HP 401(k) match, vesting and fees
What HP's 401(k) plan says about matching contributions
In general, the Company matching contribution is a fixed contribution equal to 100% of the first 4% of eligible earnings a participant contributes each pay period. The Company matching contribution is funded annually. A participant must be employed on the last day of the calendar year to receive the Company matching contribution, unless they have terminated employment during the year as a result of death or disability, termination under a Company-approved severance or early retirement programs, in connection with a sale or divestiture by the Company of the business unit in which the participant was employed, or after the attainment of at least age 55 with at least ten years of vesting service.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 33 ↗ |
| Match vesting | Participants are fully vested at all times with regard to their contributions and earnings thereon. In general, participants are subject to a three-year cliff vesting schedule with regard to Company matching contributions, and earnings thereon, after which time they will become 100% vested in their Company matching contributions, and earnings thereon. In addition, a participant becomes 100% vested in their Company matching contributions, and earnings thereon, at attainment of age 65, death before termination of employment, or becoming eligible for disability benefits under the Company’s long-term disability program. Participants are also fully vested in their Company matching contributions, and earnings thereon, if they terminate employment in connection with a sale or divestiture by the Company of the business unit in which the participant had been employed, or if they terminate employment under a Company-approved severance or early retirement programs. | Audit report, p. 34 ↗ |
| Automatic enrollment | Upon employment, as soon as administratively feasible, employees are automatically enrolled in the Plan at 4% pre-tax in the Birth Date Fund closest to the year the employee was born. | Audit report, p. 33 ↗ |
| Roth contributions | Employees can choose pre-tax contributions, Roth 401(k) contributions and after-tax contributions. The pre-tax and Roth 401(k) contributions are eligible for the Company matching contributions. | Audit report, p. 33 ↗ |
| Loans | The Plan offers two types of loans, which are general-purpose loans and primary residence loans. The repayment period for a general-purpose loan may not exceed five years, and the repayment period for a primary residence loan may not exceed fifteen years. Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balances. Loans are secured by the participant’s vested account and bear interest at a fixed rate equal to the prevailing prime rate plus 1%. Principal and interest are paid ratably through payroll deductions. Participant loans are classified as notes receivable from participants on the Statements of Net Assets Available for Benefits and are valued at their unpaid principal balance, plus accrued but unpaid interest. | Audit report, p. 34 ↗ |
| Recordkeeper | Fid Inv Instl Ops Co | Schedule C ↗ |
| Independent auditor | Ernst & Young (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 203 defined-contribution plans in manufacturing with 10,000 to 49,999 participants.
| HP: employer contribution per participant | $1,888 | |
| Peer median | $3,733 |
| HP: average balance | $300,027 | |
| Peer median | $157,962 |
| HP: admin expenses ÷ assets | 0.03% | |
| Peer median | 0.05% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $9.7B at the end of plan year 2023 to $10.3B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 36,268 | $10.3B | $64.7M | $1,888 | 0.03% | Quoted in the audit report, p. 33 ↗ | Form 5500 ↗ |
| 2023 | 37,593 | $9.7B | $65.3M | $1,835 | 0.03% | Not published | Form 5500 ↗ |
Other HP plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Hp Inc. Deferred Profit-Sharing Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Fidelity Management Trust Company | Schedule C ↗ |
| Independent auditor | Ernst & Young, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Profit-sharing · Active | Form 5500 ↗ |
Hp Inc. Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Fidelity Management Trust Company | Schedule C ↗ |
| Independent auditor | Ernst & Young, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Frozen | Form 5500 ↗ |
Common questions
Does HP match 401(k) contributions?
The audit report attached to the Hp Inc. 401(k) Plan's plan year 2024 Form 5500, page 33 says: “In general, the Company matching contribution is a fixed contribution equal to 100% of the first 4% of eligible earnings a participant contributes each pay period. The Company matching contribution is funded annually. A participant must be employed on the last day of the calendar year to receive the Company matching contribution, unless they have terminated employment during the year as a result of death or disability, termination under a Company-approved severance or early retirement programs, in connection with a sale or divestiture by the Company of the business unit in which the participant was employed, or after the attainment of at least age 55 with at least ten years of vesting service.” Plan terms may have changed; check your current Summary Plan Description.
When is the HP 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 34 says: “Participants are fully vested at all times with regard to their contributions and earnings thereon. In general, participants are subject to a three-year cliff vesting schedule with regard to Company matching contributions, and earnings thereon, after which time they will become 100% vested in their Company matching contributions, and earnings thereon. In addition, a participant becomes 100% vested in their Company matching contributions, and earnings thereon, at attainment of age 65, death before termination of employment, or becoming eligible for disability benefits under the Company’s long-term disability program. Participants are also fully vested in their Company matching contributions, and earnings thereon, if they terminate employment in connection with a sale or divestiture by the Company of the business unit in which the participant had been employed, or if they terminate employment under a Company-approved severance or early retirement programs.”
Who manages the HP 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fid Inv Instl Ops Co. The plan administrator is Hp Inc..
I left HP. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Hp Inc., (800) 890-3100) or the recordkeeper, Fid Inv Instl Ops Co. The HP old 401(k) page lists the contacts from every plan filing. Find an old HP 401(k)
Data from the public Form 5500 annual reports HP filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with HP. Not financial advice. Report a correction · Methodology