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????去年10月，戴爾公司（Dell）部分員工被迫以9.55美元的價格出售手頭持有的部分公司股票?，F在，該公司正在以13.65美元的價格出售給創始人邁克爾?戴爾。保險地說，這家公司肯定有一部分員工正在對此發出強烈的抱怨。

????事情是這樣的：三年多前，戴爾公司決定對員工在自己的401(k)雇主養老金賬戶中可以持有的公司股票數額加以限制。安然事件之后，這基本上是一項保護雇員的措施，而且符合美國勞工部（Department of Labor）提出的建議。

????因此，2010年1月，公司員工收到兩條信息：（1）自2010年3月31日起，他們在401(k)雇主養老金計劃中對“戴爾基金”的繳付份額最高不得超過20％，及（2）在2012年的某個時候，公司會進行一次調整，使得他們在自己401(k)雇主養老金賬戶中持有的戴爾股票總額最多不得超過賬戶投資總額的20％。

????接著，戴爾在2012年5月22日發布了盈利大幅低于預期的季度財報——導致這只股票在一天之內從15.08美元暴跌至12.49美元。接下來的一周里，戴爾公司告知員工，他們將被迫把各自持有的戴爾股票占養老金賬戶總額的比例在10月19日之前縮減至20％。如果屆時他們沒有做出相應的調整，戴爾公司將在市場上拋售超額持有的股票，幫助他們做到這一點。去年10月19日，戴爾股價為9.55美元。同樣，相比之下，13.65美元的私有化收購價格要高出30％。

????我要說明的是，我并不是在暗示，戴爾公司最初在做出員工持股限制的決定時試圖占員工便宜。事實上，這是一個明智的保護舉措。

????但問題在于：邁克爾?戴爾去年8月份就告知戴爾公司董事會，他有興趣對公司實施私有化。之后，戴爾成立了一個特別委員會，專門負責審查任何相關的提議。董事會當時可能不知道邁克爾?戴爾是否能夠成功達成私有化收購協議，但董事會肯定知道，任何私有化收購協議的出價相比當前股價肯定會存在一個顯著的溢價。邁克爾?戴爾本人同樣也肯定知道這點，何況他恰好還是這家公司的首席執行官。

????然而，顯然沒有人做出任何努力來推遲對員工設定的10月19日這個截止日期——許多員工持有的部分戴爾股票以比私有化收購價格低30％的價位拋售掉了?；蛘?，按照美元數額來表示，如果雇員持有1,000股“超額”股份，那么因拋售而遭受的賬面虧損就達4,000多美元。

????戴爾公司發言人杰斯?布萊克本發表了如下聲明：

????股市會有所波動，投資股票的人都知道，他們承受著自己的投資價值可能會上下波動的風險。戴爾公司遵循美國勞工部及專業投資人士提供的建議，對員工在單個公司或行業的投資予以限制。根據這些建議，戴爾公司員工福監管部門設定了戴爾股票基金在員工401(k)賬戶總余額中占據的份額最高不超過20％的限制。

????戴爾401K計劃的成員有超過2年半的時間來采取行動，根據需要對他們的401K賬戶進行多元化配置，以滿足戴爾401K計劃更改后的規定。401K計劃成員在接到有關他們的戴爾股票基金賬戶將進行一次性配置調整（如果超過計劃總余額的20％）的特定日期的通知之后，有5個月的時間采取行動。在2年半的時間里，他們多次收到通知，提醒他們對退休儲蓄進行多元化配置的重要性，以及他們可以選擇投資的其他401K基金的信息和如何進行配置調整的說明。大多數需要采取行動的員工都采取了相應的行動。戴爾401K賬戶持有者當中，只有2.5％的人受到了一次性配置調整的影響。管理戴爾公司員工福利計劃并不是戴爾公司董事會的職責。

????譯者：iDo98

????Last October, certain Dell employees were forced to sell some of their company stock at just $9.55 per share. Now the company is being sold to founder Michael Dell for $13.65 per share. Suffice to say, there's some serious grumbling going on.

????Here's what happened: More than three years ago, Dell (DELL) decided to limit the amount of company stock that could be held by employees in their 401(k)s. Basically an employee protection initiative in a post-Enron world, and in line with Department of Labor recommendations.

????So in January 2010, employees received two pieces of information: (1) Beginning March 31, 2010, the max percentage they could contribute to the "Dell fund" within their 401(k) program would be 20%, and (2) At some point in 2012, a change would be made so that the total maximum Dell exposure they could have in their 401(k)s was 20%. Investment.

????Dell then reported a big earnings miss on May 22, 2012 – sending the stock from $15.08 to $12.49 in a single day. The following week, Dell informed employees that they would be forced to reduce their Dell exposure to the 20% level by October 19. If they did not make changes by that date, Dell would do it for them by putting those extra shares on the market. The price on October 19 was $9.55 per share. Again, for context, the buyout price was 30% higher at $13.65 per share.

????To be clear, I'm not suggesting that Dell was trying to screw over its employees back when it made its original max contribution decision. In fact, it was a smart protective move.

????But here's the thing: Michael Dell informed the Dell board last August that he was interested in taking the company private, after which Dell formed a special committee to examine any proposals. The board might not have known if Michael Dell could pull off a deal, but it certainly knew that any offer would certainly be at a significant premium. Same goes for Michael Dell himself, who also happens to be the company's CEO.

????Yet no one apparently made any effort to postpone the October 19 deadline for employees – many of whose Dell shares were partially liquidated at what became 30% lower than the buyout price. Or, to put it in dollars, if an employee had 1,000 "extra" shares, it would work out to more than $4,000 in paper loss.

????Dell spokesman Jess Blackburn provided the following statement:

????The stock market can be volatile and those who invest in stocks know they assume a risk their investments might fluctuate up or down. Dell followed Dept. of Labor and investment professionals recommendations for limiting investment in a single company or industry. Based on the recommendations, the Dell benefits administrators set a limit for the Dell Stock fund of 20 percent of a total plan balance.

????Dell 401k plan members had more than 2 ? years to take action to diversify their accounts as needed to meet the change to the plan design. 401k plan members had 5 months notice of the specific date their Dell Stock fund accounts would have a one-time reallocation if they exceeded 20 percent of their total plan balance. They received multiple reminders during the 2 ?-year process about the importance of diversification of retirement savings along with information on options available to them in other 401k funds and instructions on making changes. Most employees who needed to take action did. Only 2.5 percent of the Dell 401K accounts were affected by the one-time reallocation. Administering Dell benefit programs is not a function of the Dell Board of Directors.