Lost everything because I was let go before the 3 years. This is complete sh-t. Hope they all lose everything
30 replies (most recent on top)
You’re upset about something but nobody “Gobsmacked you”. as a very high performer and maxed out my 401K contributions and was gobsmacked.
Also “vestaments” have nothing to do with vesting. “Vestaments” are Priest’s clothing
So if your “vestaments” were stolen then havem replaced at the Church where you found them.I guarantee this was why I was let go -- to avoid paying my vestment. I also made 200K.
I have followed numbers upon numbers of people who also had the same thing happen to them when Robin Vince started as CEO.
This is wage theft and is being reported, pursued.
I encourage ANYONE else who had this happen to them to pursue this through your local regulators, congresspeople, and yes, THE PRESS.
You are entitled to tell the truth about being stole from. Not only is it highly unethical, but MUST be changed by legislation immediately.
No excuse at all for this - and it absolutely is purposeful definite wage theft.
Shame on BNY Mellon for doing this. Shame. It's time they answered for this.
Most of them from University of Phoenix and recently, WGU as well.
Oh no EVERYTHING!!!!
Advice… ask a friend to help you to learn how to view your 401K & Match.
How is it wave theft? You put your money in the 401k. The company matches with it small % up to a small max. This is not $ for $ match.
They pay at a specific date. If you’re not here, you do t get the match. You do retain your pretax 401k contributions and the, hopefully, market growth. This is a benefit- not a right outlined in the Constitution.
This board is full of i**ots.
BNYM intentionally also laid me off RIGHT before I was vested. I was a very high performer and maxed out my 401K contributions and was gobsmacked- in the middle of very high profile leadership in major initiatives.
I guarantee this was why I was let go -- to avoid paying my vestment. I also made 200K.
I have followed numbers upon numbers of people who also had the same thing happen to them when Robin Vince started as CEO.
This is wage theft and is being reported, pursued.
I encourage ANYONE else who had this happen to them to pursue this through your local regulators, congresspeople, and yes, THE PRESS.
You are entitled to tell the truth about being stole from. Not only is it highly unethical, but MUST be changed by legislation immediately.
No excuse at all for this - and it absolutely is purposeful definite wage theft.
Shame on BNY Mellon for doing this. Shame. It's time they answered for this.
@5ylk, it will be treated as a withdrawal and will be subject to taxes and likely a penalty.
wait this is fu---d up.
401k loans. What is you get laid off and can’t pay it back. Can you roll it into something else to avoid the brutal tax?
Typically if a company has a policy for its 401k and vesting, the culture and turnover is worrisome. For all the folks brown nosing EC and RV, they should really rethink their approach in life. For the individual who worked at the bank for 42 years, are you in EC or are you in the back office? I can understand why someone on the EC to speak highly of RV, but if the individual is in the back office (which is what it seems like), maybe it’s time for RV to let you go before retirement to understand the true meaning of a corporation
Been working there over 40 years. Watched it go down hill after Mellon merge with BNY. Continue to watch it go down hill...laying off people, good people, with no warning to said people, upper level people who carried the company and the values of integrity and excellence. Then an email where outright lies that said people "choose to leave to pursue other opportunities". Outright lies! This company has no more integrity. Just lip service and their so called "pillars" are a joke.
@4rdk and those who down voted - you may belong to the generation which subscribes for NYTimes for $1 / week and then forgets to turn off the subscription generation - and eventually need an app to identify all these unused subscriptions that bleed you - drip by drip - like the electricity vampires. Yes , you end up paying $52 for subscription for a momentary impulse to sign up for crossword puzzle and thought it is just a dollar !
1% increase for 100,000k employee results in $1000 + $70 (401k) + $150 (FICA) as the minimum cost and this is recurring cost (not a one time charge of $14k which is recouped with the employees - who makes 100k , 8.5k per month - in less than a month versus bleeding drip by drip.
BNY may be cheap and HR may crunch the numbers but they do not pick the employees and their termination based on their savings on 401k match. I believe it. If they terminate one they save more on SUB than on 401k match denial.
You are I can never agree on this. As I mentioned BNY may spend more money on the Starbucks bill than it saves on this one - I am so important you-know type employee.
It is good that this person feels so good about their self worth. Great confidence but then the person got kicked out (let go - means anything layoff with SUB or fired with no SUB).
