Frequently Asked Questions

The BISRP is designed to help you save for your retirement. Eligible employees include International Assignees who are not eligible to participate in another employer sponsored retirement plan, and employees on a Local Plus assignment and not eligible for the local statutory plan. BISRP will generally provide you with flexible withdrawal options on your retirement date or when you leave employment.

This will depend on a number of factors including:

• when you/Bechtel start making contributions
• how long you remain in the BISRP
• how much you/Bechtel contribute
• the charges taken, and
• by how much your investments grow

Remember, what you get back is not guaranteed, the value of your BISRP account can go down as well as up, depending on how your investments perform.

You can use the ‘Retirement Savings Calculator’ tool to give you an idea of what you might receive when you retire. If you are already a plan member then you can view the current value of your BISRP account at any time by logging in to Zurich International online (ZIO).

To log into ZIO click here.

“As soon as you can” is the simple answer.

By making contributions as soon as you are able to, you are giving yourself a better chance of building up a big enough lump sum to give you the lifestyle you want in retirement.

Participation in the plan is voluntary. You have the option to join the BISRP when you commence employment and anytime thereafter if you remain eligible. Note: if you decide not to join you will be missing out on contributions Bechtel will make as part of your overall benefits package.

The BISRP is a defined contribution international savings arrangement established under a Trust Deed and Rules in the Isle of Man. This allows for internationally mobile employees in multiple countries who are unable to join local pension plans to join the BISRP. This does mean that the plan cannot be registered or approved in most countries and cannot be used to replace or be transferred to a local country mandated pension requirement. 

No, the plan allows for internationally mobile employees who can’t join a local pension plan, to join a plan that helps them save for their retirement. Due to the international nature of the plan, it is not possible for the BISRP to be regarded as a local pension plan. 

Generally speaking, as much as you can afford. You may contribute from 1% up to 85% of your base earnings. Bechtel will match your contributions up to a maximum of 6%.

Details of the fees for managing the BISRP can be found in the Plan Handbook and Investment Guide.

Contributions will be deducted on an after-tax basis through your payroll each pay period, and paid to Zurich who will invest the contributions into your BISRP account, together with Bechtel’s contributions.

100% of the contributions are invested in the funds chosen.

The BISRP Committee has selected a range of pension funds from which you can choose where to invest your contributions.

Alternatively, you may have the option of investing in a Lifestyle Investment Strategy which automatically moves your contributions and any growth from higher risk to lower risk funds as you move towards your retirement age.

BISRP Investment Guide provides more information on investments.

The BISRP Handbook and Investment Guide provide full details of the plan and the fund choices available and are located on the BecWeb for you to review. Once you have joined the plan, you will be given access to the Plan Fund Centre on the ZIO welcome page where you will be able to see how your investments are performing.

Yes, you can change your investment choices through Zurich International online once your account is live and you have been given access to the site. The full investment options available to you can be found through the Plan Fund Centre.

Match is based on your annual base earnings, for whatever part of the year you participated in the plan. If the company does make an annual discretionary trust contribution, it will be based on your annual base earnings, plus bonuses, for whatever part of the year you participated in the plan. This discretionary contribution, if made, will be only to those BISRP participants actively employed with Bechtel at the time of allocation. Annual base earnings are subject to certain maximum limits.

If you have reached retirement age or left employment with Bechtel and wish to withdraw, contact bisrp@bechtel.com with details of your current residential address. Bechtel will then notify Zurich of your employment status via Zurich International Online (ZIO) which will enable the online withdrawal icon on your member homepage within 3 business days. If you click on that icon, it will take you through the process of submitting your withdrawal request online. 

If you are requesting an in-service withdrawal, review the withdrawal options document. When you have a valid withdrawal option and applicable documentation, submit the request to bisrp@bechtel.com. 

The distribution will not have taxes withheld. Reporting the tax on the distribution does depend on your own personal situation, and we would recommend taking tax advice. As a general rule, you would usually report the distribution in the country you are resident of when you receive your withdrawal and pay the appropriate tax. See the tax section to obtain the necessary details on the different contributions and how it has been taxed. 

