Your guide to making distribution elections for your BP non-qualified savings plan account(s) on Fidelity NetBenefits. Getting Started To access the Fidelity NetBenefits website: Enter www.netbenefits.com/bp into your Web browser. Enter your username and password. Click Log In. Note: If this is your first time visiting the site, click the Register Now link to begin the quick set-up process. In order to update your non-qualified pension elections please use the forms in the BP Non-Qualified Plans Overview on BP LifeBenefits or Fidelity NetBenefits. For questions regarding Fidelity NetBenefits or for information on your BP pension and savings plans, please call BP Retirement Services at Fidelity at -877-7-3334. Representatives are available from 7:30 a.m. :00 p.m. Central time Monday through Friday, excluding market holidays. Screen shots for illustrative purposes only.
Navigate to the appropriate BP non-qualified savings plan Contributions to your qualified BP savings plan are subject to: o The IRS 40(a)(7) annual compensation limit, which includes all of your eligible pay for the year, and o The annual additions limit, which is a total of your before tax, after tax, Roth 40(k), company match and nonelective contributions (if applicable). For additional information on how the spillover works refer to your Employee Handbook on LifeBenefits. Contributions, including company match, in excess of the IRS annual additions limit are directed into the applicable BP nonqualified savings plan. Distribution elections must be made separately for each non-qualified savings plan and each class year. Follow the steps below to begin the distribution election process:. Click the Retirement Savings tile to display a list of all of your BP savings plans.. Select the applicable BP non-qualified plan to access the account summary and transactional screens. Note: The Summary screen will appear for the selected account. Screen shots for illustrative purposes only.
Access your distribution options From the Summary screen:. Select the Distributions tab to view or make your distribution elections for your Post-004 Company Matching contribution.. Click the Change Elections link to display your distribution elections for the current plan year, as well as prior eligible plan years. Note: Prior plan years during which you were eligible to contribute to a BP non-qualified savings plan will appear below the current plan year, in descending order. 3. Click the Select Payment Options to access the distribution options for the selected plan year. Note: Click the Change link to change your distribution elections for prior plan years. If you did not make an election for a prior year, the Select Payment Options link will be displayed. 3 Screen shots for illustrative purposes only. 3
Select your distribution options From the Distribution Elections screen:. Select when you want to receive your distribution. For the upcoming plan year, the earliest you can receive your distribution is 6 months following your separation from BP. Please see the BP Non-Qualified Plans Overview for information on changing your distribution options for prior plan years. Note: All benefits must be distributed from the plan no later than 80 months following separation from service. Any plan benefit remaining at the end of this 80 month period will be distributed to you in a lump sum.. Select how your want to receive your distribution, as a lump sum payment or in monthly, quarterly or annual installments. Note: If you select monthly, quarterly or annual installments, you must also select the payment duration, in year(s). 3. Click Continue to review and confirm your election. 3 Screen shots for illustrative purposes only. 4
Review and submit your distribution options. Review your distribution elections for the plan year.. Click the Submit button to confirm and submit your distribution elections. Note: The confirmation screen will appear and provide a confirmation number. After your distribution elections have been processed, Fidelity will send an e-mail notification to the email address provided through the Fidelity NetBenefits website. Please make sure your e- mail address is valid. Please refer to the BP Non-Qualified Plans Overview for a summary of the terms and conditions of the BP non-qualified plans. The BP Non-Qualified Plans Overview is available on Fidelity NetBenefits and LifeBenefits. Reminder: Keep in mind that investing involves risk. The value of your Savings Plan account(s) will fluctuate over time and you may gain or lose money. The BP non-qualified savings plans are nonqualified plan. Any account established for you is a bookkeeping entry on BP s financial statements. In the event of a bankruptcy, you will be treated as a general creditor of BP. For more information on the Plan, please refer to the BP Non-Qualified Plans Overview. 05 FMR LLC. All rights reserved. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 097 6480.7.0 Screen shots for illustrative purposes only. 5