I just saw on the news that employees of CHI Overhead door, a garage door company are getting $175,000 to $750,000 EACH based on their years worked as Nucor bought them! The average worker got a check for 5.5 times their annual salary. I am new to DST. Did people here get cash like that when DST was sold?
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Dst always said their employees were their most valuable asset. But we got no cash when it sold
These workers were NOT layed off! They all kept their jobs and got the cash bonuses too! There are no lay offs at Overhead Door!
I saw an interview. A guy that just screwed on the nameplates to the overhead door products got $250,000! Thats pretty darn cool! Good for him!
DOH - Tom McDonell did retire A DECADE AGO in 2012
All I ever see here is people moaning about stuff from decades ago - DST ceased to exist when SS&C bought them - for goodness sake just leave
I am only speaking for myself, but I have zero respect for the Toms that started and "ran" Dst. They should have left the firm decades ago.
Dst never gave me a retreat to Aspen, a BMW convertable, or millions in stock options. Like the favored recieved.
Yes, I saw the janitor at Overhead Door interviewed - he got almost 200K. I have an overhead door brand product at my house, they are great. Glad I bought their brand now!
I read that article. The Overhead Door employees with the least experience got $175,000 each! I mean the company could have sold and given each person nothing. Overhead didn't have to give a penny to anyone! It was a well though out surprise and blessing to each and every person working there - including the janitor! What a difference from DST who won't even verbally acknowledge that your doing a good job, even if your working your heart out and doing an excellent job! What a complete opposite. I guess DST took all that money and gave it to the top 10 DST executive staff. Nothing for us. How selfish.
That's right, the regular employees took it up the a-s as a bonus.
The issue is if you were not in mid level or above management - you would never be given special monetary rewards or stock options. DST management smiled at ordinary workers, told them they were the most important part of the company - but they were lying. It was a ploy. A trick. A carrot dangled you would never reach. Where a company distributes its cash as awards tells who they value. And it wasnt the common worker. Trips to Aspen, expensive gift bags for the travellers wives and kids, company cars, retreats. NOT FOR US!
When the ESOP plan was in effect, it was for all employees. The contribution was based on your salary. When it was discontinued, the participants could roll the DST shares into another plan or have the DST shares liquidated and the proceeds invest in the profit sharing plan (under the management of Ruanne Cuniff, and subject to the poor investment in the Valient stock.
The senior management payouts when SS&C bought DST there were a handful of very senior executives that received very lucrative cash payments under some type of change of control plan that was put in place several years before the sale. The details of the plan varied by individual executive. It basically involved continued compensation for a couple of years, bonuses, extended health care coverage, etc. The most lucrative part of the package for the executives was the immediate vesting of outstanding stock options. the options became fully vested, even though they weren't supposed to vest for years. The amounts paid to these executives were all public and included in the proxy for the sale of DST. I believe these types of payments are usually referred to as "golden parachutes" and not that uncommon.
ESOP was ONLY for upper management. The regular employees had their funds placed in Valient stock, by Cundiff Corp. And that stock crashed and burned, resulting in a huge expensive lawsuit. Employees got NOTHING with the buyout!
Senior management was awarded millions.
I don’t see what the previous response has to do with original question. Sounds like it came from HR
To answer the question, no employees did not get anything from sale of DST. Only senior mgmt
FYI…the esop ended because it was to expensive to run for employees, but they kept running it for mgmt
DST did have a similar employee ownership plan - ESOP. It was a retirement plan where DST allocated (contributed) publicly traded shares of DST Systems to the plan, and an allocation was made each year for to separate tax deferred accounts for each employee. When an employee left (for whatever reason) the shares could be withdrawn or transferred to another retirement plan. The combination of the ESOP plan, the profit sharing, and the 401-k plans was a very attractive package. For whatever reason, at some point the ESOP plan ended, and the employees shares were consolidated into the other plans. This gave the employees the option of diversifying their holdings by selling their DST shares in the plan and investing the proceeds into a broad selection of mutual funds. It was a tax deferred transaction. While ESOP plans did allow the employees to participate in the ownership of DST, after time, their retirement nest egg could become unbalanced with an excess of DST shares in their portfolio. The money that DST had previously contributed to the ESOP plan was then reallocated to contributions to the 401-k and profit sharing plans for future years.