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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 -- which has pragmatic advice collected from HP and HPE alumni who have gone through past cycles: https://www.hpalumni.org/leaving (No membership or login required.) (Updated May 13, 2023.)

From former employees of HP and HPE. (Updated May 13, 2023.) Website operated by volunteers. Not officially endorsed or supported. Question or comment? 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.) and that HP Inc acquired later (Poly, etc.) Operated by Fidelity Investments. 1-800-457-4015 (Outside US 1-508-787-9902 collect.) https://nb.fidelity.com (Don't go to a local Fidelity office.)

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?"

If you received a letter from Social Security entitled "Potential Private Retirement Benefit." If "Type of Benefit" is "A" -- in the "Year Reported" you rolled to a different plan, bought an annuity, or took cash. More: https://www.hpalumni.org/PotentialBenefitLetter.

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? 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: 
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.) and that HP Inc acquired later (Poly, etc.) Operated by Fidelity Investments. 1-800-457-4015 (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 -- Energy Drive in Spring, TX. Legal headquarters -- Page Mill Road in Palo Alto, not Hanover Street as in old documents.)

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 HPInc's many predecessor companies, as far as we know: only HP and DEC ever 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 did not get credit under HP's retiree healthcare or pension programs for service at the predecessor. Predecessor service generally did count for other benefits. 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

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

Time to untangle your stock! Depending on when and how you acquired HP or HPE stock, you may now have stock in up to five (formerly seven) completely separate HP-related companies -- HP, HPE, Agilent, Keysight, DXC, Perspecta, Micro Focus -- and may have missed cash payouts. Often in multiple accounts -- related to various employee stock purchase, option and incentive plans over the years -- or in personal brokerage accounts. How many shares of which companies should I have? How much cash should I have received? 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

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

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