Frequently Asked Questions: Lump Sum Reminder

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1 Frequently Asked Questions: Lump Sum Reminder IMPORTANT NOTE: In these Frequently Asked Questions (FAQs), the terms you, I, or my refer to someone who is a former employee of HP or one of its acquired companies who earned a pension benefit in the HP Retirement Plan, Deferred Profit Sharing Plan (DPSP), or Cash Account Pension Plan (CAPP) while working, and whose benefit is eligible to be received now. To determine if you are eligible to receive your pension benefit today, you can log in to or call the HP Retirement Services Center at Fidelity at Why did I receive communications related to my HP pension plan benefit(s)? As mentioned in the communications, some former employees of HP or one of its acquired companies who have a pension benefit are eligible to receive their benefit now. As one of those eligible participants, we wanted to remind you that you have the option to take your frozen HP pension plan benefit(s) as a lump sum or annuity now, even if you have not yet reached retirement age. You are not required to take a distribution at this time. What are my HP pension plan distribution options today? You may take a lump-sum distribution of your frozen benefit or begin receiving monthly annuity payments at any time. If you take a lump sum, you may roll over your benefit to an Individual Retirement Account (IRA) or other qualified retirement plan such as an employer-sponsored 401(k) plan, or receive a cash payment. An annuity provides you with monthly benefit payments for life. For more details about the annuity forms available to you, please log in to If you have multiple HP pension plan benefits that are eligible to be received now, you may elect to receive all or some of your benefits now. Because each benefit requires a separate election, you can choose different payment types for each. For example, you could receive one benefit as a lump sum and another as an annuity, or receive one benefit now and take another benefit in the future. If you have a benefit in the HP Deferred Profit Sharing Plan (DPSP) and Retirement Plan, you are eligible to receive both benefits now as two single lump-sum payments. You may choose to receive either one or both of these benefits now as follows: You may receive your DPSP benefit now and wait to receive your Retirement Plan benefit You may receive both your DPSP and Retirement Plan benefits now Note: You may not choose to receive your Retirement Plan benefit now and leave your DPSP benefit in the plan until a later date What is the estimated value of my lump-sum benefit? Visit to view the current estimated value of your benefit, request a pension estimate or, if eligible, use the modeling tool to estimate your benefit based on a specific commencement date. If you re unable to access your pension benefit information online, you can also call the HP Retirement Services Center at Fidelity at Representatives are available Monday through Friday (excluding New York Stock Exchange holidays) between 5:30 a.m. and 9:00 p.m. PT. The estimated lump-sum value of your HP pension benefit as of May 1, 2014 may also have been included in the letter mailed to you in early to mid-august. 1

2 If you have a DPSP benefit, the estimated lump-sum value of your HP Retirement Plan benefit as of May 1, 2014 and the account balance of your DPSP as of March 31, 2014 were also included in the personal statement mailed to you in early to mid-august. What do I need to do if I have multiple benefits? If you have multiple benefits that are eligible to be paid now, you may elect to receive all or some of them at any time. You may elect the same payment option for all benefits available to you, or elect different payment options for each benefit. For example, if you have two benefits, you could receive both as lump-sum rollover payments, or receive one benefit as a lump-sum rollover and the other as a lump-sum cash payment. If you have a benefit in the DPSP and Retirement Plan, you may elect to receive one or both now, but you may not choose to receive your Retirement Plan benefit now and leave your DPSP benefit in the plan. What are the advantages of taking a lump sum? Taking your HP pension plan benefit as a lump-sum rollover or cash payment may offer several advantages: 1. Flexibility and availability: A lump-sum distribution allows you to choose how and where to direct your money. If you roll over your pension benefit, you will have access to additional investment options and you can select your investments according to your time horizon and risk tolerance. If you decide to take a lump-sum cash payment, you ll have immediate access to your money (less applicable taxes and penalties) and can use it as you choose. You can also use a distribution as an opportunity to consolidate your retirement savings in one place. 2. Continue to defer taxes: By rolling over your pension benefit into an IRA or qualified plan, you will continue to defer taxes until funds are withdrawn. Please note that you will pay taxes if you choose to roll your benefit into a Roth IRA or take a lump-sum cash distribution. 3. Potentially lower interest rates today: The lump sum value of your pension benefit is affected by interest rates. The lump sum value is generally smaller when interest rates are high, and larger when interest rates are low. You may want to familiarize yourself with current interest rates to decide if you d like to receive your pension benefit as a lump sum now. Keep in mind, however, the value of your benefit can increase or decrease due to a number of other factors. 4. Opportunity to preserve your benefit for your beneficiaries: If you choose a lump-sum rollover or cash payment, you may have additional beneficiary election options. Typically, if you elect an annuity payment, your beneficiary options are limited and benefit payments cease upon your death or the death of your beneficiary. Electing a lump sum allows you to pass the remaining value of your benefit to any beneficiary you choose. If you die before commencing your benefit, you may lose up to the full value of your benefit 2

