Email just went out about 401k matches being distributed the following year, end of first quarter for the prior year starting Jan 2023. Just when you think you’ve seen every way they can sc--w you….think again.
51 replies (most recent on top)
Todd would NEVER have allowed his to happen. NEVER
Oh yeah.. I remember when our “Shared values” were “Doing What’s Right”. Now they’re “Just do them, right?.” Sickening.
@1mnn Only the D.E.L. hire running HR would know that.
Actually they’ll probably lose people as a result.
I’veI tried to avoid telling people where I work for the last 5 years. Everybody knows what a dump it is.. It is so embarrassing to be associated with BONY. I plan to leave at year end. I cannot wait.
Congrats for getting out of there.
I agree that nothing will happen other than complaining, but even if there was an uprising the Execs still win. They always win because they have huge severance packages built into their contracts. That one d1-khead from Canada sold out the Mellon company/legacy, got a nice departure package and then moved on to another company. They always land on their feet.
I left BNY Mellon in July after having worked there for 12 years. Although the base pay was reasonable, every year this company found ways to take away from the employees while always being asked to take on more responsibilities. I had enough and walked into a different company and I will say, from experience, it's worth the risk to see if the grass is greener. Nothing will change at BNYM. They will continue squeezing people until there is a true uprise, but outside of complaining I don't see that happening, so the Execs win. Get out while you still have your sanity.
BNY employees already got screwed when they got rid of the 2% bonus and switch to a higher 401k match. It was based on what you earned the previous year so they were always a year behind but didn't make up for it.
"Does anyone know if we will have to be in 401k all year in order to get the maximum match or can we simply just bump up to the highest match % sometime in November / early December next year?"
I assume match = match. If you only put it X amount of $ over the course of the year, that's what's getting matched.
They always hide behind industry standards as a rouse. Invest heavily in petroleum jelly in 2023. You're going to need it!
Does anyone know if we will have to be in 401k all year in order to get the maximum match or can we simply just bump up to the highest match % sometime in November / early December next year?
So glad that I left the Bank after Todd left. I knew that without him everything that I had witnessed going bad would rapidly get even worse.
Don’t like saying that I told you so, but right about now we all understand how blessed we were to have Todd’s kind and steady hand through 4 years… three of which almost unimaginably bad years of global chaos.
Easily the best BK CEO ever.
Even chainsaw didn't go this far so that says something! He instituted a quarterly match over at Wells Fargo.
Wondering what tax implications there may be when the matching contribution is one large sum in that paycheck the month following our bonus check. HR is totally useless, not even an FAQ to reference.
They are probably spooked about the crypto crash. The thief probably have 401k investments tied up in crypto.
Now that’s what’s called a win/win solution…
Just waiting for when Robin blames the head of HR and used this to replace her.
I found the news about the AOL 401k changes fiasco (2014): https://www.forbes.com/sites/annemariesqueo/2014/02/09/aol-blow-up/?sh=52c5677b78fe
or
https://example.com/2p8suvav
Whoever in HR purchased Peakon should be FIRED THIS week!
Wow, good catch! That’s an excellent observation. I wonder how many lawyers aided in that gem of obfuscation. With BONY there is ALWAYS another game to play. One would think that with all of the ingenuity which they display in these annual cuts they would also be successful in developing a growth plan for the top line. Massive tech investments and four attempts at “Organic Growth” have all completely failed to deliver.
“The fact that the match ‘will be determined’ (notice that they didn't say ‘calculated’) gives me the distinct impression that part of the determination will be flexibility in the percentage of the match each year. Maybe 7% in year one, maybe 4% in year two, maybe 3% after that…”.
Interesting ….”AOL’s announcement received backlash from the public, forcing it to rescind its decision”. If I recall correctly Scharf’s attempt to cut some benefits across the bank resulted in an uproar in Europe and he retracted it
I suggest that we all get very vocal. Call your local news channels… they love to report this stuff. Top management has very thin skin when it comes to their public image. Not so much when they’re playing hard@ss with an employee one on one.
Does BNY Mellon have an executive compensation plan with a retirement plan that differs from the standard BNY Mellon 401k? If so, it may somewhat explain the lack of foresight to employee response. That or they just follow McKinsey & Co.'s suggested plans for margin wrangling and disregard intangible hits to morale. While I'm sure the approach here is legal, we may want to just start filing DOL complaints to put the practice on regulatory radar. Here is the link... https://www.dol.gov/agencies/whd/contact/complaints
Guess they want to clean house first and not give those being let go a penny more cos this company is so cheap and thoughtless.
There is a My Source social page that was started. Have a look and contribute.
