Has anyone cashed out their pension after leaving? It’s not a large amount but left a few months ago and never received any information on the plan or options…
12 replies (most recent on top)
“The $ is there, but like everything BNY you can't easily take it out and deal with people.”
As with all of our HR systems, the promise and the money are there but the convoluted outsourced and/or poorly integrated systems make it nearly impossible to collect your benefits. And everyone has their stories of stranded money in so many now inaccessible Pre-tax buckets. HR is so demoralizing to the employees.
@5yec, first, most BK employees have nothing to do with investing.
Second, many BK employees have a large chunk invested in their 401(k) and could use a guaranteed income stream that's above what we could get in the open market.
People, we worked in finance. Take the pension lump sum and invest it if you are able to.
Will start collecting my annuity this summer in monthly payments. It's substantial, as I worked 25+ years for one of the acquired investment boutiques.
$50/month, @2neu? My annuity is closer to $500/month depending on when I take it. And I was only eligible for the pension for 5 years or so even though I worked there 15 years. My lump sum is about $100,000. It's not huge but it's certainly not anything to shake a stick at.
BONY Pension was underfunded and Mellon Pension was overfunded to set a good example for following ERISA, particularly as the Custody Bank of the rust belt. Unfortunately this led to Mellon being acquired for BONY to shore up their pension and cut Mellon benefits. Mellon effectively paid BONY to make their pension solvent.
Mellon is one of the only responsible companies to have an overfunded pension. It was frozen after BNY merger. The problem is now when you try to withdraw your $ BNY sends you incorrect paperwork that you have to return to a PO Box in Indiana and when you do someone from Texas or Oklahoma will call you and tell you that you returned the wrong paperwork (ironically that they sent you although they continue to earn management fees from your balance). The $ is there, but like everything BNY you can't easily take it out and deal with people who can barely speak English. Good luck, but your $50/month will be there when you retire.
The annuity options are actually pretty good.
Works for former BNY and former Mellon as plans were merged in 2008 and frozen for the vast majority.
BNY Mellon Pension Service Center
P.O. Box 11369
Fort Wayne, IN 46857
http://bnymellonpension.bdigitalsuite.com/
1-844-255-7659
Bny, but before pension went away. I checked before I left and had just under 10k in the pension
Are you former bny or former Mellon?