If you left or are leaving, what positions are you going to or see? If you left are workout remotely and making more money. All BNY has is a good 401k plan and PTO compared to the market. Do you see this as well with where you are applying or working?
14 replies (most recent on top)
@8mcq, .01 percent is a huge expense ratio??? If it's so simple, tell us what the fees are. Do the fund fees include the 401(k) fees? Do the fund fees include the expense fee? What about the $25 annual fee that BK picks up as long as you're an employee?
A quick google search says anything above 1% is expensive and it seems like even our actively managed funds are way below that.
All of the the Voya Lifepath funds have huge expense ratios. Any financial advisor should have known and warned you on that. Reading the prospectus for fee information isn’t difficult at all. It’s basic research for any fund.
I found another job. Benefits are almost as good and I can work from home forever!
@6kic, my financial advisor didn't say the average person can't understand the fees, I did. And apparently it's true since you only see the fund fees, not the total fees.
And I have BK stock from when the plan gave a 5% discount for it plus I don't count on this 401(k) for retirement. It's just money I play with and happens to pay me several thousand dollars in dividends each quarter.
I was let go after many decades and I got a new job at a great company starting out what I was making when I left Mellon. My healthcare cost are half what they were. The job is very similar but I come in everyday with a smile and greeted with a Hello by my manager and everyone else. I’m not snarled at and made to feel below them. I don’t hear negative comments about my age as I did at Mellon with my manager calling me old and with other associates monitoring my every move . I was selected among 50 other applicants. Thanks Mellon as I now have a better life. Life goes on after Mellon and thankfully Ilived to find that out. Good luck.
Your Financial Advisor who says no way that people can understand a simple expense ratio in a mutual fund prospectus is also the one keeping you in BK stock? I think that you need to change several things. Why would anyone invest in a stock that’s gone sideways for 25 years…
There's no way the average person would be able to understand the fees by reading what's on the plans website much less compare it with plans from other companies. My financial planner who usually only deals with UHNW individuals said the fees were reasonable. But I'm only in passively managed funds and BK stock.
Read the prospectuses to understand the fees. Some are outrageous.
I interviewed for the Chippendales but they said I was overqualified and should try out for the Clydesdales.
Aren't our Voya fees lower than most 401(k)'s? I was under the impression that most 401(k)s were pretty expensive and after maxing your company match you'd be better off going with ETF's in self directed IRA's. I'm certainly no expert though.
The 401 plan went backwards from Mellon Trust (ZERO expense ratio) to Dreyfus and finally to Voya… immediately after they changed their name after being caught stealing from their customers. it’s a standard match with a questionable vendor. I don’t see it as being competitive in the least. Why not Vanguard, Fidelity, TD Ameritrade or Schwab?
Benefits at BNYM are standard. They are certainly not great compared to other similar places. Average. There are plenty of jobs, just go take a look!
oh dont worry. BNY will nerf the 401k benefits soon enough. matter of time
BK 401(k) has a pretty standard match but the fees are a little lower than some. PTO is about what others offer except most of BK never offers comp time for the countless weekends we work.