Morgan Stanley Smith Barney (MSSB) has developed a service to track the retirement eligibility of its employees. The service will help corporate clients keep track of retirement eligibility dates and collect employment taxes from employees who get restricted stock units as part of their equity compensation. Based on the data about employees’ eligibility dates and the amount of shares subject to employment taxes, the firm will calculate the Social Security and Medicare taxes due and show a statement of the information on the participant’s online account. The firm provides stock plan services to about 2.5 million participants at more than 500 corporations globally.
Click here for the release from Business Wire.