What happens to 41k?
Do they paid out the vacation time?
Comments thought?
5 replies (most recent on top)
If you have been with bny less than 3 years, you will lose company match in 401k. So if I were you I would stay for the 3 years. Bny sc--wed me over by laying me off in december, one month before my 3 year anniversary so I lost a good amount of the match. Also if you have any unused vacation, you lose it all. I was told the policy on vacation time changed after jan 1st 2024. Bny is now the only financial institution to not pay employees unused vacation time. BNY does everything to sc--w over the employee. HR should have been more clear about hours n the hybrid hours like how us bank and some other competitors are. Like for us bank, core hours to be in office are 9am-2pm, at least minimum two days a week and with one day being where your team is in office that day. At BNY, unless you were a manager or on asset admin team where you were told to stay from 8-5 , I know that a majority of people left early. I can count on fingers on my hand the number of people who actually stayed all day the three days they were in office. It really su-ks bny got rid of some good hard working people back in December. I know the teammates that remained there were more stressed out cause of all the extra work they were given from the people who were laid off. Really sad BNY went this route. I am now at a competitor of bny working remotely n much happier. BNY is so cheap they cant even pay for parking for their employees! I would never work or recommend bny ever again
You will also lose your company 401(k) match for the year unless you meet the 60+ criteria, ie your age plus vested years is > 65.
There are 11 states that require BNY to pay you for unused accrued vacation time.
Yes that’s what I meant thank you! 401k.
Presume you meant 401k. The 401K is yours and you can leave it with Voya and manage it or roll it over into a new employers 401K plan. Up to you. Personally, I would roll it over to a new plan and make sure it goes to your new institution as a tax free rollover. And make sure the check is made out to the new plan and not you or you will be sorry. As for unused vacation, unless you bought extra vacation time out of your pocket, you would lose all of it. After Jan 1st 2024, bny changed thepolicy to where they would pay you out on vacation time to you now losing it.