Mysourcesocial.bnymellon.net/message/364387
@1wpo+1jX4LaLR
You are spot on
All the he-l they only seem to “align with the market “when it’s something they feel they can reduce. They never “align with the market” when it would be giving us some thing additional
One additional item of interest I saw in that email. The fact that the match ‘will be determined’ (notice that they didn't say ‘calculated’) gives me the distinct impression that part of the determination will be flexibility in the percentage of the match each year. Maybe 7% in year one, maybe 4% in year two, maybe 3% after that…add that to the usual references to ‘align with market practices’ bull_ _ _ t they trot out with each change, like yesterday’s email. I’m sure they were required to give 30 days notice of such a change before Jan 1 , and guess what… it was sent the last day of November. They would have sent it Christmas morning if they were allowed to.
I think this might be a retention strategy? 😔
Peakon will be on FIRE next week!
They may want to consider a pause in that process……..
Everyone in Finance understands that the most powerful aspect of regular biweekly employee payroll 401K deposits and employer matches is dollar cost averaging.
If you’re unfamiliar with the concept, it simply means that by contributing regularly (employee and employer) you are receiving more shares when the stock is cheap and less when it is higher. It essentially means that your average price per fund or ETF share is much less than a one time purchase, which is gambling.
The Bank is now reaping this benefit… not you. This should be the last straw for any employee. It is just so wrong on so many levels.
Does anybody remember when we were “associates” and had “Shared values”?
Pretty sure that you mean that they will lose people as a result as they will leave. Loosing people would be displacing them of course. University of Phoenix grad?
Have fun rolling over your 401K from VOYA to another custodian I’ve rolled over 6 401Ks since 1989 and it’s certainly always a pain in the bu-t. But getting out of VOYA was far more difficult than the first five combined.
You have been WARNED.
Anybody knows why is HR is ask for improvement suggestions when they only giving cuts to worker benefits
I just left a month ago and my manager acted so surprised and offended. Dude, look around you. Look at this company and the way it actively scorns its employees.
I would have been so pi---d hearing this if I was still there. This is I think 2 years after they reworked the benefit to remove the 2% company contribution in favor of folding it into the matching structure. They're slowly decontenting their benefits package, dragging their feet on bring salaries in line with industry standards.
It's such a cheap company and everyone is so miserable, I was embarrassed to work there.
I posted 8 or 9 months ago about the steady drib drab of cuts to the 401K. Every year the 401K match changes, the drop of 6% match to 5% match on 6%. Then repurposing the annual $1,000 to 401K and the. Requirement to match it to get 7%. It’s like the sleight of hand of a magician.
What pea is under this shell? Watch closely which shell now? I’ll show you this card, but I won’t show you that… what card is in my left hand? And look that card is in now in the other hand. Did you read the email and follow up with HR? WeI’ll keep you too busy to notice your cuts and mass
Worst of all are the pension cuts. So many parameters since 2008 were added, altered again, and again that it’s meaningless to even attempt to talk about a pension with a coworker. They’ll look at you like you’re from mars… the deals are so radically different. Don’t believe me… get together with friends and compare the differences in your deals. It is quite astounding, When you get a document it is quite different than what the worker in the next cubicle received… even if you all are the same age, grade and length of service.
Keep them working like a cult, sleep deprived and exhausted so they won’t read and won’t fight the change. Don’t even bring up the annual severe medical cuts every year since the Affordable Health Care Plan (ObamaCare). That’s when BONY went catastrophic on health care.
Horrific.
Just sad. Just Really sad. This really hit me hard. I’ve dedicated most of my career to this company and each year we get another kick in the pants. I get we have to stay lean and profitable, share holders etc., but I’m really feeling demoralized by this. I work my tail off each day to deliver and over deliver and this is how we get rewarded. :(
Amazing. BNYM announced they’re stealing from us again for their bottom line like it’s no big deal. That extra interest will make the difference to the bottom line when EC bonus talks come around… just when you think they can’t go lower, they attack the only genuinely good benefit of working at BNYM
THIS is how they thank us for us for performing so excellent (their words, not mine) during Covid?
THIS is how they thank us for us for performing so excellent (their words, not mine) during Covid?
From the meetbeagle website:
Lump-sum matching occurs when the employer matches contributions once a year as a lump-sum instead of every pay period. In this case, employees get matching contributions as long as they contributed to their 401(k) during the year, regardless of the number of times they contributed. Some large employers with tight budgets have shifted from per period matching to lump-sum matching as a cost-saving measure.
Lump-sum matching gained popularity when AOL’s CEO announced that the company was switching from payroll matching to a single lump-sum matching. However, AOL’s announcement received backlash from the public, forcing it to rescind its decision. By holding off the matching contributions until the end of the year, lump-sum matching denies employees the benefits of dollar-cost averaging and compounding interest