3 What is the taxation difference between a direct lump-sum rollover and a lump-sum cash payment? With a direct rollover, your lump sum is rolled directly over from the pension plan to an IRA or other qualified plan that accepts rollovers. A qualified plan is generally your current employer s 401(k) or 403(b) plan. If you have an existing balance in the HP 401(k) Plan, you can roll your lump-sum payout into the plan. You will continue to defer taxes on your pension until you make a withdrawal* in retirement. Note you will pay taxes if you roll your benefit over to a Roth IRA. Note: If you are a former Digital employee, any interest or retroactive payments you received after your normal retirement date are not eligible to be rolled over. With a cash payment, 20% of your lump sum is required to be automatically withheld for federal taxes and, if applicable, state taxes will also be withheld. Please note your actual tax liability, including local taxes, may be more or less than this amount. Plus, you may also be subject to tax penalties if you are under age 59½. If I decide to receive my benefit now, when and how are payments made? If you decide to take a lump-sum rollover or cash distribution, payment will be made by the first Friday of the month following your elected benefit commencement date. When you make your election, you provide information regarding how you would like to receive your payment: If you elect a lump-sum rollover, you can roll over your benefit into an IRA or other qualified plan. If you roll over to a Fidelity traditional IRA or the HP 401(k) Plan, the funds will automatically be transferred. If you roll over to a non-fidelity IRA or a Fidelity Roth IRA, you will receive a check made payable to the account custodian or trustee. You will then need to deliver the check to that custodian or trustee as soon as possible. If you do not deliver the check to the custodian or trustee, the check will be voided and you will need to complete the election process again to receive your benefit. If you elect a cash payment instead, your benefit will be paid in the form of a check or directly deposited to your bank account. Please remember 20% of your benefit is required to be automatically withheld for federal taxes and, if applicable, state taxes will also be withheld. Your actual tax liability, including local taxes, may be more or less than this amount. Plus, tax penalties may also apply if you are under age 59½. Can I roll over my pension benefit into the HP 401(k) Plan? If you have an existing balance in the HP 401(k) Plan, you may roll over the lump-sum value of your pension benefit into your HP 401(k) Plan account. You will continue to defer taxes until you make future eligible withdrawals and you can invest your money according to the investment options available in the Plan. Can I roll my pension benefit into a Roth IRA? Yes, if you have an existing Roth IRA or if you re eligible to open a new Roth IRA account. Please remember that rolling over your lump sum into a traditional IRA allows you to continue deferring taxes until you withdraw funds from your account. However, should you roll over your lump sum into a Roth 3

4 IRA, you will be required to pay taxes on the amount deposited. For additional details, please refer to the Special Tax Notice available as part of the election process on Can I elect to roll over a portion of my benefit? Yes, you may elect to split your benefit, but please note you must receive your entire benefit from the applicable plan. For example, you could elect to receive half of your Retirement Plan benefit as a rollover and the other half of your benefit as a cash payment, but you cannot take half of your Retirement Plan benefit now and leave the other half in the plan. Please note that you also cannot split your benefit to roll over into two separate accounts or elect a partial lump sum and an annuity. If you have multiple benefits, you can receive full lump-sum payments of each benefit or elect a partial rollover for each benefit. You do not need to make the same election across all benefits. What are my investment options with a lump-sum payment? You will be responsible for managing and investing your benefit to provide future income, subject to market gains and losses, if you take a lump-sum distribution. If you elect a lump-sum rollover, you can invest in the options available in your IRA or other retirement plan. You can choose how to invest your savings, which can allow you to protect yourself against the effects of inflation. However, your account will also be subject to greater market volatility than if you kept your benefit in the HP pension plan or elected an annuity. You may use or direct a cash payment in any way you choose, but are responsible for monitoring your savings and ensuring you have enough to last throughout retirement. What are my current beneficiary election options if I choose to keep my benefit in the plan until I retire? Under the current provisions of the HP pension plans, you have some restrictions regarding who you may choose as a beneficiary and you may lose part of the value of your benefit if you predecease your beneficiary. Under the current provisions of the HP Retirement Plan, DPSP, CAPP, and Digital Plan, you have less flexibility to choose your beneficiary: If you have an HP Retirement Plan, DPSP, or CAPP benefit, you may elect any beneficiary at any time but your election is subject to spousal consent if you are married. If your benefit is due from the Digital Plan, you may not elect a non-spouse beneficiary to receive your benefit in the case of your death. Along with less flexibility to designate a beneficiary, the value of your benefit may be reduced if you die prior to commencing your benefit: If you have a Retirement Plan benefit, the value of your HP Retirement Plan benefit will be reduced by 50% before being distributed to your surviving beneficiary. 4

