Looks like a few more years of working in the coal mine before we can retire.
What’s the next way to screw employees?
12 replies (most recent on top)
There is no “retirement age” at BNYM. Period. Retirement is when you decide to retire based upon own savings depending upon age and laws pertaining to your savings. Period.
Even the authoritative “IRS Changes 65 for most; 62 if you were grandfathered” note is totally incorrect, obviously written by an elder worker who has never noticed the law changes for scaling out retirement benefits for those younger. “Most” probably means him and his high school buddies talking about it LOL.. people are so detached from reality.
There is not a shred of factually correct advice on this thread. It should be shut down before it does harm to people.
Retirement age is still unchanged. 65 for most; 62 if you were grandfathered; your mileage may vary.
Those changes were IRS changes, and only served to make adjustments to when you have to take an IRA distribution; most people would be retired by then anyway.
I searched and could not find ANYTHING about retirement age changes.
This thread makes no sense whatsoever. There may be a few people trying to express something real or even important but until they use the correct words and refer to actual HR programs there is nothingIntelligible here.
It is not a level that receives Restricted Stock Units, it becomes 25% of your total bonus amount once your bonus exceed $50k. And that 25% portion vests over a 4-year period.
At my former employer, I got options, not stock. Are they actually giving stock at BNY?
“The poster is referring to vesting of stock you receive as part of your bonus. At 55 if you retired the stock was yours. Now you have to wait to be 60”
What company are you folks referring to? I think that you may have gotten lost on the lay-off board.
The old retirement plan was phased out days before Christmas in 2008. Get the facts right.
Given that I was tossed out the door with no stock .. I feel so bad for you ... not
What level receives stock as part of their bonus? I know I don’t. Just curious
Stock as bonus is for time worked and should vest immediately. Stock based on future performance/work should vest as work is performed kinda like earned/unearned revenue and stock options. Don't know your circumstances but if they DO not invest your earned bonus immediately then they are scamming you.
The poster is referring to vesting of stock you receive as part of your bonus.
At 55 if you retired the stock was yours.
Now you have to wait to be 60.
So you will have more people hanging around doing nothing so they don’t lose their stock. Of course at this point the stock is worth so little.
Also a TERRIBLE time to announce this.
Other firms are bending over backwards to be kind.
what 'retirement' age? The old pension plan that has been phased out had the retirement age at 60 for the full pension. BUt that was phased out 5 years ago, and I can't see how they could change that for people grandfathered in. Can I ask the poster what he/she is referring to?