Thread regarding Bank of New York Mellon Corp. layoffs

Our remaining employees are all lifers. Doing the minimum to work under the radar, and most mysteriously, completely terrified to conduct a job search in an extremely low unemployment era. I don’t get the timidity…

Oh well, no risk, no reward.

Debacle LOL you all crack me up…

Luckily I had terminated my contributions effective January 30th to minimize the hassle as I was already planning to retire in February... I’ll roll it over fully on Monday and deal with the now annoying January 15th month money separately next year. Wish that I had known this in December as I could have stopped it at yearend December 31st. Now I have the hassles of waiting a full year to handle the January 15th deposit. I’ve been maxing catch up contributions and rolling over my total VOYA 401K yearly since I turned 59 as none of the VOYA funds are competitive with Vanguard, Schwab and Fidelity and others. Worse, VOYA was ING, but they changed their name to VOYA after they were caught collecting undisclosed fees and expenses from their clients (I.e. us).

@3wuc

Only at BNYM would employees complain about free money. Are people really so entitled that they complain about 10 free shares of company stock?

This is a great opportunity for all employees, many of whom have never been investors. I can’t think of a more generous and educational gift. If only even 10% gain an interest in investing, capitalism and business it is worth it. Those who don’t take an interest in it and simply cash it in are pretty much dooming themselves to barely leaving from paycheck to paycheck.

Reply to "Quit your crying. You are about to get 10 shares of stock that you will have to wait 3 years to cash in and retire from the proceeds."

LMAO!! AFTER you pay the taxes on them don't forget!

@1rjl, WFC. You know, the company Charlie went to so he could work from home.

Regrettably, the company spokesman who disputed that there is a trend on Wall Street to move to an annual contribution isn’t lying. Shortly after the announcement I posted on the company sections of this website asking for info from our competitors. Of the 20 companies listed in our proxy statement, employees from 11-12 of our peers responded, and about half indicated that their company also does an annual contribution. Doesn’t make it right. Cost savings, as opposed to looking after their employees, is clearly the motive.

Anyone interested in seeing the response should look at the dedicated section of our peers on December 16 under the post “401K Benchmarking Exercise - Assistance Requested.”

Quit your crying. You are about to get 10 shares of stock that you will have to wait 3 years to cash in and retire from the proceeds.

"Other companies do it" is not a good rationale. BNYM's previous 401k policy was more competitive and employee-friendly. Now? Not so much, especially considering the cuts being made to other benefits in recent years, such as health insurance and HSA plans.

Robin made a comment that other companies in the financial sector do this as well. Is anyone aware of another financial service company (State Street, JPM) moving to a yearly match? I Googled for it but did not find the answer. Interestingly enough, I did find a list of companies with good matching programs like Fidelity, and Citi.

I left because the company became ever more toxic every day, week, month and year. I have trouble believing that anyone left who is employable will not be actively job searching to escape.

Thanks for the link… I had missed this as the Post-Gazette has been deteriorating for 20 years and we no longer get it. Surprisingly, this is actually a really good article.

It’s good for local news, but NYC Sr. managers aren’t worrying for one minute about Pittsburgh, to which they refer to as “Little India”.

BNY has a long and storied history of giving CLIENTS the worst price possible (google BNY whistleblower FX lawsuit). The whistleblower from Pitt got paid $40 million and that equates to 10% of the fine paid. Considering they give their clients the worst possible/illegal prices, they will clearly stand up for their employees that they pay. Join the ESPP and track the price where you buy BK stock at the 5% discount. Sometimes it isn't even on the daily price chart.

Will they guarantee we get the best price of the day when they make the contribution like they promised our FX customers?

This 401k change is the main reason I will be looking for something else after 2/28.

Yet another example of a company that does NOT CARE FOR ITS EMPLOYEES! You are expendable at anytime and they know that so if the rules change and you don't like it, your only recourse is to leave.....and again, they don't care!!

This comment was concerning AOL's move to an annual 401(k) match in 2014, and has nothing to do with BNY.

"A firestorm ignited among the rank-and-file employees when they got wind of it, and the company soon announced it was going back to the original pay period system."

I HAVE NOT SEEN THIS RETRACTON AS YET ::::: A firestorm ignited among the rank-and-file employees when they got wind of it, and the company soon announced it was going back to the original pay period system.

I thought the cutoff to be eligible for the match was something like October if you're fired.

Some highlights:

"Annual matching contributions are almost unheard of in the retirement industry, and the change goes into effect at the same time that the New York-based asset manager with thousands of workers in Pittsburgh has announced it will lay off some 1,500 workers this year. Many of those workers likely will be ineligible for the annual matching contribution if they don’t make it until the end of the year, based on criteria the company has set."

"The accounts won’t have the same opportunity to compound in value as they would if the matching contributions had been made throughout the year.

“As an adviser, I will always side with a dollar cost averaging approach, where you’re putting money to work periodically and systematically according to a regular time frame,” said David Root, CEO of DBR & Co., Downtown. “As that money goes to work, it’s compounding. You’re also managing risk on the downside because you’re putting smaller increments in with each pay period.”

"The eligibility requirements for the employer match also changed Jan. 1, and one of the top requirements was that the worker must still be employed with the company on the last day of the year. Anyone terminated without cause on or after Oct. 1 could also get the match, as well as employees who are approved for long-term disability. Employees who die during the year can qualify for the annual match as long as they were active employees at the time of death, according to the internal memo."

So if you die while employed at BNY, you get the match. But if they RIF you before Oct. 1, then too bad, so sad.