Current U.S. HP Retirement (Pension) Plans
Advice and reference info from members. (Updated Dec 11, 2021.) Website operated by volunteers. Not officially endorsed or supported. Comments: firstname.lastname@example.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?"
"Potential Private Retirement Benefit" letter from Social Security. If "Type of Benefit" is "A" -- you rolled to a different plan, bought an annuity, or took cash. How to decode and what to do: hpalumni.org/PotentialBenefitLetter.
Join the HPAA Finance Group.
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? Given HP's history of acquisitions and spinoffs, this may not be obvious. If any doubt, 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. 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). 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. Log into the plan administrator's website or call. How to decode an SPD
- 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:
- Older documents downloaded by members at
- Administrator: The HP Retirement Service Center is the primary administrator for HP U.S. pension and 401(k) accounts, including any accounts that HP predecessor companies (such as Compaq, DEC, and EDS) may have had. Operated by Fidelity Investments. 1-800-457-4015 (Outside US 1-508-787-9902 collect.) Fidelity (Don't go to a local Fidelity office.) Member advice
- 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.)
- 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.
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
Service at predecessor companies.
Of HP's many predecessor companies, as far as we know: Only HP and DEC had retiree healthcare programs. Only HP, DEC, and EDS had pension plans. Over the years, HP, DEC, and EDS set aside money in dedicated trust funds to pay for those programs. Compaq, Tandem, Autonomy, etc. did not have retiree healthcare or pensions among their benefits programs. Their employees did not have those expectations and there were no corresponding trust funds to pass on to an acquiring company. Therefore, employees of those companies do not get credit under HP's retiree healthcare or pension programs for service at the predecessor company. (DEC employees get retiree health credit for DEC and HP service but not Compaq service.) Confusingly, predecessor service counts for vacation/FTO. Details: 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 the official HP Continuum password-protected retiree website.
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
Future of retiree healthcare: HP never made any explicit commitment to provide retiree healthcare in the entire history of the company. Of the many Hewlett-Packard 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
Time to untangle your stock! Depending on when and how you acquired HP or HPE stock, you may now have stock in up to six completely separate HP-related companies in various accounts -- or have missed cash payouts. An HP Alumni team has developed a process to determine what stock you should have and how to find it. hpalumni.org/stock
Other benefits issues -- such as Social Security, Pension, 401(k), Stock, Medicare, annual enrollment, COBRA, troubleshooting retiree health coverage, etc:. HPAlumni Benefits Menu
If formerly a regular, direct U.S. employee of HP or HPE -- or are in the process of leaving -- join the HP Alumni Association. No charge, thanks to HPAA's Supporting Members.
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