It’s heartbreaking to see my spouse, who was excited to retire and leave the company with dignity, be laid off on Monday morning—just less than a year from the retirement date they had so eagerly planned.
Here is someone who has dedicated so much to their job, contributing greatly over the years, only to be shown the door without much consideration.
20 replies (most recent on top)
Strange how everyone thinks it was the husband laid off, not the wife.
Can anyone confirm that Frayman left the Bank to replace Newman on Seinfeld?
So you’d rather have him work another year and retire with no severance ?
This is the ideal situation for most people - what exactly is your complaint ?
I call that a BIG WIN. what a great exit!
Yes, he can collect both and neither are affected by the other
I mean, was he that surprised? Did he think RV was going to give him a hand shake and take him out for lunch. Everyone is just a number
I wondered why I am reviewing this site as much as I am. It’s because we get zero answers from the powers that be. “In the absence of leadership…”
Never ever saw anyone get a gold watch and a retirement party.
Take the money and run. I would be thrilled if they picked me I am about a year away from retirement and that would be a huge gift
BNY is a horrible company. No human decency and lets employees go just shy of their retirement.
I think everyone should email the new "Chief People Officer" - Shannon Hobbs - and let her know that their severance/SUB policies su-k, especially given this tight labor market and for older employees. Their policy should provide at least 2 weeks per year - not one week per year. I'm sending her a long email - I hope others do as well. She's fairly new and may be open to change or at least some flexibility.
I know other senior execs don't give a sh*t but I'm told that b/c Shannon is new she is somewhat more eager to listen
They did your spouse a favor. They now get a year of sub pay, can collect unemployment with no reduction in sub pay, auto vest in any RSA, and get healthcare for the year. That's more than they would get if they retired.
I understand the pride of going out on one’s own terms. I am hoping your husband makes out better than he planned with the state unemployment and the supplemental unemployment. Tell him to hold his head up high, his colleagues know the real truth of our culture.
You get both sub AND unemployment simultaneously. Unemployment lasts for 6 months in Pennsylvania. Sub is considered a benefit and is not taxed as heavily as income.
Rejoice - this is a good thing.
Your spouse can collect both SUB and unemployment. Look at it as a fairwell gift from the company. Even with his many years of faithful service a “dignified” retirement celebration doesn’t come close in value to getting more than a few months of full pay (and more). This is something to enjoy and be happy about.
^^^Unfortunately you don’t get a gold watch & a retirement party from this place anymore. ^^^
Amen. And in RV’s new culture of ‘you are the weakest link’, not only do veteran experts simply just disappear from this place with no retirement celebrations, anyone’s chances of even becoming a vested, long time employee here are next to zero now. This will be a sad, zombie like dullard place where no one thinks outside the box whilst vulgar loud managers define leadership by yelling and just sending emails
@bgs+ So, my spouse can collect both unemployment and the SUB? Would the SUB pay or unemployment benefits be affected or reduced?
Same thing happened to me. Your spouse will do better with the sub pay and unemployment.
Unfortunately you don’t get a gold watch & a retirement party from this place anymore. Although certainly an undignified exit this is actually a bit of a gift to go out this way. Full pay and benefits for 2 weeks for every year slaving here. Spouse can also get 6 months of unemployment benefits from the state at the same time - just be sure he tells the state that it is supplemental unemployment benefits and NOT a severance package.
If I'd been here long enough to get laid off with a year's pay, I'd be happy to go.
We had a few people in our department who held off on retirement when we knew layoffs were coming, and only one of them ended up not getting laid off with sub pay.
Is there any upside to retirement if you know you’re getting laid off? If you’re a few months away, you may do better with the sub pay/severance as I assume when you retire you only get 401k