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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.) (May 13, 2023)

From former employees of HP and HPE. (Sep 14, 2023. Minor revision Apr 30, 2024.) Website operated by volunteers. Not officially endorsed or supported. Question? Email: info@hpalumni.org

Key contact: 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 (Members advise that local Fidelity offices are focused on sales.)

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 Social Security? How to decode the letter and who to contact, if necessary: 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

US 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

- Name: "HP Inc. 401(k) Plan"  Originally called "TAXCAP" by HP.

- EIN: 94-1081436 -- Plan number: 004  ("EIN" = IRS Employer Identification Number)

- Abbreviated as: 94-1081436-004

- Plan details: HP 401(k) 11K SEC filing 06/10/21

- Document downloaded by members on Nov 12, 2021: 
HP 401(k) Plan Summary Plan Description - 2021   [Browser tab displays: "HP 2017 401(k) SPD" because the hidden "Title" property of the PDF file was not updated when the document was edited by HP.]

- Older documents downloaded by members at various times: 
HP 401(k) Plan Summary Plan Description - 2017   [Browser tab displays: "HP 2017 401(k) SPD"]
2020 Summary of Modifications to 401(k) SPD        [Browser tab displays: "Microsoft Word - HP 401k SMM"]
HP_401k_SummaryPlandDescription-2013.pdf        [Browser tab displays: "HA Normal" -- where "HA" means "Hewitt Associates."]

- 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 (Members advise that local Fidelity offices are focused on sales.)

- 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.)

For details on the legacy HP RP, DPSP, and CAPP retirement plans -- including a thorough discussion of the key question: Should you take a lump-sum or a monthly pension?
-- see Legacy HP Retirement Plans

Service at predecessor companies. Of the many predecessor companies, only HP, DEC, and EDS ever had U.S. pension plans. Only HP and DEC ever had U.S. retiree healthcare plans. Over the years, the companies set aside money in a dedicated trust fund for each plan. The benefits originally promised assumed continued high profit levels. Each plan was eventually closed to new participants.

Employees of other acquisitions did not have those expectations and there were no plans -- with associated trust funds -- to pass on to an acquiring company.

As employees were added to the retirement plans in effect at the time of acquisition, they did not get credit for service at the predecessor. However, they generally did get service credit for other benefits, such as vacation/FTO.  DEC Benefits  EDS Benefits

2015: HPInc/HPE Breakup.

"Overall, HP's pension plans are well funded and we continue to make contributions to pensions based on local funding requirements.  HP is committed to maintaining funding in accordance with relevant pension funding rules, and this will not change following the business separation. Keep in mind any vested HP pension benefits you maintain are obligations of the pension plan itself, rather than HP. [Emphasis added] HP has made contributions to fund these benefits in a separate trust over time, and pension benefits are subject to minimum funding requirements that will continue even after the separation."

--Posted March 17, 2015 under "Retiree News" on "HP Continuum" -- HPInc's official U.S. retiree social networking site. Includes details on retiree discounts -- plus benefits material not available on MyHPBenefits. Join at https://www.hpcontinuum.com 

Rest assured, you will not lose any retirement benefit value as a result of the separation, and you will not need to take any action.  If you still have benefits remaining in an HP pension plan or the HP 401(k) Plan, the value, timing, and method of your payments will not change, and you will not need to take any action. For more details about how your individual retirement benefits will be affected by the separation, watch for a personalized retirement announcement that will be mailed to your home in early September.

--From HP's August 27, 2015 message to U.S. retirees

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. Over the decades, Hewlett-Packard has been broken into several companies.

Depending on when you acquired stock, you may now have shares in HPInc, Hewlett Packard Enterprise, Agilent, Keysight, and DXC held in multiple accounts and may not have received cash payouts for Micro Focus or Perspecta.

HPAA members have developed a step-by-step process to untangle HP/HPE-related stock including spreadsheets to verify your records or estimate cost basis for employee stock purchases: Stock

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

Helping each other with life after HP and HPE:  Website Index    Forums

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