Willis Johnson & Associates is not endorsed by nor affiliated with BP

Ready to Optimize Your BP Benefits?

We can help ensure you are maxing out both pre-tax and after-tax in the BP ESP, annually converting after-tax money from your ESP to a Roth IRA for tax-free growth, and ensuring you have the proper allocation for your goals. In addition, we can coordinate annual backdoor Roth contributions in conjunction with your workplace savings.  One added complication we work with clients on is the BPX division and their per paycheck 401(K) match. It’s imperative these employees understand how the math behind these employer contributions work so that they don’t “leave company money on the table instead of in their ‘pocket.’”

We link our BP client’s ESP to our portfolio tracking software so we can provide comprehensive advice and management on the entirety of all of their financial assets. Our investment team puts together allocation proposals based on the current investment options within the plan and we re-balance/monitor the allocation throughout the year.

BP Share Plans

We can help you understand the vesting and taxation of awards, guide your savings prioritization plan and strategize on how to best take advantage of your awards while minimizing your taxes.

Are you a grade employee with minimum holding requirements? Are you considered an insider, thus restricted from trading your account?  We get it. Let us help you set up a diversification strategy, while ensuring you maintain the required holding of company stock.

       • Group Share Value Plan (GSVP)

       • Individual Share Value Plan (ISVP)

       • Share Value Plan (SVP)

       • ACB Deferral Plan Matching RSU award (Discontinued in 2018)

       • Good Leaver Plan

The BP Medical Program

We can help you understand the trade-offs of specific plans, maximize your take-home pay by optimizing your health care and guiding your contributions for health care costs and retiree medical costs in the most tax-efficient manner.

       • PPO

       • OOA

       • HMO

BP Protection

We can help you understand each insurance option and decide on a plan that works best for you to ensure you are paying for what you need, but not buying what you don’t.

       • BP basic life and accidental death and dismemberment insurance plan

       • BP Short-Term & Long-Term disability

       • BP Group Universal Life

       • BP group long-term care insurance plan

Job Changes at BP

Things can change in a heartbeat, in and outside of the boardroom. If you find yourself offered a layoff or voluntary severance package, we can help determine if retirement is a viable option for you or if you’d be better off working a little longer, as well as ensure you understand the critical decisions about company benefits elections.

If you’re unsure about your future at BP or how an untimely layoff could impact your financial picture, reach out to our team. Our advisors can help you reevaluate your goals, analyze your current financial situation and determine your next steps.

Being Recruited?

Being recruited to a new company can be exciting, but how can you know if it’s the best move for you? We can help you map out the difference in value between your current job and the one you’re being offered. Oftentimes, it is hard to directly compare the value of two compensation packages. Whether you decide to take the job or not, we’ll help you optimize your elections at BP or at your new company.

BP Employee Retirement Plan

We can help ensure you are maxing out both pre-tax and after-tax in the BP ESP, annually converting after-tax money from your ESP to a Roth IRA for tax-free growth, and ensuring you have the proper allocation for your goals. In addition, we can coordinate annual backdoor Roth contributions in conjunction with your workplace savings.  One added complication we work with clients on is the BPX division and their per paycheck 401(K) match. It’s imperative these employees understand how the math behind these employer contributions work so that they don’t “leave company money on the table instead of in their ‘pocket.’”

We do link our BP client’s ESP to our portfolio tracking software so we can provide comprehensive advice and management on the entirety of the portfolio. Our investment team puts together allocation proposals based on the current investment options within the plan and we re-balance and monitor throughout the year.  All the while that we are managing the portfolio, we’re also looking at opportunities for strategic tax savings for clients that have built up a large sum of BP stock inside their 401(K). While we don’t necessarily advocate company stock inside a 401(K); for those clients that come to us with a large amount already invested as such, we like to utilize a strategy known as Net Unrealized Appreciation to give them the biggest bank for their buck, thus mitigating taxes immediately after entering retirement.

BP Excess Compensation Savings Plan & Post-2004 BP Excess Compensation Pension Payout:

 There is some tax alpha that can be generated by matching up deductible annual expenditure goals, such as charitable giving, in the same year these large payouts occur.  BP also allows employees to elect a distribution schedule for these contributions in the year they’re made. This is where it’s very important to take a comprehensive look at a number of factors to ultimately determine lower tax years and thus, subsequently elect distributions so that they pay out in these years.

BP RAP

We can help make the appropriate decisions on your RAP pension plan.  Understanding the tradeoffs between a lump sum or annuity is not the only consideration. When to begin distribution, how interest rates affect the size of the lump sum and understanding this income stream in coordination with your other assets are all important as well. For those who choose the fixed stream of income from the annuity, it’s important to make a decision on whether to begin payments immediately, delay to age 60, and whether to elect the 50%, 75% or 100% joint & survivor annuity.

Setting up your Consulting Practice:

Upon retirement from BP, many of our clients choose to continue working as a consultant. If you plan to do this, we can help you understand how to structure your finances and retirement to fit your new role.

  • Negotiating Compensation with an understanding of How Consultants get Taxed (1099)
  • Tax Deferral Strategies for Solo 401(K), SEP IRA and Solo pension Plans
  • Liability Protection for LLCs

Our WJA BP Advisor Specialists

Nick Johnson, CFA®, CFP®

PRESIDENT

John Siegel, CFP®, EA

WEALTH MANAGER
Schedule Your Complimentary BP Consultation

Willis Johnson & Associates is not endorsed by nor affiliated with BP.

Why Willis Johnson & Associates?

Since 1996 we’ve been helping Shell executives and professionals with their comprehensive financial planning needs. Our thorough understanding of the transitions in your corporate life allows us to appreciate where you have been and assist with where you are headed.