BP Employee Benefits

Harvest Wealth Partners was built on a foundation of hard work—and it all began with BP. Our founder, Tim McKenna, comes from a proud legacy of BP (formerly Amoco and Standard Oil) employees, including his uncle, father, and grandfather. That deep personal connection sparked our passion for serving BP employees and gave us a unique, firsthand understanding of BP’s benefits from the very beginning.

For more than 30 years, we’ve had the privilege of serving BP employees and their families, building lasting relationships rooted in trust and shared experience. We guide our clients through every phase of life—from early financial planning to retirement and every milestone along the way.

With offices conveniently located in Munster and Valparaiso, Indiana, we’re easily accessible to BP employees and retirees across the region. Our long-standing experience with BP’s benefits program gives us unmatched insight into how to help you make the most of what’s available. Whether you’re optimizing retirement savings, managing investments, or planning for life’s next chapter, we’re here to craft a personalized financial strategy that aligns with your goals and supports your future.

Let Us Help You Utilize Your BP Benefits To Reach Your Financial Goals

BP offers exceptional employee benefit plans, and we’re here to help you make the most of them. By understanding your options and aligning them with your financial goals, we can create a strategy that fits your unique needs. From start to finish, we’ll guide you every step of the way.

• BP Savings Plan
• Retirement Accumulation Plan (Pension)
• BP Retiree Medical Coverage (*eligible depending on hiring date)

BP Employee Savings Plan (ESP)

Employees have the option to contribute in three different ways:

• Pre-tax -employees pay taxes on the distributions. Pre-tax allows them to receive a tax deduction on the amount they contribute
• Roth – does not allow a tax deduction, but all growth is tax-free after meeting IRS requirements.
• After-tax – after-tax does not allow a tax deduction, and the growth is taxable when distributed.

*As the HWP team creates your financial plan, we can assist you in determining which is the most sensible option for you.

BP Retirement Accumulation Plan

BP offers a retirement accumulation plan, also known as a pension, that BP contributes to monthly. If the employee meets the vesting requirements at retirement, they have the option to collect a monthly benefit or take a lump sum. As we create your financial plan, we will be able to determining which option makes the most sense for you.

BP Retiree Medical Coverage

Hired before April 1, 2004: Employees hired before April 1st 2004 keep BP’s medical plan, and pay 30% of the premium. Both the employee and the spouse/domestic partner will be on the plan. (The premium is based on age and years of service and can go up to 50% of the premium)

Hired between April 1, 2004 and December 31, 2019: Employees hired between April 1st 2004 and December 31, 2019, are eligible to participate in the BP Retiree Reimbursement Account Program. This is where BP credits an account annually until the employee separates from service. At that time, they can use the account to pay medical expenses meeting federal tax law standards, including health plan premiums. The credits contributed by BP are determined by a points system that tracks the employee’s age plus years of service.

Note: Employees who separate from BP before 50 and 10 years of service forgo all the funds in this account.

Hired January 1, 2020, or after: You are still eligible for the BP medical coverage. However, you will pay the entire cost of the coverage.

Our team is experienced at helping clients through the claim reimbursement process.

Navigating BP’s comprehensive benefits can feel overwhelming, but you don’t have to do it alone. At Harvest Wealth Partners, we combine decades of experience with a deep, personal connection to the BP community to deliver guidance you can trust. Whether you’re just starting your career, approaching retirement, or already enjoying it, we’re here to help you make informed decisions and maximize every opportunity. Let’s turn your benefits into a blueprint for lifelong financial confidence. Reach out today to start the conversation.