Thread regarding Bank of New York Mellon Corp. layoffs

@euc, SUB stands for Supplemental Unemployment Benefit.

What does SUB payments mean?

Can anyone share the layoff website with me? I was told myhrbkalumaskhr.americas@bnymellon.com but can this site does not exist. I repeated it but I must have a typo or the HR contact missed something.

You do NOT pay SS and Medicare taxes on your sub payments. You get paychecks on the 15th and 30th like an employee and you cannot contribute to the 401k plan. Your take home will be higher AND you can claim unemployment concurrently. If you get a job and make $1 your sub payments stop. Do not take a job for less early on. Max out what you get.

Isn't it great how you have to come here for HR questions? At least Jolen has the correct pigment and no Y chromosome (I think).

1. Apply for UNEMP immediately you accept the offer
2. If your SUB is more than 26 weeks AND if you plan to get a job AFTER exhausting the SUB then you can wait for the difference but DO NOT MISS OUT on UNEMP . It runs parallel
3. SUB is like paycheck - you will pay SS and MEDICARE and all taxes - including State mandated taxes
4. UNEMP Is taxable income
5. You can contribute to , if you are interested , IRA or ROTH.
6. The moment you get another paycheck you SUB ends. So even if it is a 1099 handle it carefully. Just enjoy the PAID VACATION and retool yourself I would suggest.
7. They provide lot of training and counseling help (mostly online). You really get some good advice and assistance (though they may seem trivial).

All the material (like TAX documents, pay slips etc) are done through regular mail.
If you have 401(k) balance this may be an opportunity to move it out and get it under your control (VOYA is horrible !)
RSUs will be yours and vest as per the original schedule. Nothing changes

LO is a bit of rude awakening (it hurts the ego) but in the end , it is a nice period to rediscover yourself. If you have been here for a while (10 years say ) that is a decent 5 month paid vacation .. BNYM may have rusted your skills and this period helps you to get refocused.

It always turns out to be better ..

VERY IMPORTANT POINT!!! The package is not severance, it is SUB pay. With SUB pay you can file for unemployment immediately (maybe there is a 2 week lag).
Your W-2 and future paystubs are sent to your home.

You don't have to wait for subpayments to end before filing for unemployment. Once you sign the agreement that you will not sue the bank and agree to your package you can apply. You will be receiving email documents to sign-off on. Best of luck, there are others jobs out there for you. Update your resume, but if you can holdout, take the full amount of subpayments and start looking about a month before they end. Medical should last as long as your subpayments.

My understanding is you can't collect unemployment until sub is done.cthis isn't a one time severance

Really confused about what sub payments are. Is this a fancy word for severence but not a severance? Also the portal doesn't state anything relating to pay or anything specific to the individual. Like where does it say I'll get x weeks pay since I was here for y years??

You can collect sub payments as youre getting unemployment. The sub payments end either at the end of term, (usually 2 wks per year) or date of new job

I though we could collect unemployment concurrently?

W2s will be mailed(or available in the soon to be sent portal). You can file for unemployment after the SUB payments stop. Technically these aren't severance. No haven't received portal.