去年10月，戴尔公司（Dell）部分员工被迫以9.55美元的价格出售手头持有的部分公司股票。现在，该公司正在以13.65美元的价格出售给创始人迈克尔•戴尔。保险地说，这家公司肯定有一部分员工正在对此发出强烈的抱怨。

    事情是这样的：三年多前，戴尔公司决定对员工在自己的401(k)雇主养老金账户中可以持有的公司股票数额加以限制。安然事件之后，这基本上是一项保护雇员的措施，而且符合美国劳工部（Department of Labor）提出的建议。

    因此，2010年1月，公司员工收到两条信息：（1）自2010年3月31日起，他们在401(k)雇主养老金计划中对“戴尔基金”的缴付份额最高不得超过20％，及（2）在2012年的某个时候，公司会进行一次调整，使得他们在自己401(k)雇主养老金账户中持有的戴尔股票总额最多不得超过账户投资总额的20％。

    接着，戴尔在2012年5月22日发布了盈利大幅低于预期的季度财报——导致这只股票在一天之内从15.08美元暴跌至12.49美元。接下来的一周里，戴尔公司告知员工，他们将被迫把各自持有的戴尔股票占养老金账户总额的比例在10月19日之前缩减至20％。如果届时他们没有做出相应的调整，戴尔公司将在市场上抛售超额持有的股票，帮助他们做到这一点。去年10月19日，戴尔股价为9.55美元。同样，相比之下，13.65美元的私有化收购价格要高出30％。

    我要说明的是，我并不是在暗示，戴尔公司最初在做出员工持股限制的决定时试图占员工便宜。事实上，这是一个明智的保护举措。

    但问题在于：迈克尔•戴尔去年8月份就告知戴尔公司董事会，他有兴趣对公司实施私有化。之后，戴尔成立了一个特别委员会，专门负责审查任何相关的提议。董事会当时可能不知道迈克尔•戴尔是否能够成功达成私有化收购协议，但董事会肯定知道，任何私有化收购协议的出价相比当前股价肯定会存在一个显著的溢价。迈克尔•戴尔本人同样也肯定知道这点，何况他恰好还是这家公司的首席执行官。

    然而，显然没有人做出任何努力来推迟对员工设定的10月19日这个截止日期——许多员工持有的部分戴尔股票以比私有化收购价格低30％的价位抛售掉了。或者，按照美元数额来表示，如果雇员持有1,000股“超额”股份，那么因抛售而遭受的账面亏损就达4,000多美元。

    戴尔公司发言人杰斯•布莱克本发表了如下声明：

    股市会有所波动，投资股票的人都知道，他们承受着自己的投资价值可能会上下波动的风险。戴尔公司遵循美国劳工部及专业投资人士提供的建议，对员工在单个公司或行业的投资予以限制。根据这些建议，戴尔公司员工福监管部门设定了戴尔股票基金在员工401(k)账户总余额中占据的份额最高不超过20％的限制。

    戴尔401K计划的成员有超过2年半的时间来采取行动，根据需要对他们的401K账户进行多元化配置，以满足戴尔401K计划更改后的规定。401K计划成员在接到有关他们的戴尔股票基金账户将进行一次性配置调整（如果超过计划总余额的20％）的特定日期的通知之后，有5个月的时间采取行动。在2年半的时间里，他们多次收到通知，提醒他们对退休储蓄进行多元化配置的重要性，以及他们可以选择投资的其他401K基金的信息和如何进行配置调整的说明。大多数需要采取行动的员工都采取了相应的行动。戴尔401K账户持有者当中，只有2.5％的人受到了一次性配置调整的影响。管理戴尔公司员工福利计划并不是戴尔公司董事会的职责。

    译者：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 ½ 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 ½-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.