Received a "Potential Private Retirement Benefit" letter from U.S. Social Security?
How to decode and who to contact:
https://www.hpalumni.org/PotentialBenefitLetter
For details of a U.S. employer retirement or health plan,
obtain a copy of the legal Summary Plan Description ("SPD"). Log into the plan administrator's website or call. They are required by law to provide the SPD upon request. The current SPD takes precedence over any other written, online, or verbal information you may be given -- but is still subject to change.
https://www.hpalumni.org/SPD-decode
DEC Pension:
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The benefits
originally promised assumed continued high profit
levels. Such benefits plans were closed to new participants years
before the company was sold to Compaq.
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DEC retirees report that Compaq (which which never had a pension program
for its own employees) -- and now HP (which had a
much-less-generous program) -- have lived up to DEC's
U.S. pension commitments.
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Of HPInc's many predecessor companies, only HP, DEC, and EDS
ever had US pension plans -- setting aside money over the years
in dedicated trust funds. Employees of other acquisitions did not get credit under HP's pension programs for service at
the predecessor -- but generally did get service credit for other benefits. Details on HP-related pensions:
https://www.hpalumni.org/RetirementPlans
- U.S. pension change. In 2020, HP Inc irrevocably
transferred pension administration and $5.2 billion in
payment obligations for 41,000 U.S. HP, DEC, and EDS
retirees to Prudential Insurance Company
through the purchase of a group annuity contract. Business
later sold to Empower. Details:
https://www.hpalumni.org/pension2021
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If you were employed by DEC prior to Mar 1, 1996: You may
have a benefit under the HP Cash Account Pension Plan.
Plan details in this HP document, which may be out of date:
https://www.hpalumni.org/CAPP_2008_SPD_Cash_Account_Pension_Plan.pdf
The current SPD takes precedence over any other written,
online, or verbal information you may have been given -- but
is still subject to change. The employer's plan
administrator is required by law to provide the SPD upon
request. How to obtain and decode:
https://www.hpalumni.org/SPD-decode
- The HP Retirement Service Center is the primary administrator for HP Inc U.S. pension and 401(k) accounts,
including any accounts for companies that Hewlett-Packard acquired before Nov 1, 2015 (Compaq, DEC, EDS, etc.)
Operated by Fidelity Investments.
1-800-457-4015 (If no password, keep hitting #.) (Outside US 1-508-787-9902 collect.)
https://nb.fidelity.com (Don't go to a local Fidelity office, which is focused on sales.)
- Benefits depend on the choices the employee made. At
various times available pension options may have included
lump sum, monthly payment, reduced monthly payment with
survivor benefit, etc.
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Join the
HPAlumni Finance Forum Covers topics such employee stock,
401(k), pensions, and other financial issues from an ex-HP/HPE
perspective. .
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UK Pension -- HP, DEC, EDS. Links and member advice:
https://www.hpalumni.org/country-uk