Prepare to be shown the door. Turning 50 is like putting a target on your back here.
19 replies (most recent on top)
@fa sad when people have no empathy. Hopefully if it happens to you people will empathy for you.
Although I suspect you’re too alpha for any of those
Silly emotions to get involved.
@mg could only copy bullets, first hire date corresponds to first eligibility below.
The last line corresponds to “if hired after 2020”
If your disability was not work-related:
If hired before April 1, 2004:
If hired between April 1, 2004 and December 31, 2019
If hired on or after January 1, 2020:
Your contribution will be the 50% retiree contribution percentage.
Your retiree contribution percentage will be the full premium cost but you will have access to your Retiree Reimbursement
Account per the Retiree Medical Plan rules.
Your retiree contribution
percentage will be the full premium cost.
@mf wrong, that’s only for folks from 2004 to 2019.
@kx people who joined after 2019 get a retirement reimbursement account. Roughly $10-11k gets deposited into that account by bp each year. The intent is to use those funds to cover insurance premiums in retirement.
@ks no more subsidies if you joined after 2004. You just get the rrp if you are vested. Aetna had a BP retiree calculator to model our premiums after retirement. I currently pay in 350-450 for a family of 4, the full premium in retirement was $3200 per month only for medical. The rrp would be a good bridge if you retire around 60 and eligible for Medicare at 65 when premiums drop and it’s just you and your spouse and kids have their own insurance. Folks that joined post 2019 do not get rrp either, so no bridges.
The bp retiree medical is pricey compared to when you are an employee but it’s still cheaper than the open market. For a 50 year old expect to pay $600 month in premiums which is subsidized by bp. In the open market that premium jumps to $1000 a month. For families and dependents it will be much higher.
@fa Your comments are totally wrong. Do you homework. Talk to the refinery workers at Whiting when BP took over from Amoco. BP was firing good workers weeks before their 50th birthday.
Utter rubbish. If you’re insecure, deal with it a different way. If you’re good and don’t waste time then you can stay. If you’re dead wood, jog on.
Retiree medical benefits are not that great either. It’s still very pricey after you retire, so there is no point in hanging on to BP insurance irrespective of age.
This is bs. Lots of folks over 50 still have great careers at BP. Folks who are being let go are the ones that did not perform or just don’t have the emotional intelligence right. If you are just interested in yourself and increasing your wealth or in a rush to get to the next grade level, BP is not for you.
@bc I was notified July 20th that my end date is 3/31 next year. I turn 50 late April. You need to get to that age. I pulled in Employee Relations to get extended 1 month. They are denying it for now.
@a6 next year and you know already?
I’m close to 50 too…8 months away. If I get sacked will they round up so I can get medical? Anyone know how this has been treated?
Advice for those still a few years away from 50. Moderate your lifestyle. We all make enough to be able to reach FIRE before 50. When you reach that point, work becomes optional and reorgs won’t bother you anymore.
Probably has to do with the retiree medical plan coverage. 10 years of service and age 50 is the requirement so if they axe you before 50 that saves them a lot of money.
@a6 that SUX!!! Sorry!
This is nothing new and not unique to bp.
This is the truth. Prepare appropriately!!
@OP Getting let go by BP next year a month before turning 50.