Recently a couple of Intel Retirees encountered changes with their UBS accounts that they were not expecting. IRO contacted Intel and looked at the online information available to retirees to understand actions retirees need to take regarding their UBS account. The process hasn’t changed; however, some retirees may be unaware of the process.
It’s a good idea to inform yourself of what retirees need to do regarding your UBS account when you leave Intel. Action is required on your part within 18 months of leaving Intel.
- You must contact UBS Financial Services Inc. with instructions for handling any assets remaining in your employee account within 18 months of your termination date. You may want to set up a personal retail account at UBS or transfer your assets to another broker. Note that country restrictions may apply, and fees associated with a retail account will become your responsibility.
The current process is:
- August: UBS audits accounts of those who have left Intel.
- If they have been gone 18 months and they have no outstanding equity or do not hold SPP shares subject to the disqualifying disposition, then UBS sends a letter.
- The retiree/former employee has until December to decide which of the four alternatives they want to choose: 1) Full service UBS retail account can be opened; 2) Assets can be moved to another broker; 3) Assets can be liquidated; and 4) Assets can remain in the existing limited purpose account for an annual fee of $75. If you do not take any action by December, UBS will automatically charge the $75 to continue to hold assets in the existing limited purpose account.
Read the full information regarding Intel retirement/leaving Intel:
You can contact the UBS Service Center at 1-866-785-4682 with questions.