Has anyone heard of over 55 being asked to retire to save comp monies? I heard the budget is a disaster so trying to make up on high earners.
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And why would they change it? It sure worked to get me to leave and many others.
7ubc it only means that you have been through enough pension, cash plan and/or other retirement cuts and/or left and returned to the bank with different service periods, etc and that their system isn’t geared to handle it. I was told that actuaries have to go over it by hand.
Treasure these precious last memories of escaping BNYM, including the painfully tedious paper based process. Buy a good sheet feed scanner.
3bwy - what do you mean by “pension cuts” in your post below? I’m a 40-year BNY lifer that just retired and was sent the paper package because I had “red errors” on my web-based application. The rep didn’t offer an explanation to me and alluded the system wasn’t working properly ... now I feel the need to call them and ask for an explanation.
I agree. I’ve read and reread this drivel by @2fqw several times and it’s totally meaningless. Actually, in an infamous December 24, 2008 Christmas Eve end of day all hands email, quietly hidden in a drop of generic announcements, HR provided logon links to new benefits. All emails were standard but the links in them logged us all into a labyrinth of Buck Consultants tools which gave radically different cuts, rules, reductions and other deals to different people. Because it was Christmas Eve, nobody really read it and it was late January until people began to realize that everybody now had very different deals for Pension, cash value plans, retiree medical, etc.
And there were many more games yet to play over the next 15 years and more shoes to drop. Even after the final notice that there could be no more cuts BNYM cut it one last time for actuarial reasons.
This is a fantasy: “57 for legacy BK employees and 55 for legacy Mellon employees are the parameters set during the merger. Note that these age parameters are for FULL pensions”.
This is a fantasy: “57 for legacy BK employees and 55 for legacy Mellon employees are the parameters set during the merger. Note that these age parameters are for FULL pensions”.
You’re not helping people with these bogus numbers.
@3drt+1iminICc How could HR help you if you are being pushed out to the age. It’s time these bad guys are accountable for the discrimination across the board
Call the EEOC? What would the Equal Employee Opportunity Commission have to do be with you applying for your pension? You’re a hired employee working at the bank. Wouldn’t you talk to HR?
Take your time on this as there are a lot of ways to mess it up. If you get red errors on the website it means that you have had too many pension cuts and you need to use the paper package instead. That right there saved you over two weeks. Advise to print out the paper package to read and make notes. For a simple lifer with no cuts ever go all web.
From Home:
http://bnymellonpension.bdigitalsuite.com
1-844-255-7659
From Work:
My Source Social
My Reward
Pension Plan Self Service
Correspondence:
BNY Mellon Pension Service Center
P.O. Box 11369
Fort Wayne, IN 46857
Pretty sure that the “Golden Handshake” was never offered to the rank and file”. That’s a Senior Management thing. If you don’t have an employment contract you don’t have a Golden Handshake but may still have earned a kick in the rear…
Uhh… yeah. I think that media refer to it as “the great resignation”.
No, it was all frozen in 2008. It doesn’t “grow” in any sense beyond an actuarial table value. In other words, the monthly payment will be dependent upon when you begin to draw it down.
You also have the option of a full cash value withdrawal. People who have been cut in numerous ways typically have 2 or even 3 low value plans that collectively can add up to about 50% of what was promised forever prior to 2008.
It’s worth learning about because it’s a confusing process. Pay attention to the reps, take good notes and watch for conflicting information. Then call with questions. Some people give obviously wrong answers so you really do need to focus on getting it right.
It’s not nearly that simple, believe me. You have no idea what your coworker across the aisle has. There have been a lot of games and permutations played since merger. Assume nothing.
Good luck getting your pension $ out of there. While the pension is overfunded and the money is there, it took me 8 months and mailing in 3 different notarized filled out paperwork to finally get a check. It is a PO Box in TN and if they dont get around to opening your mail in time you will be sent new paperwork to hopefully catch the next quarterly payout. Would be more efficient to send to India.
@2fqw, well, that's totally different than not being eligible. Of course the longer you wait t take your pension, the more it's going to be. But for me it's much less than if I took it today and invested it at average returns. According to their estimates, I could take a lump sum of $80k today and if I wait 10 years it would be $96k. If I took the $80k today and invested it at 4% I'd have $119 in 10 years.
And the annuity they offer is actually pretty good. If I took it today it would be about $400 per month and if I wait 10 years it would only be $200 higher.
The bank has not had a pension in years prob more people without it than have a legacy pension. It certainly is not being increased by much. If you leave you can cash out and have it invested in your IRA to increase its value instead of it sitting idle. Doubt we will see options for early retirement. It’s pretty evident alot of Sr people are abandoning ship lately.
@1zlz - The requirements of 57 for legacy BK employees and 55 for legacy Mellon employees are the parameters set during the merger. Note that these age parameters are for FULL pensions. People can opt to retire early at age 55, but you have to take a haircut in what you receive of, I believe, 5% for each year you chose to retire earlier than the 57/62 requirement. So yes, @2sui, you can take your pension at 55 if you want to take a 35% reduction in your annual payments.
When I was fired, errr, I mean my "position was eliminated" in 2021 a co-worker who was around 60 retired but not by choice.
"In reply to: Forced retirement...
Regarding Bank of New York Mellon Corp. | Post ID: @1btm+1iminICc
I doubt that everyone over 55 would want to retire, given that pension eligibility is 57 for legacy BK employees and 62 for legacy Mellon employees.
7 hours ago by Anonymous"
Actually, I'm legacy Mellon and was eligible at 55.....couldn't afford to but I was eligible.
Call the EEOC
@1btm, where did you get that there are age requirements for pensions?
They won’t change from their strategy of the last five years or so, which is to change older employees’ responsibilities and increase their workloads so that they’re miserable and/or fail so they will leave.
If that doesn’t work, package them out. Switch out one of two responsibilities and call it a new role so they can refill it without fear of legal recourse.
This used to be called the golden handshake and was routinely offered by large companies. Now they aren’t shaking your hand!!!
I’ll retire at 50 if the give me a years pay as incentive to leave so they can pay India 20k to do my 100k job
This rumor pops up every few years. It's wishful thinking.
I doubt that everyone over 55 would want to retire, given that pension eligibility is 57 for legacy BK employees and 62 for legacy Mellon employees.
From your lips to God’s ear….
We do seem to have a lot of folks in senior roles over 55 that have “retired” this year, so maybe you are on to something here.
Not yet and I'm 60 and have been here 40 years.
That could be damaging to the firm, yet I bet all of those over 55 are saying bring it on, like poster #1 below!
I wish! I just turned 58 and would retire in a heartbeat.