BP DIRECTSAVE PLAN Contribution & Employer Match
How BP CORPORATION NORTH AMERICA INC. Supports Your Retirement Savings
BP CORPORATION NORTH AMERICA INC. provides retirement savings benefits through BP DIRECTSAVE PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
BP DIRECTSAVE PLAN Average Participant Retirement Account Value
BP DIRECTSAVE PLAN Estimated Average Employee Contribution Amount
60,949.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 952.00 in BP DIRECTSAVE PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in BP DIRECTSAVE PLAN
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
BP DIRECTSAVE PLAN Total Employer Contribution and Match Rate
BP DIRECTSAVE PLAN Estimated Average Employer Match
Investing in this additonal $301.00 for 20 years would give you extra $19,271.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
BP DIRECTSAVE PLAN Contribution & Match Policy
BP DIRECTSAVE PLAN Contribution, Match and Other Plan Policies
- Under ESP, participating employees may contribute up to 80 percent of their qualified pay on a pre-tax, after-tax and/or Roth 401(k) basis, subject to Internal Revenue Service (IRS) limits.
- Participants who attain the age of 50 before the end of the applicable plan year are eligible to make additional elective deferrals (catch-up contributions), subject to IRS limits.
- The Plan includes an auto-enrollment provision whereby all eligible new hires and rehires are automatically enrolled in the Plan unless they affirmatively elect not to participate.
- Automatically enrolled participants have their pre-tax deferral rate set at 7 percent of eligible compensation.
- A specified portion of the employee contribution, up to a maximum of 7 percent of compensation, as defined under the Plan, is matched each pay period by the Company.
- Participants are immediately and fully vested in their participant contribution accounts.
- Full vesting in Company contribution accounts occurs with three years of vesting service.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
Get Key Insights for This Plan
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