They seriously must be blind to the mess they are making with this company and the turn over in between them letting good people go. It was never like this a few years ago and it’s terrible. Everything you could do to discourage employees from staying or wanting to come here has been done. Yet they act surprised . And don’t get me started on the offshoring our jobs nonsense that has been nothing short of a complete nightmare as well
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@3mlw, explaining the red error code now does nothing to prove your sanity for posting it in the first place. And it still doesn't mean BNY raided Mellon's pension fund. Seek help.
The red error code in Buck’s retirement Portal (Mellon acquired Buck during their fantasy era of imagining that they could be an HR Outsourcer) indicates that the employee has had too many pension cuts for their system to process, so the employee cannot submit electronically and must instead submit the paper form by mail. Then the actuaries go over it to ensure correctly.
So jagoff… are you satisfied now?
@3jeh, red error code? What the he11 are you talking about???
You keep claiming BNY raided your pension plan yet BNYM pension plan is STILL fully funded. Your nightmares are likely a symptom of deeper mental issues.
Dude, you have it exactly backwards. I’m not some cranky old man spending the rest of my life whining about getting ripped off. I was once a Bank hater as well, but It’s been over two years since I’ve even had a BNYM nightmare and they were once weekly Sunday evening nightmares.
Everything that alive posted is accurate and I can prove it, but I’m simply trying to add some facts and explanations to help the many who are about to go through this process. Simply by explaining the red error code in the retirement portal I’ve saved you two months. I certainly wish that someone had helped me with that.
Good luck and please be kind to one another and help people when you can.
The deal is different for every employee… dependent upon birth date, time of service, breaks from service, rehired to service, gaps in service and so many more factors.
BNYN’s underfunded pension fund was the very reason why they repeatedly attempted to take over Mellon, with its overfunded pension plan.
And yet I retain all of the paperwork for all of the Pension cuts. I believe that I have six reductions and the sixth said that there can be no further cuts. A few months later I got a seventh that was them charging me to have my pension moved to an insurer, so one last lie.
For those long timers, you’ll have trouble starting the process. You’ll get a red gibberish error and you’ll be asked to open a trouble ticket. What it really means, and this is verbatim, “You have had too many pension cuts and the actuaries must do it by hand”.
It also means that you must submit it via the mammoth paper form.
@1qtf, if you can show BNY violated ERISA you could win millions in a whistle blower suit. But we know you're just full of hot air...
Refocusing back to where this thread was aimed at: Senior Management.
In a career spanning 2 decades across various geographic locations I must say I have never witnessed as much lack of vision as under the current leadership.
Any bids on a RV leadership expiry option within next 1 year?
@1qtf, every Mellon employee got exactly what they were supposed to out of their pension. Just because BNYM took control of Mellon's assets when BNY bought Mellon doesn't mean their pension fund was "raided".
Mellon Bank was the Bank of the Industrial Revolution. When the metals industry crashed in 1982, President Reagan passed ERISA… the Employee Retirement Safety Act.
Mellon fully funded their Pension Plan to set an example of following the ERISA guidelines. They did the right thing. BONY’s Renyi kept trying for a hostile takeover. Frank Cahouet fought them off. Finally McGuinn took over and destroyed the balanced Bank concept. Frank had retired but sat on the board. Recognizing that Marty had destroyed Mellon , he acquiesced to Bob Kelly’s appointment.
In year three of the merger BONY raided Mellon’s overfunded pension plan and pension cuts were the new target of choice.
If facts matter…
And, do you have a question or need assistance? No problem! You need to send an email to a nameless / faceless email group. You may get a response within a couple weeks although most don’t get a response. Good luck!
@1wun, of course they didn't take what we had vested in our retirement but they still ended it. And enough about the hogwash about Mellons pension being raided.
Many of your coworkers are still in jobs in which their Pension plans exist and are still growing. Sometime in the first few years after BONY raided Mellon’s overfunded in 2008 plan to shore up their underfunded plan. Every year since there have been cuts and any pension documentation changes are private specific to the Employee only
There are likely very few left
A few years ago? More like a decade and a half ago when they ditched out pension and 2% bonus.
Completely agree!!!!