If you have a balance in the nonqualified Executive Deferred Compensation Plan (EDCP), under current rules your vested account is generally paid in a single lump sum in the January following your termination. Alternate payment options may apply if you qualify as a “retiree” under the plan (meaning you’re leaving at age 55 or older and have been working at HP/HPE for 15 continuous years as of your termination date) or if you made deferrals into the Compaq Deferred Compensation and Supplemental Savings Plan before 2004. In addition, amounts deferred into the EDCP after December 31, 2004, may be subject to certain additional restrictions. These payment rules are subject to change.
Because it’s a nonqualified plan, EDCP payments are taxable as ordinary income and aren’t eligible for rollover to an individual retirement account (IRA) or another eligible employer retirement plan.
You can continue to manage the investment of your EDCP account until it’s paid to you using . For more information, access or call the HPE Retirement Service Center at Fidelity.