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.