I got laid off on January 8. But my separation date will start on January 22 and last for 12 weeks. I just worked seven months with BNY. Because of my position, I got 12 weeks of SUB pay. My question is,
If anyone knows the proper answer, please let me know.
You will have healthcare deducted from your SUB payment until it expires or you get a new job.
If you have only been at BNYM for 7 months you will not receive a 401K match as they vest over three years. Vacation will not be paid out either.
Bonus might be part of your package but doubtful. But will be pro-rated since you did not work 1 year.
When do the sub pay kick in after signing the severance? Was a non compete part of it?
I have the same separation date, worked for 10 years and getting 20wk of pay. I have a question regarding health insurance. So will the health insurance work the same till those 20wk or do i need to shop for health insurance.
It is not severance. It is called Supplemental Unemployment Benefits- SUB. It does not affect unemployment benefits!
Can you get unemployment? I’m on the same boat and wondering if I can get unemployment after with the severance
Attend one of the sessions- I attended yesterday and all questions were answered.
Combing through the legalese, one of the separation document says 401k contribution will be made March 31st 2024 as long as you were employed December 31st. That should mean those laid off this week WILL get the match. I will check my Fidelity account again in March’s end.
SUB is 2 weeks per year but there is also a minimum and a maximum.
Grades J thru K puts you in 12 weeks SUB
You worked less than a year but got 12 weeks of sub pay? I thought it was 2 weeks per year. How did you get the extra 10 weeks?
Based on the new policy that took effect Jan 1, you wouldn’t be paid out for any unused PTO days if you leave the firm for any reason.
What was your position? Which grade?
These are frustrating. I decided I won't work for any big company anymore. The small company does not always do that. I have the same date. But as per the agreement, they will do everything as per the terms of the company policy.
"Incentive Compensation: If you were eligible to participate in any incentive
compensation plan, your eligibility for any payments will be treated in accordance
with the terms of the applicable plan; and the receipt of payments under such plan, if any, will be contingent both on your execution of this Agreement and Release and the
conclusion of the revocation period without you exercising your right to revoke this
Agreement; and the award and payment of any incentive compensation, if any,
remains within the sole discretion of the Company, and you acknowledge and agree that no amount shall be due or owing to you other than as may be determined by the
Company."
I am impacted as well and my dates look exactly the same as yours so I know you are an honest poster. The 401k match was on my mind as a question to ask at the session where they will answer questions. Look in put separation documents for the date and links for the two sessions.
For the vacation days, I remember the policy notification said voluntary departures do not get they accrued vacation days paid out but since we are departing involuntarily I would think we would get paid these carryover vacation days.
1 - Not sure, your separation agreement should mention that, as well as #2
2 - Because you worked < 1 year you may not be eligible for a bonus, it depends on the LOB/manager
3 - If I recall correctly, one of the vesting conditions was that you'd need to still be employed at the end of the vesting period (3 years I guess).
4 - According to a new policy which has been effective since Jan 1st, the bank will NOT pay for unused vacations or carryovers.