Weatherford stock will no longer be available for new investments in the 401(k) savings plan.

If you haven't seen this yet, a new update on the home page of Weatherford's intranet details how the company's stock will no longer be available for purchase within the 401(k) plan beginning Jan 1, 2016. If you own stock, you will have two years to move the stock balance to another fund or it will be moved for you at the end of the two years.

What is interesting is that when I looked online for reasons why companies might make a move like this, some of the reasons listed were to reduce the company's liability, make itself less susceptible to class action lawsuit from stock owners (employees included), bankruptcy, selling to another company.

I haven't seen any stories online about any of those reasons associated with Weatherford specifically other than general rumors, but this is one more thing that the company is doing that makes you wonder what's going on behind the scenes.

Comment! It's anonymous!

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The comment about toilet paper & hand so as possible has been a reality for the Huntsville facility for months now ... including the lack of cleaning supplies for the shop areas ....... So that part has been a reality since about Sprung time.

The point is your job or plastic forks. At least they are cutting that back and not a job instead. Just saying.

You missed the point. They have been providing this service for years. Now they cant afford too. Next will be toilet paper and hand soap.

Why should "they" be resonsible for supplying you with eating utensils? You can't bring that from home??

If they cant even afford to buy plastic spoons and forks to stock in the kitchen, what makes you think they are good on the early retirement offers.

It all sounds like a good reason to sign those early retirement package letters.

NOV and WFT dancing would be awesome

It could be as simple as they expect a lot of people to retire (or just plain cash out their 401k) soon and they expect the stock to go up significantly so WFT would be out a lot of money. The new vacation policy plus restructuring the 401k could mean they're finally targeting all the expensive/duplicate management, which would be a good thing for WFT.

Bankruptcy ?

Interestingly, NOV is doing the exact same thing with their 401K stock option, at the same time. As of Jan 1, NOV employees won't be able to buy NOV stock through the 401K. Sounds to me like these two companies are getting ready to dance.

Look at the Home Page under Regional Updates - United States.

Where exactly is it located on the intranet? I don't see this

Wish they had don it years and I would not have lost 90,000 out of 401. They should have been fired then

Thread regarding Weatherford International Ltd. layoffs

Weatherford stock will no longer be available for new investments in the 401(k) savings plan.

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