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U.S. HP Pension Lump-Sum Payout Offer 2016
Advice and reference info from members. (Dec 4, 2021) Website operated by volunteers. Not officially endorsed or supported. Question? Email: info@hpalumni.org
Join the HPAA Finance Forum. Deals with employee stock, 401(k), pensions, and other financial issues from an ex-HP/HPE perspective.
HP Inc. is the overall legal successor to companies acquired by Hewlett-Packard before the company was
split into HP Inc and Hewlett Packard Enterprise on Nov 1, 2015.
In general, responsibility for commitments to former U.S. employees of Compaq, DEC, EDS,
etc. remain with HP Inc. -- regardless of whether their last business
unit ended up in HP or HPE. (Canada and UK: HPE. Other countries vary.
Country-by-country details)
"HP Inc., Palo Alto, Calif.,
announced in a 10-Q filing with the Securities and Exchange
Commission that about 17,000 participants in its U.S.
defined benefit plan accepted a lump-sum offer.
"The population consists of former employees who are vested
in the plan but who have yet to retire. The window to accept
the offer closed July 29. Further information on how much in
pension liabilities that population represents could not be
learned by press time.
"HP Inc. and Hewlett-Packard Enterprise, also in Palo Alto,
separated on Nov. 1. The company that existed previous to
the separation, Hewlett-Packard Co., completed a similar
lump-sum offer to a similar population in May 2015, settling
about $810 million in liabilities in its U.S. defined
benefit plan. The number of participants who accepted the
offer was not given.
"Whether the plan itself has separated yet could not be
learned by press time. Hewlett-Packard Co. froze the plan to
benefit accruals in 2008.
"As of Oct. 31, U.S. defined benefit plan assets totaled
$11.1 billion and projected benefit obligations totaled
$12.7 billion, for a funding ratio of 87.4%, according to
Hewlett-Packard Co.'s most recent 10-K filing.
"Officials at HP could not be immediately reached to provide
further information."
Pensions & Investments Magazine/Website
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