So it has come to this, It’s not a matter of IF you get laid off, it’s a matter of WHEN you get laid off. The writing is on the wall and you know it. It’s just a matter of time. There’s not a damn thing you can do about any of it, because this is simply the reality at BNYM. If they can’t automate you, they will outsource you, or replace you with cheaper labor, so just flat out get rid of you. They will give your job to the poor surviving soul who remains in your dept. That person is already doing the job of 4 other people who were let go from the last round of layoffs. So at this point what difference does it make to ask that person to do more? It just doesn’t matter anymore. The only thing that matters now is waiting for them to tell you that you don’t have to work for this awful company anymore. Such is life at BNYM.
I wanted to touch on a few details regarding being laid off from BNYM. The most important detail is severance. First of all, let me preface by saying I am a US based employee. I don’t know how these details differ for EMEA or APAC. I don’t even know if these details differ between Texas, Florida, New York, or Pittsburgh. I only know what I know, ya know?
Here is what I do know. Most BNYM employees do not get a severance when they are laid off. Some middle and upper managers probably get a severance, but your average run of the mill BNYM employee does not get a severance of any kind. Before you start to panic, let me tell you that you DO get something called a Sub payment, but there’s a huge difference between sub payments and a traditional severance.
When you are given a traditional severance, the company usually offers an amount of compensation based on time and title. Then they cut you a check for that amount and send you on your way. If you think that’s what’s gonna happen when you get laid off, you are gonna be very disappointed. I’m sure you have the coworker running around your dept telling everyone you get a severance of 2 weeks pay for every year you work there. Yes this is true!!!!!! You do get that, but it’s not a severance!!!! True severance pay usually doesn’t have many strings attached. You won’t get a severance, you will get sub payments, and sub payments are conditional. If you don’t meet the conditions, then you won’t get either some, or all of it. Your coworker doesn’t tell you that little detail.
Sub payments is supplemental unemployment pay that is paid to you when you are involuntary laid off. You must be eligible for regular unemployment in order to receive sub payments. You must continue to remain eligible for unemployment to continue receiving the sub payments. That’s where the biggest challenge is for someone whose been at BNY Mellon for many years. Your sub payments are paid to you on the 1st and 15th if every month, until the full amount that’s owed to you is collected. The longer you’ve been with the company, the longer it will take you to collect all the sub payments. If you go back to work, or if you are self employed, or if any other event happens that’s disqualifies you from regular unemployment, then you also forfeit whatever remaining sub payments you haven’t collected yet. So if you find another job and you only collected half of your so called “severance”, then you will forfeit the rest. This is what I mean when I say “it’s not a severance.” The one bit of good news, the sub payments are not income and so they are not taxed the same as a regular paycheck.
Some other details to touch on real quick: you have the option to keep your medical benefits until you’ve collected all of your sub payments. After the sub payments run out, you’ll have the option to pay for your benefits via COBRA, or you can buy an Obamacare plan, or you just won’t have insurance until you go back to work. COBRA is very expensive. I am a single female not married no kids and my Cobra benefits run over $560 a month. This would be higher if I had dependents. Cobra is only good for 18 months after you enroll. So at the end of 18 months you loose it.
Regarding your 401k. You can’t touch it for 30 days after your termination date. But then after those 30 days are up, I suggest that you go get your money and put it somewhere else. Get yourself either a traditional or Roth IRA set it up via fidelity, or Vanguard, or through your local bank. Get your 401k out of VOYA/State street and roll it into your own IRA account. If you already have an existing IRA account set up, then you should be able to roll your BNYM 401k into the existing IRA without penalty.
I’m not trying to scare people, or disparage BNYM in any way. I’m just giving you what I feel is a realistic view on the matter. You have worked for BNYM for many many years, and for whatever reason they let you go. Why would you keep your 401k money with them after you are gone? You don’t work there anymore! It’s your money, go get it, and simply put it somewhere else.
So those are the biggest details I can think of regarding leaving BNYM. Please take everything I say with a grain of salt, because by the time you read this, it could all change. But I hope this helps give you an idea of what to expect.
Lastly let me say to you: do not let fear, anxiety and paranoia control your career or your life. There is nothing wrong with you. The only thing that is wrong is where you work. Don’t just be happy to have a job if that job is sh– and you are treated as such. You have 2 good feet and you deserve to be happy above all else. You march. Forever forward, left foot first. Don’t look back. Move onto something where you have a voice, where you are valued, and where you can be happy.