5 If you have a benefit from the Digital Plan, vested benefits are payable only to a surviving spouse (if you are married at the time of your death) as a lifetime annuity equal to half the vested benefit amount you would have received had you elected a 50% joint with survivor income benefit starting at the time of your death. If you are not married at the time of your death, benefits are forfeited and no benefits are payable under the Digital Plan to you or your estate. This means your full benefit would be lost. If you have a DPSP or CAPP benefit and leave your benefit in the plan, the value of your benefit will not change and will be distributed to the beneficiary you have on file upon your death. What are my beneficiary election options if I take my benefit now as a lump-sum payment or annuity? If you take your benefit now as A lump-sum rollover to a qualified plan or IRA, you can designate any beneficiary you choose to receive your benefit upon your death, subject to the provisions of that qualified plan or IRA. A cash payment, you can leave any remaining assets from the lump sum as part of your estate to be distributed as you choose. An annuity, you may select any beneficiary (subject to spousal consent if you elect a nonspouse beneficiary) and provide regular monthly benefit payments to that beneficiary upon your death. With any of these payment options, you may not be subject to a reduction in the value of your benefit if you predecease your beneficiary, as you may be if you die before commencing your benefit. Keep in mind, however, you will be responsible for investing and maintaining the value of your benefit should you elect a lump-sum distribution. What are the main differences between a lump-sum distribution and an annuity? You may take a lump-sum distribution as a rollover or cash payment. A lump-sum payment may offer more flexibility than an annuity if you invest the lump sum and use any potential earnings to help protect your purchasing power against the effects of inflation. However, you are also responsible for ensuring your lump sum meets your retirement income needs; your lump sum may produce more or less retirement income than a monthly annuity would produce. A lump sum may offer you more control over who will receive your benefit in the case of your death, and the value of your benefit may not be reduced if you predecease your beneficiary. An annuity is a monthly payment that is made from the date you commence your benefit through the rest of your lifetime. This option offers a more predictable source of income because benefits are not subject to market gain or loss, and will continue to be paid even if you live longer than expected. However, you do not have the opportunity to invest your benefit and your benefit may be subject to inflation risk because payments remain the same over time. If you elect an annuity, you can select your preferred form of annuity payment a 50% Joint and Survivor Annuity for example to ensure your beneficiary continues to receive benefit payments after you die, but you may also have beneficiary election limitations. However, if you die before you commence your benefit, you still may be subject to the benefit reductions outlined earlier in this document. For details about the specific annuity options available in your plan, please visit or call to speak with a representative. 5

