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HP Network Current and Past Employees

Over the years, Hewlett-Packard and the related HP Network of companies have added employees through acquisitions and mergers and also reduced the total number of employees during times of company financial uncertainty.

Enhanced Early Retirement (EER) has often been used to encourage employees at or near retirement to take a package with incentives to leave the company. Workforce Reduction (WFR) is the process that has been used for employees, who are not yet at the retirement age, to leave the company with a severance package.

EER / WFR Guide for HP & Network of Companies

EER / WFR Guide for HP & Network of Companies

When offered EER or WFR, it can be a stressful time making such large decisions quickly:

  • Can I afford to retire?
  • What do I do with my 401(k), DPSP and HP Retirement Plans?
  • What if I have Stock Options or Company Stock?
  • How long can I make my severance last while I look for a new job?
  • What Should I do Next?

Our guide includes important factors to consider if you are offered a package for EER or WFR and how to manage the transition.
    

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These are very important decisions and you may be asked to make your EER decision in a relatively short period of time; and with WFR there are even more stressors as you have less choice but important financial decisions to make.

We can help you with this decision process – by using our comprehensive financial planning process to look at each of these different scenarios, we can help guide you to make the decisions that are the best for you to achieve the future you have in mind for yourself and your family.

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We Are Part of the HP Legacy

Many years ago, Elaine Manley and Scott Manley started their careers at Hewlett-Packard before becoming financial advisors.

We learned that HP developed a process to interview and hire outstanding people. We met and developed many strong relationships during that time.

Financial Journey Partners has more than 50 families from HP as clients.

We have a long history of working with people who at one time worked for Hewlett-Packard, a spin-off company or an acquisition company. We call these the HP Network of companies.

Today we have many clients that currently work at HP or at one time worked for one of the HP Network of companies.

We are familiar with the HP DPSP (Deferred Profit Sharing Plan) and HP RP (Retirement Plan) that were given to employees in the 1980’s and 1990’s. We have helped clients who received shares in HP many years ago and have no record of the cost basis.

We also understand the experience of leaving HP or one of the HP Network of Companies. It is a time of transition that we can help you through.

Client Journeys

Comprehensive Retirement Planning with Financial AdvisorA single man worked for Hewlett-Packard for decades. He referred many of his friends to us. Living in Silicon Valley, he had a house with a high market value, but his financial plan showed he did not have enough assets to pay his expenses throughout retirement. His financial advisor guided him through the process of identifying a new, lower cost area to live, selling his home and investing the proceeds to fund the remainder of his retirement.

He found a new community to live in that he loves, and his financial plan shows he has plenty of money to do the things he wants to do. Having a financial advisor helps him not to worry because his advisor is there to help him. His financial house is in order, his debts are paid off, his emergency reserves are in place, his beneficiaries are current, he is enjoying his retirement free from worry.

Severance Package Scenarios with Financial Advisor

A client lives in Silicon Valley, is married and worked at Hewlett-Packard. Over the last several decades, HP has had many voluntary severance programs. This client was offered and decided to take a severance package.

Their financial advisor guided them through the process of rolling over their retirement accounts, ensuring their financial plan included saving for college for their two children, as well as evaluating several offers for different jobs. At the request of the parents, when the kids became teenagers, their financial advisor taught the kids about money and investing. Their financial plan shows they are on track and they plan to retire in the next 5 years.

We Have Helped Your Colleagues and Can Help You Too

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The stories provided are representative of client experiences to illustrate the services provided by Financial Journey Partners. These stories do not reflect specific opinions or endorsements of any clients and should not be interpreted as such.