401k plans are becoming the primary source for retirement savings for many Americans. But still, many retirement savers are in the dark. When it comes to the Hewlett Packard 401k plan, there are excellent resources available from human resources and the benefits team. But don’t stop there. Whether you are a current participant or a recently terminated employee, get an independent review. Make sure you’re not in the dark.
How does the Hewlett Packard 401k plan rank?
According to Brightscope, the Hewlett Packard 401k plan is above average compared to its peers. It receives a score of 80 which is 11 points less than the top rated plan of 91. Brightscope gives the plan kudos for low costs and an above average rating for “company generosity.” The company generosity category is based on the “plan’s vesting schedule, eligibility periods, and all the contributions to the plan for the sole benefit of the participants.”
The Hewlett Packard 401k has a broad list of investments to choose from. Due to the plan’s size, it is able to utilize lower cost funds and boasts some of the lowest fees among its competitors. According to Brightscope, there are 67 investment options available. This may be considered overkill. Bigger doesn’t always mean better when it comes to the number of investment options. Having so many choices can lead some participants to become overwhelmed and potentially fail to make selections. Another possibility is that some participants pick funds at random. An investment lineup with 20 funds is more than enough to adequately meet the needs of most retirement savers.
Plan Service Providers
The Hewlett Packard 401k plan utlizes Fidelity Investments as the record keeper for the plan. Fidelity is who you would contact to make investment changes, update beneficiaries, and request distributions etc.
Do you have questions or need help?
If you have questions about your Hewlett Packard 401k plan, be sure to contact HR and the benefits team at Hewlett Packard. You can also contact Fidelity Investments directly via the link provided earlier in this post.
In addition, please feel free to contact me via this link. I offer prospective clients a free consultation. This is where we discuss your needs and identify the level of service that is right for you.
Have you recently terminated employment with Hewlett Packard? If so, you have some important decisions to make with regard to your 401k. Contact me today to get started.
Information contained in the article regarding the Hewlett Packard 401k plan, is based solely on publicly available information as reported on required tax and disclosure forms as of 2014. In addition, information was gathered from other media outlets. Do not base your investment or financial planning decisions on this article alone. Contact your benefits team, tax advisor, and financial professional to discuss your unique situation.