Palo-Alto-based Hewlett Packard Co. will shell out $810 millionin lump-sum pension buyout payments toformer, non-retired employees, according to a recent 10-Q filingwith the Securities and Exchange Commission.
The company reported that about half of eligible formeremployees accepted the buyout, which was offered in January 2015and ended April. It did not report how many were offered thebuyout.
The company froze its U.S. defined benefit plan in 2008. HP hassignificant off-shore pension liabilities—$19.2 billion accordingto reports—and said in the recent filing that it contributed $471million to non-U.S. pensions in the six months ending April 30,2015.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
