What happens to my 401(k) Plan account?

If you participated in the HPE 401(k) Plan, your vested account balance is payable following your termination of employment. You’ll have some choices to make regarding your plan account, with your choices varying depending on the size of your vested balance.

The following options are available if your vested HPE 401(k) Plan balance is more than $7000:

• Roll over your balance to another employer’s qualified plan or an individual retirement account (IRA). By rolling over your balance, you can continue to defer taxes and accumulate savings for longer-term financial needs. If your account contains Roth 401(k) contributions, be sure to check with your IRA or the other employer plan to confirm whether rollovers of Roth 401(k) balances are permitted.
• Make a partial rollover of your balance to another employer’s qualified plan or an IRA. You can continue to defer taxes on the partial amount you roll over. The remainder of your account is paid to you in cash or shares of HPE stock (as applicable).
• Request a partial withdrawal. You may be required to pay taxes on any partial withdrawal, but you can continue to defer taxes on any amount you leave in the Plan.
• Request installment payments. Also called Systematic Withdrawal Payments, or SWPs, this option lets you receive distributions periodically either by check or electronic funds transfer (EFT). You have the flexibility to choose the time frame and frequency of payments. For example, you can receive a fixed dollar amount on a regular basis, have your balance paid out over a fixed number of payments, or set up regular payments to satisfy minimum required distribution requirements. Withdrawal provisions vary based on your age and employment status. Withdrawals will be subject to certain 401(k) Plan fees and taxes. Refer to the Loans and Withdrawals page on NetBenefits for specific information about the options available to you.
• Defer payment. You have the option to leave your balance in your 401(k) account and defer payment (and taxes) until as late as April 1 of the year following the year you turn age 72 (or April 1 following the year you retire, if later).
• Get your benefit paid out in cash. A cash payment of your balance will have tax consequences. You’ll pay tax on the tax-deferred value of your account, and taxes will be withheld from your payment to help cover your tax liability. In addition, you may be subject to a 10% penalty tax for early distribution if you’re under age 59½. There are some exceptions. Refer to the Participant Distribution Notice/Special Tax Notice—you may request this from the HPE Retirement Service Center at Fidelity.

If your vested balance is $7000 or less and you don’t make a different payment election, distribution will be made automatically as a rollover to an IRA with Fidelity (or as a taxable cash payment if your balance is $1000 or less). You can make a different election as long as you do so within 60 days of receiving a notice of the upcoming distribution from the HPE Retirement Service Center at Fidelity.

If you have a loan outstanding when you leave HPE, you’ll need to repay your loan or else your loan balance will be treated as a taxable distribution. Repayment options include repaying your loan in full or continuing to make monthly payments. For more information, see Loan repayment options.

What action you need to take

To see the value of your 401(k) Plan account or request payment after you leave HPE, go to or call the HPE Retirement Service Center at Fidelity.

Additional information

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