HP Inc., Palo Alto, Calif., will pay about $2 billion to former employees in its primary U.S. pension plan who elected to receive lump sums the company offered in June.
About 12,000 former employees vested in the HP Inc. Pension Plan who have yet to retire elected the lump-sum option during the window that began June 5 and closed July 3, according to HP's 10-Q filing with the SEC on Sept. 4.
Payments will be made in the fourth quarter of the current fiscal year, which began Aug. 1 and ends Oct. 31, according to the filing.
The HP Inc. Pension Plan had $12.4 billion in assets as of Oct. 31, 2019, according to the company's most recent Form 5500 filing. As of that same date, the plan had just over 60,000 participants who were separated from the company and were entitled to future benefits, the filing said.
An HP spokeswoman declined to provide further information beyond what is included in the filing.
