Thread regarding Bank of America layoffs

There are many, many different comp programs at this company, depending on which subsidiary, business, predecessor bank you work in + your band, role, performance, geography, etc.

Am sure there are more, but the only 2 "match" programs that I am aware of are:

1. 401k Match: The bank match is contributed by pay period. If you frontload your 401k % contribution early in the year (like I do b/c I always think I am going to leave, say >20%, 30%, 40%, etc.) up to your individual IRS limit, you do not receive the Employer Match in the months after you reach your limit. Instead, the Employer portion accrues each pay period through Dec. 31. You then receive a "true up" for the Employer Match portion at end of Feb or early March. Even if you leave in April, May , June or whenever, they are still legally required to contribute the full portion of their Employer Match into your 401k. I called Benefits line to confirm this, and they said they are surprised more people do not ask about it.

2. Pension: For those who worked at a predecessor firm that BofA acquired, you ALSO receive a separate contribution to your 401k -- on TOP of the 401k match -- in lieu of the company's pension contribution. This can be 2% to 5% of your total eligible comp (basically cash pay/cash bonus) from the prior year. BAC froze all the pensions in 2012, but due to the contracts (and good attorneys at the prior banks), they cannot get out of compensating you for the pension in place when you were hired. These payments just go into your 401k now, instead of your pension.

Call HR Benefits line and they can explain to you for your specific situation.

Depending on how many years w the bank you get anywhere from a 2% to 3% match sometime in late February to early march on your previous year compensation (not talking about 5% match throughout the year)....the 2 to 3% match if you retire should be paid out in the nect quarter after "retiring"...thus if you retire by September 31st you should see the one time match prior to end of 4th quarter...

I'm sorry about asking a d-mb question but what exactly is getting matched? I guess I should be searching Flagscape.

What do you mean when you say you will get your 2022 compensation matched along with your 3% year end match? Say a person qualifies and leaves next month, what do they recieve? Thank you

Yes you get the match you would have otherwise lost. However you will lose most of the RSUs. When they do the rsu calculation they base it on the entire 48 vesting period, from the beginning which has already passed. I only ended up with 25 rsus instead of 400

Won't you reconsider? We're giving out pizza!!!

Agree with the other posters, no reason to advertise your move. Just get on with your life.

This place won't miss any one.

At this point the bank doesn’t care if you go to a competitor. They are busy doing other things. Like bringing in cupcakes to make you happy. No need to advertise why you are leaving. Good luck in your new venture.

I retired last fall under the rule of 60. I certainly didn’t get the match you’re talking about.

Wish I could answer that. My last day of employmemt was 6 days shy of qualifying for the rule of 60/ retiree benefits. I wasn’t aware of that actual date until after I resigned and then called HR about starting at a competitor the next day while still being employed for two more weeks. On the bright side, I am loving my new job and don’t regret not staying one more week. I did give up some shares but they are pretty worthless these days anyway.

Unless you have a non-compete clause there’s really no harm. For obvious reasons, I wouldn’t advertise your move. Congratulations.

Make sure you are not in a part of the bank that has "non-compete" clauses. It's included in some of the annual acknowledgements many of us are asked to "check the box" in myLearning each year.

Not every group or role - but they did expand the scope significantly over the past 2 years.

If you violate non-compete, they will claw back any recent compensation -- and they WILL go after you. Have seen that happen several times.

Not saying it's impossible, just be careful and go in eyes wide open.

My guess is if going to similar group the bank hears about it and makes it harder to come back if u ever wanted to...doubt big issue, but could hurt long term...