Walmart ASPP / Computershare Fee Warning

Walmart ASPP / Computershare Fee Warning

12 September 2013

Copyright © 2014 – It’s Not Sam’s Walmart…..Anymore!  & RightTurnMedia2014

Are you a former Walmart or Sam’s Club employee that participated in the Walmart Stores inc., Associate Stock Purchase Program (ASPP)?

If you participated in the program, and have kept your shares in the Walmart Stores Inc., Associate Stock Purchase Program (ASSP) after separation, you are in for a fee shock.

Computershare, the program’s administrator/trustee, asses a fee on all former employees/associates who retain shares purchased during their employment in the Walmart Stores Inc., Associate Stock Purchase Program of $35.00 annually.  This fee is deducted in the first quarter, by liquidating enough stock to cover the fee.

It costs very little for Computershare and other such companies that act as trustee, to maintain an account, especially considering the fact this program only sends out statements twice a year.  Computershare is simply fee farming at the expense of former Walmart and Sam’s Club employees who are unaware of this fee after separating from the company.

Computershare can hide behind the fact that “There is an explanation of the maintenance fee on the back of the Associate Stock Purchase Plan statement as well as the Associate Handbook”

Most states require that any fees an employer assesses on Stock Purchase Plan or 401K Plan accounts must be disclosed in the prospectus or plan materials, in writing, not electronically.

Additionally, when an employee separates employment, the employee must be notified by mail of any fees on such accounts if they chose to retain them, or their options to transfer or liquidate the holdings, along with potential costs of such.

Fee farming by trustees in Employee Stock Purchase Programs, or 401K Programs is at an all time high, due to the fact these companies are attempting to hide behind their “electronic disclosures” listed in employee handbooks or elsewhere.

Additionally, Computershare notes that “by signing up for the Associate Stock Purchase Program, you agreed to the terms and conditions of the Plan as explained in the Associate Handbook”.

Likewise successful litigation has been brought against such companies and their investment trustees.

If you are a former Walmart or Sam’s Club employee and still have investments in either the Walmart Stores Inc., Associate Stock Purchase Program (ASPP) and/or the Walmart Stores Inc., 401K program, be aware you are paying charges, some excessive, for keeping your investments in these programs.

If you have been charged this $35.00 fee by Computershare, you are more than welcome to send a complaint email to walmart@computershare.com 

No, you will receive the same form reply that we here at It’s Not Sam’s Walmart…..Anymore received, but it will let them know there are a number of former Walmart & Sam’s Club employees out there that are upset over the $35.00 per year fee.

If you know a former Walmart or Sam’s Club employee that may have investments in either the Walmart Stores Inc., Associate Stock Purchase Program (ASPP), and/or the Walmart Stores Inc., 401k Program, please share this article with them.

Last, but not least, “It’s Not Sam’s Walmart…….Anymore” is interested in speaking with a law firm with experience in such litigation.  Numerous former Walmart & Sam’s Club employees are being saddled with excessive fees for keeping investments in the Walmart Stores Inc., Associate Stock Purchase Program, and Walmart 401k programs.  Interested attorney’s should contact us at itsnotsamswalmart@gmail.com, we ask that for credentials and history in litigating such cases.

Knowledge is power! 

It’s Not Sam’s Walmart…..Anymore!  is here for one reason, to return Sam Walton’s beliefs, values, and rock solid business model , that stresses Customer Service and Value to Walmart! 

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