Benefits Information for U.S. Employees
January 21, 2025
NEW U.S. SEPARATION PAY PLAN
Introducing a new BNY U.S. Separation Pay Plan (to replace U.S. Supplemental Unemployment Benefit Plan (SUB Plan))
This February we are transitioning from BNY's U.S. Supplemental Unemployment Benefit Plan (SUB Plan) to a new BNY U.S. severance plan (Separation Pay Plan). The transition will simplify severance, align it with industry standards, and provide more flexibility for employees whose roles are eliminated.
The Separation Pay Plan provides financial and healthcare support for eligible employees during career transitions. The key changes will be:
Severance payments will be made as a lump sum (rather than installments).
For employees enrolled in BNY healthcare coverage at notification, an additional lump sum payment will be included as part of the severance package. This will be calculated based on the amount that BNY would have contributed to healthcare benefits for the severance period (with a cap at 20 weeks).
• There will generally be a 30-day notice period during which active pay and benefits continue (previously 2 weeks).
• Severance will not stop or need to be repaid if an employee obtains a new job outside of BNY.
Guidance on Severance Calculations
Eligible employees may receive severance pay equal to the greater of 2 weeks of base pay per year of service (no change from previous plan), or minimums shown in the chart below, with a maximum benefit of 52 weeks of base pay. Separation Pay Plan benefits are subject to the requirement of a fully executed and effective release of claims. All Separation Pay Plan payments are taxable and subject to wage withholding.
Officer Title
Minimum severance under New
Separation Pay Plan
None
4 weeks base salary (same as before,
Analyst/Associate/Senior Associate
8 weeks base salary (same as before)
VP/SVP
12 weeks base salary (same as before)
Director/Senior Director
16 weeks base salary
Managing Director
20 weeks base salary
11 replies (most recent on top)
@d2 its cant say no. Those ratings were touched after direct mgrs out them in. And they were done without mgrs being told. I noticed two weeks after the deadline most of my team was messed with and i questioned it. The reply i got from my mgr was “i had nothing to do with it “. But i know he did along with his mgr did. And his reply was its because they had to hit the % given for below so mainly wfh were targeted. Glad to gave me the evidence i needed to bury your as--s
It would be nice if they actually paid it. Instead they are back-door firing people with BS bogus below expectations ratings, some forced because managers can't or won't say no to their bosses directing this, especially at senior levels.
So, "Eligible employees MAY receive severance pay equal to the greater of 2 weeks of base pay per year of service OR minimums shown in the chart - What determines what an employee QUALIFIES for - I'm sure any rating below MEETS disqualifies anyone from receiving 2 weeks of base pay per year of service - and we all know how the chosen rating is determined. Sad, very sad.
@c4
The prospect of coming back here is virtually impossible anyway. Not unless the place cut you loose and you have some unique skill that clients depend on that your manager missed while giving the OK to ax you. I’ve seen that happen once. But nowadays, there is really no hiring and no growth centers to speak of except Florida, India and Poland - and No, NYC and Pittsburgh are ki.ll zones not growth. So if you are gone, you wont come back even if you are insane and masochistic enough to want to.
@c1 I wouldnt but people get desperate. Especially when you cant find a job because ive heard from several co-workers it took 7-9 months to even get an interview. And now in this economy and this much competition released into the world of unemployment, its going to be worse. This place is disgusting the last several years and i wouldnt give them anything but lawsuit papers
@ba with this toxic environment and sh-t show. Do you really think people would come back? Absolutely not.
@bh you’ll get severance if you have a case open or open it as a complain with hr cause they dont want to be sued. Im a mgr and have seen it with the last several employees. I’ve also heard others challenge them and won and got it so believe what you want
It BS they are 100% not paying severance by giving most of these good employees a false fraudulent PIPs instead of RIF. Don't believe the fraudsters
Yeah but the clause in it says you pay it all back if sneaky a-s bny rehires you
This is almost a year old everyone has seen this
This was communicated to all employees when it was revised in January. There are several discussions throughout the year that already exist on this site.