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Morgan Stanley issues with HP-related employee stock (Mar 28, 2022) Question? Email: info@hpalumni.org
After leaving an employer, your shares are generally automatically moved from an employer-paid account at a benefits administrator -- such as the "NetBenefits" division of Fidelity or the "MyBenefits" division of Merrill Lynch -- to a personal account at a different division of the same financial conglomerate. (Merrill Lynch calls the two accounts "Employer Sponsored Plan" and "Individual Investor Account.") The new account will use a different website, login, and account number.
Since your employer is no longer paying for the account, you will probably be billed an annual fee (which may be higher than you might expect.) Lot-and-cost data for your lots should have been preserved if you move between "benefits" and "retail" divisions of the same brokerage.
However, if you move the shares to a different brokerage, the shares of each company will be moved in a single lot -- you will have to use your own records to enter date and purchase price for each lot into the second broker's system.
Cost Basis. can you correct your broker's records to include lot-by-lot cost basis data?
Call them. Using Google, did not find a reference to updating your
data.
Several issues reported by members:
1. Fees. Be sure to check for fees on any financial account. One member reports that a $200/quarter "quarterly maintenance fee" drained a small, inactive Morgan Stanley account.
2. Employee stock plan issues. Morgan Stanley national contact center for employee stock accounts: 1-800-367-4777 or 1-801-617-7700. Email: mystockplan@morganstanley.com .
If the national contact center is unable to help you with an HP- or Compaq-related employee stock account issue, members report that you should contact Stock Plan Operations at the Morgan Stanley office in San Mateo, CA during PST office hours: 650-496-4288. 411 Borel Ave, Suite 220, San Mateo, CA 94402. That office apparently has access to employee records.
Non-U.S. employees may have shares at Morgan Stanley's "StockPlan Connect." Statements for non-U.S. employee accounts are mailed from Columbus, Ohio. Login FAQ
Non-U.S. plan participants may not have a Morgan Stanley "Global ID" number -- not the same as your Account Number. Contact the San Mateo office and follow their identification procedure -- which takes about three days and requires sending a scan of a government ID, such as a passport. They may not be able to give you online access to your account, instead requiring phone contact for each transaction. Be sure to sign any documents exactly as on the passport. Fill out an IRS form "W-8 BEN -- Certificate of Foreign Status of Beneficial Owner" -- to avoid the 25% U.S. tax withholding. "The cost of each bank transfer was US $ 20. The wire arrived within 2 hours!"
3. Micro Focus. In Apr 2018, people who bought stock administered by Morgan Stanley's corporate benefits division "StockPlan Connect," were sent 1099-B forms dated 3/14/18 based on incorrect data entry from the HPE Cost Basis letter. One member discovered this and was able to convince Morgan Stanley to send corrected 1099-B forms dated 4/13/18 via postal mail to "you and 6,000 other HPE shareholders."
"CORRECTED COPY AS OF 04/13/18. Following is a corrected form 1099 for 2017. Initially, the proceeds amount was calculated with a conversion rate of .2208; the correct rate is .1373. The cost basis amount was calculated with a conversion rate of .1373 times the Micro Focus FMV of $29.34; the correct rate is .2208 times the original Hewlett Packard Enterprises [sic] cost basis. Note that each tax lot of HPE had a different cost basis."
[HPAA comment: Morgan Stanley swapped the two numbers when entering the numbers into their system.]
History: Compaq hired Smith Barney (now Morgan Stanley) as their Employee Stock Purchase Administrator. After the merger, CPQ shares converted to HPQ, which later spawned HPE, DXC, MFGP, and Perspecta. Unless moved, these shares are all now in a personal "StockPlan Connect" account at Morgan Stanley.
Morgan Stanley links:
https://www.stockplanconnect.com/index.html
https://www.stockplanconnect.com/faq.html
https://www.stockplanconnect.com/customerService.html
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