Current U.S. HP Retirement (Pension) Plans

If you know someone dealing with possible layoff, considering retirement, or has recently left, send them this link. Practical advice from HP and HPE alumni who have gone through past cycles: https://www.hpalumni.org/leaving (Public website. No password required.)

From former employees of HP and HPE. (Updated Feb 23, 2025) Website operated by volunteers. Not officially endorsed or supported. Question? Email: info@hpalumni.org

This page is one of the links on HPAA's Retirement Plan Menu -- which includes "How to investigate a retirement benefit plan" and "Lump-sum or pension?"

Received a "Potential Private Retirement Benefit" letter from U.S. Social Security? It shows your last transaction ("Year Reported.") Look up the "Type of Benefit" and "Payment Frequency" codes on the back. Who to contact: "Potential Benefit" letter

Join the HPAA Finance Forum.

How to Choose a Financial Advisor. Member advice on sorting out the different types of financial salespeople and advisors.

Which HP-related companies have me classified as a retiree or former employee? Due to acquisitions and spinoffs, this may not be obvious. Check here: Which Company

Pension change. If you have been receiving monthly U.S. HP, DEC, or EDS pension payments that commenced on or before November 1, 2020 -- your pension is probably among the 41,000 converted in September 2021 from a company pension administered by Fidelity to an insured annuity provided by Prudential, now Empower. Details: https://www.hpalumni.org/pension2021

The continuing HP 401(k) plan, which started in 1984

The key document for a US employee retirement or health plan is the legal Summary Plan Description (SPD). It includes plan details and an address at the employer for appeals. 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

- Administrator: 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.)

- Be sure you have a valid beneficiary designation on file at Fidelity.

- Benefits under 401(k) plans are not insured by the Pension Benefit Guaranty Corporation (PBGC.)

- Note: HP originally gave its 401(k) program the confusing name "TAXCAP" -- "Tax Savings Capital Accumulation Plan." 1984 HP Annual Report   1998 Measure Article (pages 8-10)   2004 SEC filing

- Members report that there was a one-year waiting period to enroll in TAXCAP. Beginning Feb 1, 1998, new employees were automatically enrolled at the 3% level unless they changed the setting.  

- 401(k) plans -- history, how they work, consequences: 401(k) Basics    How the 401(k) has evolved    How the 401(k) has replaced pensions

Assume that any addresses given in an SPD are extinct. (Hanover Street, Pruneridge Ave, America Center Drive, Legacy Drive, etc.) Use the current corporate headquarters address instead: HP Inc headquarters  Admin functions -- including HR, Benefits, and Payroll -- 10300 Energy Drive, Spring, TX 77389. 1-650-857-1501. Legal headquarters -- Page Mill Road in Palo Alto, not Hanover Street as in old documents. (At a Post Office window, you can specify Certified Mail combined with Return Receipt.)

Info on the continuing HP 401(k) plan -- which started in 1984: HP Retirement Plans  

Death benefit. HP formerly had a $5,000 employee/retiree death benefit. The amount had not changed in decades -- and was seldom collected because heirs did not know about it. HP ended this practice in 2010, as did Agilent. (More on death or disability of a former employee: Reporting death or disability of a former employee.)

Related topics...

Future of retiree healthcare: HP never made any explicit commitment to provide retiree healthcare in the entire history of the company. Of HPInc's many predecessor companies, only DEC had retiree healthcare. Prices paid by retirees will continue to rise due to the cap put in place in 2010.  Details

Stock. Due to the breakup of HP, you may now have shares of HPInc, HPE, and DXC – in different accounts – and may not have received cash payouts for MFGP or PRSP. Stock Event Timeline Find it all – and estimate your current cost basis: Stock Step-by-Step

Other benefits issues -- such as Social Security, Pension, 401(k), Stock, Medicare, annual enrollment, COBRA, troubleshooting retiree health coverage, etc:. HPAlumni Benefits Menu

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