@2ayj+1tGEU9ZM; you got the wrong order of reasons. Because BNY's fix expense is so high as you said, BNY will take any chance to grab employee 401K matching at a bigger scale to recoup the fix expense. I know the management are counting pennies on everything. Why not the management give 1% increase every month to employees, since every low employees' raise1% is only few thousand dollars.
@2yik - BNY (corrected !) does TRUE Match .. So if a person makes 100k and contributes 23500 per year - for 2024 - (or 6% of their monthly check minimum) they get 7000k.
Yes you are right in one aspect. If the person has been here for 3 years - they may have contributed the minimum 6% - they tend to lose SUM (three year salary) * 7% (the match) - in this case 21k . My calculation was for one year loss for 200k salary
I am posting from home and have no access to validate the actual verbiage but my Voya shows that it was not my (maxed 401k) 23000 * 7% = 1610 last year (seen in March 2024 statement) but my salary times 7%
@2ayj, your point is valid but your figures are wrong. The company contribution is NOT a percentage of their salary, it's a percentage of their contributions. If this person maxed out their contribution the last two years and was old enough for catch up contribution they could only put in $57,000. Seven percent of that is $3,990. Growth would be negligible since the match is made well after their contributions. And that is the MOST they could lose.
Lets do the math (to the person who claims that BNYM intentionally lays off timing the lay off to deny the match).
BNYM Total Assets - 400 Million PLUS //companiesmarketcap.com/bny-mellon/total-assets/
The employee who was let go - say makes 200k / year. the person's true match would be 14k (maximum) . 200 * 7% and that too assuming this employee contributed the required funds in the 401k . The 14k max is matching funds. So the employee must have contributed significantly
A company with 400M in assets is not going to break its head for 14k which may not even the money they pay the Starbucks for a day for the free beverages or the electricity bill for one day of Air conditioning
If one believes that the firm is focused on them , an employee with less than 3 year tenure , the person ego must be the size of Montana .. May be that is the reason the person was kicked out not to save 14k
And 200k salary is not the norm either .. If the person makes 100k (or less) the matching is around 7k
Facts: BNY for sure hires low and cheap and get what they then deserve with problematic employees. They could hire quality, but deliberately choose not to. Quality employees cost money.
@1gol+1tGEU9ZM - so you think the bank should only hire with those types of experiences ? News flash sweetheart, My best employees have zero experience in any of that. Yet the ones who came with experience , cannot catch on, don’t try, don't want to work and have major attendance issues. So no we don’t need to go by any of that. We need upper mgmt to remove the mindset of “you can only hire in the growth locations”. And we need HR to go out and actually recruit like they should be.Cause those locations have the worst candidates i have ever seen in my 18 years here
Care to share why you were displaced so rapidly in under three years? I’d love to hear the story on that one…
I too have often wondered here why we hire employees who know little to nothing about Finance, Economics, Accounting and Financial Services.
Even Technology workers should have the basics of the business.
Obviously this is on the employee. Everybody needs to take their job seriously, particularly in the first three years which essentially is your honeymoon with the Bank.
Pretty much nobody expects a new hire to wash out in under three years, particular when the three year vest is an incentive to do well.
I suggest that you relax and absorb this life lesson before your next job.
BNY intentionally timed the layoff to grab all your company vesting 401k. Never believe in BNY management.
I think that he is the one who keeps confusing his RSUs with the 401K match. The last time that he posted he was trying to access the 401through Fidelity.
@OP, can you clarify?
@1vsu, no, that is NOT what they are saying.
I think what this person is saying is that they have lost all company matching $$ because they didn't get to the 3 year mark. No? That would be a big deal to me too.
What a drama queen. Ask HR for your paperwork and for Chrisakes move out of your mothers basement.
The answer is disarmingly simple… we hire them from University of Phoenix, and more recently YGU… the University of You, which is even worse of a diploma mill.
Wow, can we hire them or what?
It’s quite easy to get your 401K match and roll it over. It’s child’s play.
No you didn't. The most you could lose is the part of the company match that you weren't vested in. Where do we hire these people that don't know anything about finance?
Wdym you lost everything? I thought we were only stuck paying the taxes on that if we no longer worked there before the 3 years was up