Check those Fidelity accounts, lol!
23 replies (most recent on top)
We really don’t know yet whether the company paid for those “free shares” by getting rid of the per pay period 401k match. We do know that we're giving the Bank a perpetual interest free loan, that we’re losing dollar cost averaging and that there is uncertainty on whether the match will be changed.
But all signs point towards a massive ripoff of our 401K match. After forcing us to lend them money, using our match for a free loan and eliminating regular payday match they’re clearly corrupt. It all screams cutting the match.
Thanks for the information… guess that I read too quickly.
Wow this is bad.
"they are going to distribute the match in the following year. They didn’t get rid of the match as it is still there only annualized. "
Incorrect, I guess you didn't read the fine print in the documentation the email refers to. The bank reserves the right to NOT fully match your 2023 contributions in 2024. This means that if you're putting 10% of your paycheck into your 401k, the bank not necessarily will match 10% next year. If market conditions are still unfavorable, the match can be significantly lower.
@3ous, that's not necessarily true if you're fired, errr, I mean laid off later in the year.
Those who are no longer employed at year end get no matching for the year. That’s a savings to the company. Plus them holding our matching funds until year end also makes them money.
@3nnu, an what about my bonus that was $2,000 less than last year?
That’s just not true. I mean we all hate the changes but let’s be honest here.
The company paid for those “free” shares but they are going to distribute the match in the following year. They didn’t get rid of the match as it is still there only annualized. What we did lose was the dollar cost averaging between the start and the payout and we are receiving no interest on our loan to the Bank.
The 401K hasn’t been great since Mellon Trust ran it totally fee free. Dreyfus was mediocre but honest and Voya has always been a disaster. We signed up with VOYA right after ING was caught stealing money from their clients without disclosure and changed their name to Voya.
I would love to know whom at the Bank made that horrible decision.
The company paid for those “free” shares by getting rid of the per pay period 401k match. We employees didn’t gain a benefit. We just traded a great one for a mediocre one so our CEO could go on TV and say how great he was for making us owners.
RSUs were free, and they have absolutely nothing to do with delaying the 401k company match until end of year match. That is horrible but nothing to do with the match.
They weren’t free. They took away our per paycheck 401k company match and moved it to end of year match TBD.
"There's no such thing as a free lunch" , or in this case shares.
The frustration is not to get free shares, obviously that is better than nothing and appreciated , but rather the cr-p that goes with it, such as “act like a CEO” or even “Now that you are a shareholder, you are actively participating in the company’s growth”. We are talking about a couple hundred dollars that would not not even allow you to buy a bike. That would be better to just say , you worked hard during this difficult time and in recognition to your effort we are giving you free shares just to say thank you. Cut the corporate cr-p , we are not THAT stupid.
They were free for goodness sakes… FREE.
I scrap and scrape to eke out a living. Very happy to have some company stock. I’ll watch it and learn and take some the advice here about getting more of a financial education with free skin in the game.
More free cake, more free cake.....
Only @1oye would be satisfied with a few shares in place of cash. You fell hook, line and sinker for managements scam to pretend owning a few shares is anything like the MASSIVE stock grants and options given to the swindlers.
And at least our real shareholders now know what happens to all the shares we "buy back" and why the number of outstanding shares barely budges .
Only at BONY would employees complain about a massive distribution of free stock to all 50,000+ employees.
I’m sure that leadership is floored.
There is just something wrong with our hiring.
Anyone know why I only have 5 shares now?
How do we hire people like @mcp who can't see that the company gave us stagnant stock instead of the usual cash bonuses and raises. Don't spend your $3.70 dividend all at once.
How do we hire people that don’t understand how great it is to get free Company Stock and are too impolite to say “Thank You.”
They said when they gave them it would be reduced. Did you read the memo? If you didn’t want your free ‘6’ shares you could’ve just as easily declined them. Free is free. Who cares if it was 10, 6 or 1?!
They told us that would occur from the start to cover tax withholding. Get over it.
I feel now like a 60% owner!
And there are people applauding the RSUs... smh