6 Should I receive my pension now? The decision about how and when to receive your HP pension benefit should be based on your personal financial situation and preferences. We encourage you to talk with your financial advisor or, at no cost to you, speak with a Fidelity Retirement Representative by calling Monday through Friday (excluding New York Stock Exchange holidays) between 5:30 a.m. and 6:00 p.m. PT. Am I required to take any action at this time? No, you are not required to take a lump sum distribution or commence annuity payments at this time. Deciding when and how to receive your benefit is up to you. We are providing additional education about your benefit to remind you of the payment options available. What resources are available to help me make a decision? Personal support At no cost to you, speak with a Fidelity Retirement Representative at to discuss your personal situation. You can get answers to detailed questions about your benefit and the election process, plus receive help making an informed decision about which payment option may be right for you. This service is confidential. If you would prefer to speak with a Fidelity representative in person, you may schedule an appointment at a local Fidelity Investor Center at You may also talk to a financial advisor. If you decide to work with an outside financial advisor, be sure to choose one carefully. Before hiring one, consider their credentials, education, and payment structure, and ensure they have not been convicted of a crime, are not under any regulatory investigation, and have not had complaints filed against them. You can contact the Certified Financial Planner Board of Standards at or your local Better Business Bureau for more information. Online resources You can access online tools in the NetBenefits Library at to analyze your retirement readiness, create or improve your savings practices, learn about investing strategies and more. Be sure to check out: Retirement Quick Check: Learn whether you re on track to save enough for retirement Retirement Income Planner: Create an income plan based on your situation, lifestyle, and goals to help ensure you have sufficient assets for your retirement You can also watch the Your HP pension benefit payment options presentation at for more information. Materials to read In early to mid-august, you received materials in the mail explaining your lump sum benefit and information for determining whether a lump-sum distribution may be right for you. Be sure to read these pieces carefully. If you no longer have your copy of the Things to consider guide you may access one at 6

7 How do I make an election? If you d like to take a lump sum or commence annuity payments now, log in to If you are unable to access your pension benefit information on NetBenefits, call the HP Retirement Services Center at Fidelity at , Monday through Friday (excluding New York Stock Exchange holidays) between 5:30 a.m. and 9:00 p.m. PT to speak with a representative. If you have a DPSP benefit and wish to receive both your DPSP and Retirement Plan benefits now, you will make separate elections for each benefit. Remember, you may also choose to only receive your DPSP benefit now and receive your Retirement Plan benefit at a later date. You do not need to elect the same payment option for each benefit. For example, you could receive your DPSP as a lump-sum rollover and your Retirement Plan benefit as a lump-sum cash payment or annuity. What is required for my election to be processed? If you are married and your election requires spousal consent, a notarized Spousal Consent Form must be returned in good order to the HP Retirement Services Center at Fidelity: You may send your completed form via standard mail to: HP Retirement Services Center at Fidelity P.O. Box Cincinnati, OH Or you may send your completed form via overnight mail to: HP Retirement Services Center at Fidelity 100 Crosby Parkway Mail Zone KC1F-D Covington, KY Is spousal consent required for a lump-sum election? If you are married and wish to select a lump sum or any option other than the normal form of payment, your spouse must provide notarized consent via the Spousal Consent Form available to you during the election process. The signed, notarized form must be returned in good order to the HP Retirement Services Center at Fidelity for your election to be processed. If you are married and choose the normal form of payment, a 50% joint and survivor annuity, spousal consent is not required. Where can I find a notary? Locations for notaries vary from state to state, as do the rules for charging a fee for notary services. The following is information to help you find a notary and learn more about the fees they may charge for their services. You may locate a notary at: Banks and Credit Unions: Banks and credit unions typically have notaries on staff. Check with your local bank or credit union to see if it would be able to notarize your spouse s consent. 7

8 Government Offices: Depending on the state, town halls, city halls and county offices can be excellent resources for a notary. Check with your local government offices to determine if a notary is on staff and whether an appointment is necessary. The UPS Store: These locations may be another option for obtaining notary services. To find a location near you, visit Miscellaneous Resources: Accountants, attorneys, mortgage companies and paralegals are often sources for notary services. You may want to search online for notary resources in your area as well. Please be aware that some notaries may charge for their services. The ability of a notary to charge a fee for service depends on the state where the notary is legally empowered to witness and certify document validity. In some cases, even when notaries can legally charge a fee, they don t if you are a client (e.g., banks often won t charge a fee to their customers). Some states permit notaries to charge travel fees if the notary comes to you. Be sure to inquire about all fees that a notary may charge you before you use his or her services. If I complete my election online, do I need to return any paper forms? If your election requires spousal consent, you will need to complete, sign and notarize the Spousal Consent Form available on NetBenefits within the election process. This document must be mailed in good order to the HP Retirement Services Center at Fidelity. If you do not require spousal consent, you may complete the entire election process online. If I complete my election via phone, do I need to return any forms? Yes, you will be mailed a completed election form for signature, which must be signed and returned to the HP Retirement Services Center at Fidelity. If your elections require spousal consent, that section will also be included. *The IRS generally requires that you begin taking a minimum required amount from your account after you reach age 70½. If you will be 70½ before January 1, 2015, a portion of your pension benefit is not eligible to be rolled over and will need to be distributed to you as your minimum required distribution. 8

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