Morgan Stanley Complaint - 401k/IRA Hostage - MorganStanley
COLUMBUS, OHIO -- Ten years ago, I made a transfer from my Thrift Saving Program (TSP) account to Morgan Stanley. In August 07, I returned to Civil Service and proceeded to transfer the funds back to TSP. Morgan Stanley (MS) sent me a letter asking for the letter of acceptance that is provided by TSP. I'll take the hit on response because I was out of town. In Oct I received another letter from Morgan Stanley as a reminder. I contacted TSP and was told that would take care of it. A few weeks went by and TSP was unable to locate proof that the acceptance that had been sent. Ms. Tanya Mullins at TSP assured it would be sent. The end of Nov, I received a letter from MS stating that they couldn't process the TSP 60 Form because I failed to to sign Block 4 earmarked for Financial Institution or Plan Administrator.
Ten days goes by. I receive a call from Mr. Charles Knapp at MS. He agrees to work this till it's resolved. I return his call and he is unable to locate the Acceptance Letter. His co-worker offered to help is was able to locate the info sent by TSP. I received a call two days later, and the broker tells me that these are MS Proprietary funds, and the funds will have to be sold off and a check sent. Fri 4 Jan 07, I get a call from Matt (LNU) at MS. He tells me that according to his manager, MS has a policy (Either local against certifying that the funds being transfered were previously held in a 401k/IRA or Employee Eligible Plan. MS refused to sign. We did a three way with Tiffany from the Thrift Saving Line.
MS expressed a concern about certifying where the funds originated. Again, they originated with TSP to MS in 1997. MS offered to send the check to me and I deposit it with TSP. TSP cannot accept the check without the signed TSP-60 and will return it back to MS. As of 4 Jan 07, Matt from MS needed to contact MS Legal Department to agree upon the proper wording to use in the Letter of Determination since they are unwilling to sign the TSP Form.