Unfortunately, it's not that uncommon. I've done security consulting work at a few major F500 companies that were using this and had those same password rules. At one of them, it got to the point where almost every security review meeting had to start with "yes yes we already know how bad the password are, don't bring it up, let's talk about something else".
1: https://www.ibm.com/support/knowledgecenter/en/SSLTBW_2.1.0/...