BP Whiting Refinery Pension Plans

BP Whiting Refinery Pension Plans

At Harvest Financial Planning, LLC, our Certified Financial Planners (CFPs) and other financial professionals provide comprehensive services to individuals and families throughout Whiting and surrounding areas of Indiana, including pension plan participant services. If you are an employee of BP Whiting Refinery–the largest oil refinery in the state and the sixth-largest in the United States–and have questions about your pension plan, we can help. Consider the following about BP Whiting Refinery Pension Plans

Pension Plan Basics

Many employees throughout Indiana, including those who have worked for years at BP Whiting Refinery, are counting on a pension to get them through their retirement years. But what exactly is a pension?

As defined by Investopedia, a pension plan is a type of employer-sponsored retirement plan where an employer makes investments into a pool of funds, which is then invested on an employee’s behalf. Upon retirement, the employee will draw income from the earnings on the investments. While a pension plan always requires contributions from an employee, in some cases, employees are also permitted to make contributions.

Our Pension Plan Participant Services

We provide comprehensive pension plan participant services to employees in Whiting and throughout Indiana, and specialize in BP Whiting Refinery pension plans. We can help you to understand the pension plan system, and answer tough questions about your pension plan, including whether or not you can transfer your plan to a new employer, what happens if investments don’t perform well, when you’re allowed to withdraw income from your plan, whether or not you can invest in your pension yourself, when you are eligible for pension benefits, the basics of vesting, and more.

Common Questions About BP Whiting Refinery Pensions Plans

We are often asked the following questions about BP Whiting Refinery pension plans. If you are a BP Whiting Refinery employee and have more questions and don’t see the answers that you’re looking for below, please reach out to us directly to schedule a one-on-one meeting with a financial professional from our office–

 

  • Can I view my pension benefit estimate? Yes – you maintain the right to view your pension benefit estimate and have an idea of how much your pension holds and what you will be able to collect when you retire; this is an important part of creating a financial plan for your future. Pension benefit estimates can be viewed online – contact us to learn more. 
  • I’m about to retire – how can I request my pension benefits? If you are planning to retire in the near future, knowing how to collect your benefits is important. You have two options for initiating a retirement request: online or over the phone. Before you do so, though, we recommend consulting with our financial advisors to ensure that you understand your benefit and have a solid plan for your retirement years. 
  • After I request my benefits, when will I receive my payments? After you have submitted a benefit request, you should begin receiving your payments within 60 days, and no later than 90 days.
  • I’ve made a benefit request – can I cancel it? If you want to cancel a benefit request after it’s been submitted, you should call directly. Note that the forms that you file will not take effect until you actually terminate your position with BP Whiting Refinery.

 

 

Reach Out to Our Financial Professionals Today to Learn More

To learn more about your BP Whiting Refinery pension plan and how working with a financial advisor can help, please call Harvest Financial Planning, LLC directly or send us a message today. We have the answers you’re looking for.

  • contact
    our team

  • We are glad to help you. Please
    contact us to schedule a meeting

News & Updates

Contact Us Today