Generally, when you retire or leave Bechtel. Further details may be found in the BISRP Handbook.

Please refer to the BISRP handbook

100% of the value of your BISRP account will be distributed to your beneficiaries. It is therefore important that you nominate beneficiaries online via ZIO (a guide on how to do so can also be found on the library section of ZIO) as this will ensure that Zurich or your Trustees know who your chosen beneficiaries are and can therefore make payments more quickly.

The BISRP is designed such that, if you move to a different country on international assignment with Bechtel, and you are not eligible to participate in another employer sponsored retirement plan, both your own and Bechtel contributions can continue. The exception to this is if you become eligible for an alternative home or host country plan, or become a resident in the US, at which point your participation in the BISRP is suspended. However, you will continue to have access to manage the fund investment of your BISRP account.

Please refer to the BISRP handbook

General rule of thumb is no you can’t transfer your BISRP plan to a domestic pension plan. As the BISRP is an international retirement savings plan registered in the Isle of Man, it is not classified as a domestic pension plan. Your BISRP is unable to be transferred to a US 401k plan, a UK registered pension plan or a Canadian domestic pension plan. You can reach out to the Plan administrator of the local plan to confirm. 

You would need to check with the plan you want to transfer to whether they will accept a transfer from your BISRP plan. If you have moved to another employer that has an international retirement savings plan, then it may be possible to transfer your BISRP to that plan. 

The BISRP is established under a Trust in the Isle of Man and does not pay tax in the Isle of Man on capital gains and income attributable to plan investments. This means that your investments can grow from year to year virtually tax free, taking advantage of an effect known as 'gross roll-up'.

The employee contributions paid into your BISRP are paid post tax and the employer contributions may or may not have had tax withheld from them. Refer to your pay statements to confirm tax treatment on the employer match contributions. Your own tax position when you take your benefits will depend on your individual personal circumstances, including your country of residence/domicile at the time of payment. It is always advisable to consult with a tax advisor if you are in any doubt as to the extent to which you may be liable to any tax under the BISRP.

Each contribution type is a separate policy in the BISRP account so you can track the contributions and earnings in each policy. 

Contributions will always be paid into your BISRP account in USD, regardless of whether or not this is the currency of the country in which you are based.

The BISRP is administered by Zurich International Life (Zurich). Zurich is a major financial institution offering life assurance, investment and protection solutions throughout the world with licensed offices in the United Arab Emirates, Hong Kong, Bahrain, Qatar, Singapore, and the Isle of Man.

Zurich International Life is part of the global Zurich Insurance Group which has over 60,000 employees serving customers in more than 170 countries throughout the world, offering both general and life insurance products.

The Island has established its own Insurance and Retirement Benefits Acts, ensuring that authorised companies have sound and professional management and that the interests of Sponsors and their members are protected. Zurich is authorised in accordance with the Insurance Act 2008 to conduct long term insurance business from the Isle of Man under the supervision of the Isle of Man Financial Services Authority (IOMFSA). The Insurance Act obliges senior management and controlling parties of insurance businesses to be fit and proper, and that the companies are financially sound.

The legislation is clear and comprehensive and the reporting requirements it contains satisfy the IOMFSA's strict supervisory needs.

Prior to 2023 - You can leave your funds invested in the BISRP for up to 6 years after separating from the company. A lump sum distribution or regular instalments are to be completed prior to the 6 years. If you do not begin this process of distribution, Bechtel HR will contact you to coordinate the withdrawal. If there is no response or withdrawal request, the account balance will be deemed unclaimed and forfeited upon reaching 6 years. When the account is forfeited, the assets are moved out of the BISRP account and no longer invested.

Effective in 2023  – Bechtel will no longer enforce the requirement to withdrawal your funds. You can leave your funds invested in the BISRP until the time you decide to withdrawal. 

For accounts forfeited prior to 2023, the amount forfeited can be restored and distributed upon presentation of an authenticated claim by you.