Thread regarding Goldman Sachs layoffs

401K Benchmarking Exercise - Assistance Requested

I currently work at BNY Mellon. Our CEO recently announced a change to the 401K plan. Currently our company match (max 7%) is implemented each pay period. Starting in 2023, the match will be paid at the end of the year (actually, three months after year-end). This change will result in any employees who leave before year-end missing out on contributions to their 401K plan. At a recent town hall, our CEO justified the change by stating that the company has decided to pay out this reward only to employees that will be with us in the future, and also that this new policy is in line with industry practice.

Current trust in our management is low. In addition to this change, the CEO announced with great fanfare that all members of staff that don’t currently receive shares will receive a gift of 10 shares. The media has picked up this story, though none have reported that this “gift” is coming out of our year-end bonus. So, instead of just receiving an all-cash reward, part of our bonus is being deferred 3 years, assuming we are still with the company. Yea!

Given our low trust in management, I am curious as to the validity of the statement that this new 401K policy aligns with industry practice. As such, I am posting this message on this website for all companies listed in our proxy statement as being peers of BNY Mellon. I would appreciate information on the following questions:
• Is the 401K match paid each pay period or at year-end?
• What is the maximum match provided by the company?

Thank you reading and hopefully participating.

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| 1047 views | | 6 replies (last )
Post ID: @OP+1kdP9aTr

6 replies (most recent on top)

Where's Pocahontas to force these corrupt executives to pay the 401k match each pay period ? Perhaps the executive stock options and share awards should only vest after 20 years.

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Post ID: @rdmh+1kdP9aTr

Wait til the bail-ins start and they take you 401k money….

Good times coming…. Good times.

Get ready, collapse is happening. You wont be left with a dime after it all falls apart.

Hopefully at least your house is paid off… but they will be coming for that, too, with higher real estate taxes…

Enjoy.

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Post ID: @1raw+1kdP9aTr

At JPMorgan and the match is once a year. Jan / Feb.

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Post ID: @1hdj+1kdP9aTr

No, only those employees who currently are not receiving any shares are part of their compensation, which is apparently around 90% of staff. It will actually come to 7 shares, as 3 are being withheld for taxes.

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Post ID: @mmq+1kdP9aTr

Wells Fargo pays at year end as well. If you are not employed on December 31, you receive no match at all.

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Post ID: @aqh+1kdP9aTr

I heard all bny Mellon employees got 10 shares of company stock.

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Post ID: @oum+1kdP9aTr

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