I just left the company after suffering through years of abuse. First they cancelled all the RSU's they gave me last year, so no money there. Then I learned they are withholding 50% of the money they put in my 401k because I was not with the company for 4 years? Does anyone know if this is legitimate? I was originally told at hire I was 100% vested from day one. This company has no shame.
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It has always been a graduated vesting, 25% after each of the first 4 years.
And you have endured "years" of abuse? Obviously you have been in Oracle less than 3 years. Probably will never hold a job over 3 years in your life.
And this is a surprise to you?
RSU/Stock options has always been a trap so you do not get the best of your capabilities.
All companies I have worked for have a vesting period. My other companies would take all the employer matching if you left before 3 years. So in that regard, Oracle is pretty good to give us 25% after each year. I might leave Oracle after 2 years, so I know I will lose 50% of the employer match.
Get a lawyer.
https://www.courthousenews.com/oracle-hit-with-150m-class-action-by-sales-staff/
RSUs have a 3 year vesting period vesting at 1/3% each year. The 401K program vests at 25% per year for 4 years fully vested for the employer contribution. So if you leave before the RSUs are fully vested you get nothing. For the 401K you only get the employer contributions that are vested. So if you only stay 3 years you only get 75% of the employer contributions. I don't see how this can be legal since they are taking money back that has already been disbursed to the 401K account. But Oracle has good lawyers to sc--w its employees and they have been doing this for years.
This sounds fabricated. A company can’t claw back RSUs once disbursed. They also can’t clawback vested 401k contributions.
The amount of fabricated troll posts on here is wild. Stop posting this kind of stuff .
If you had read this MB at all you would not be surprised by any of this. Sorry to hear about the ream job and sux2bu@oracle.com
Hard to believe that in this day and age anyone would expect a different result.
You got RSU's? What business unit were you in?
You'd know your local employment laws better than us.
Sounds fishy they'd hire someone without that ability.