He’s been so devilish in creating ways to steal our match that it’s scary. First it was the bank keeping our match as a year long interest free loan. Then came another cut to the match. Now recently we’ve been told that we have to stay a full three months into the following year or forfeit our 15 months of match. I can’t believe that this is even legal.
18 replies (most recent on top)
@3fv
You are so stupid. Here are the two senators: Bob Casey and Pat Toomey. I contacted them on their official websites. No wonder this bank is failing with people like you who can't think. Again fetterman did not take his office until January. Please learn something!
He’s a narcissistic sociopath, pocketing millions while denying rank and file employees their basic match. Disgraceful.
Not reducing the 401K match and not cutting the pension plan would be like the sun not rising.
States, including Pennsylvania, have two senators. If you didn’t call Fetterman then you didn’t call two senators. Probably you didn’t call any.
@lvx
Did I say the names of the senators? No I did not. Fetterman was not in office when I contacted them and he didn't take his office until this year. Don't comment on things you don't know about.
@1qjb: post the truth on Glassdoor and get your coworkers to do the same thing.
So based on this thread, there could be an announcement in late November reducing the 7% 401k match to a lower percentage for 2024. Anyone knows if this is happening?
My BNYM hard earned 401K match was also stolen this year by RV shortly before it would have become vested, and I am extremely sick, distraught and scratching every single corner of the earth to contact attorneys and regulators, anyway on earth I can try to get help for this. It is the nastiest most vile thing a public company has ever done to it's employees -- that I have ever heard of.
Thugs would do this.
NOT a reputable bank.
I've nearly lost my mind I am so angry, depressed, disgusted, and deceived.
How can someone be this evil as a thank you to his hard-working, loyal employees? And then attempt to SILENCE them from telling anyone what he has done to us??
Low down dirty dog maneuver.
Please keep this thread alive and going.
Talking about it with other victims of this is helping my mental health.
Despair is ALSO all over Reddit about the 401K match deception/theft of many other cut BNYM employees in 2023. "Helpless, powerless and despair" "real ba----d" used a lot on this issue.
Discussion of a class action regarding this 401K match fiasco is definitely floating around.
Need to gather names. And pray for justice. Hopefully God will help us and save us from this cruelty and abject, heartless greed.
I have it on good authority that several executives could not bring themselves to do this to us and pushed back - but RV and others forced them to do this to employees anyway.
Evil.
And somebody said that I was exaggerating when I wrote that they’re stealing our 401Ks.
That’s simply not true. Senator Fetterman asked how he could get in on the action.
Why are any of you still there?
Just hammer Glassdoor with this feedback. At some point the C-suite will have to address it.
I contacted both PA senators last year , one who is on the finance committee, about mandating that company's make people 100% vested on day one of being in a 401k plan of the company match. To also address the types of nonsense that bny is doing. Neither agreed to do anything to change the system.
I regret that I had but one career to quit from my Company.
With apologies to John Patrick Henry.
Anyone knows of what happens when you put papers in dec and actual last working day is Jan 1st week. Do they still consider that as 1 full year ?
@ymq . I agree, I made that same point on the thread posted on the site at that time which is why I am familiar with this poorly conceived directional strategy…
I think the phrase used in the materials was ‘will be determined annually’ which to me left a lot of discretion and potential for abuse. You’re right, I wasn’t addressing that in my post today, as it was focused on the delayed match instead. Thanks.
@syz, you're correct, but there is a detail missing. If you read the entire documentation (FAQ, web page, I forgot what that was but written in legalese terms), the bank reserves the right to NOT do the same match as you did in 2023.
Meaning that you contributed with say, 5% expecting a 5% match, the bank can say it will only provide a 1% match. Or zero.
The email from Nov 30 2022 (and its accompanying Summary of Material Modification document) indicated that the match would be deposited by March 31 the year following. As long as you were employed the last day of the Plan year (in our case, if i remember correctly, 12/31) you would receive the match (even if terminated after 12/31).
In any event you wouldn’t be forfeiting 15 months of match money, but you would receive the Jan 2023 match 15 months after your first contribution, 14 months after your February contributions, and so on. Still a d*ck punch in that the money isn’t in your account for that time.
Was there something shared more recently that changes those terms? I might have missed it.