benefit is effective on the date Cigna approves your signed assignment form. Once you make the assignment, you cannot change or cancel it. As a reminder, because your OAD beneficiary is linked to your basic life/ad&d beneficiary, if you assign your basic life coverage, you may wish to submit a separate OAD beneficiary designation so that your basic life coverage assignee s designation would not automatically apply to your OAD coverage. The trustee or the person to whom you have assigned your basic life insurance or AD&D benefit has the right to name a beneficiary to receive it. The assignee of the coverage can change the beneficiary of the assigned coverage by contacting BP to request a beneficiary designation form and returning the form. Your basic life insurance or AD&D assignee may name a different beneficiary from the one named by you. Any assignments on file expire when you leave BP. Because assignments are generally made for tax reasons and are irrevocable, you should consult a qualified tax advisor before assigning your basic life insurance benefit. Power of attorney (POA) Occasionally participants need assistance from a third party (agent) with benefits matters. If you wish to designate an agent to act on your behalf for your BP health and protection benefits, please contact the BP HR & Benefits Center for copies of the POA Notice (submission guide) for health and protection matters and related POA form or print copies from the LifeBenefits website Forms or Policies and programs links. The POA Notice also explains the submission process for individually designated POAs, court orders and guardianships. Third parties may request a copy of the POA Notice by calling the BP HR & Benefits Center at Please note that generally only one person or institution at a time can be recognized to act on behalf of a participant through submission of a POA, court order or guardianship. The BP HR & Benefits Center will not process a transaction if there is a reason to believe that the person making the transaction is not the plan participant, the participant's agent under a POA or court-appointed conservator or guardian. An attorney in fact operating under a Power of Attorney may not change a participant's beneficiary designation. 05/Apr/18 02:35 The most up-to-date information is available online at Page 26 of 32

29 Governing plan documents In the preparation of this plan summary, effort was made to provide a clear, concise description of your benefits and to avoid contract and legal terms wherever possible. The aim has been to present a simplified overview of essential information about your benefits in words that are not obscure or likely to be misunderstood. As highlighted earlier in this summary, in the event of an inconsistency between this summary and the plan document (including insurance policies as applicable), the plan document will govern. Employees covered by collective bargaining agreements are subject to this summary to the extent consistent with the terms of BP s benefit programs, the applicable collective bargaining agreement and any applicable legal guidelines. 05/Apr/18 02:35 The most up-to-date information is available online at Page 27 of 32

30 No right to employment Your eligibility for or your right to benefits under BP s benefit plans is not a guarantee of continued employment. BP s employment practices are determined without regard to the benefits offered as part of your total compensation package. In addition, and subject to legal and contractual considerations, BP reserves the right to terminate your employment at any time or for any reason. 05/Apr/18 02:35 The most up-to-date information is available online at Page 28 of 32