- Anyone released in Jan 25. Did you receive 2 weeks per year?
- When released, are you allowed to leave 401K with BNY and manage through Voya?
9 replies (most recent on top)
I have heard from several sources that 2025 may have a 12 week cap on sub pay. Is this accurate?
my significant other was let go and received SUB pay. The only deduction was his medical benefit, so no, there are no taxes, no FICA, nothing but health care. Joke if you like. your mileage may vary.
about there requested clarification, there was a typos.. should have said: one week for every two YEARS of service... the sentence said for every two 'weeks', but that doesn't make sense, does it.
There is a document called the 'Supplmental Unemployment Benefit Plan. the one I have is dated August 15, 2023, but don't update them very often.
It is NOT speculation, nor is it word of mouth, not hearsay.
The emphasis on the word 'supplemental'. it is also NOT guaranteed as they have something that is NOT documented called PIP or PIP and GO that they can release you for performance, real or not, and they only owe you 30 days.
It is NOT easy to find this document, but it DOES exist.
When you find it, the information you need is on or about page 13 of that document.
Good luck in your quest for the truth and godspeed on your journey, to stay or not.
Cheers!
@ap, every detail you gave is wrong. No taxes on sub pay, ha! You are confusing taxes with fica.
Yes, your 401k will stay where it is and you can manage from there, unless you decide to roll
somewhere else. You just can’t make any additional contributions to it.
I do not know where you source your DATA - especially ONE week FOR EVERY YEAR of service (You said that 1 week / 2 week of service ). Can you please clarify whether it is a SPECULATION or real information ?
If you are speculating - please mention it clearly. If you are baiting and having fun at others anxiety thanks to the anonymity you are ....
As of now, the SUB package has not changed based on reliable senior management which collected volunteers stating that the current SUB rules are going to be applied to the Jan/Feb 2025 RIF which is 2 weeks/ year of service
I do not want to on the short side if the rules AND if I am picked. Even though I trust my senior management than a random guy on the net - sometimes the managers are in the dark and HR can spring surprises.
I hope I am picked and the SUB stays as is
@ap+1 not helpful to post inaccurate information. Currently the sub plan pays 2 weeks for every year of service, maxed out at 52 weeks. Did you proof your post before you submitted it? Go back and read what you posted.
IF you receive what they call sub, you can get up to 1 week of pay for every two weeks of service. there are other rules for people new in the career though. Also, they can get around that for poor performers, or if you are a good performer, but you were caught up in their forced BE ratings. Only a manager that is a je-k would actually do that, but there are many je-ks.
SUB pay is not a severance and their letter even says so, but it isn't clear. SUB is actually a good thing because most or all of it is not taxable, so a year of sub could equate to over a year or two of actual net pay. 'Severance' would be fully taxable, so it's one few nice things about being forcibly cut.
About the reply about vacation, that wasn't part of your question, but you no longer receive accrued vacation when you leave as noted earlier in a policy change.
No idea about 401k. sorry.
not sure what u mean by released, but when let go last month you lose all your unused vacation time. After Jan 1 2024, bny changed that policy to where they would pay you out on vacation time to you losing it. Only bank in industry I know that does this. I would get out if you can soon. Try finding work!