Thread regarding Bank of New York Mellon Corp. layoffs

Given November is close to year end, will those got laid off get bonus (prorated) as part of the package?

 @nqt+1ptvaPK5

Just guessing here but I'm going to assume bd=business day

@smc

No worries. We have Fetterman to lead the effort.

@zwh

I’d be leery of taking advice from this Internet Rando. It doesn’t seem to pass the sniff test.

I’d advise that you ask all of your questions to the Internet Randos here rather than wait for the official facts HR packet.

@pxa Everything will be in the documents you received. My separation date was 2 weeks from the day I was told of my dismissal. I was paid for those 2 weeks.

What will the “separation” date for "level K" be? is it 30 days from end date of employment or 15 days ?

@gbk, no, you do not have to file for UE to get SUB benefits.

@ltv

Ok, I’ll bite…. WTF is a “BD?” We have to wait until our Birthday to file?

@gbk, if you still qualify for UE (or would have qualified if your benefits are exhausted), you qualify for SUB. This would include going back to school or having your hours drastically reduced which would probably be the case if you only had a part time job.

@zfa+1ptvaPK5 What if I already currently work a part time job? Am I not entitled to the supplemental pay? Or do I just collect that and not file for unemployment?

Your part time job may impact how much unemployment you receive, but shouldn’t impact SUB. You have to apply for unemployment to get SUB.

What if I already currently work a part time job? Am I not entitled to the supplemental pay? Or do I just collect that and not file for unemployment?

I had never heard of SUB until I was laid off. Prior to attending the HR sessions, I had Googled what a SUB was and everything I read mentioned that the SUB would be the difference between my unemployment amount and my salary. So, if I was making $1000 per paycheck and unemployment was $600, my SUB amount from BNY would be $400, getting me to the $1000. This was NOT the case. I received my FULL pay from BNY plus the full amount I was eligible to receive from unemployment. Needless to say, I was pleasantly surprised. Once my unemployment ran out ( I went the full 26 weeks ) , I continued to receive my full SUB.

I got Supplementary Unemployment Benefit back then when I was laid off. The tricky part is that you have to report this to your local state unemployment office. They might adjust your unemployment paycheck to a little bit smaller amount per week (like 30 dollars less) since you are getting SUB payment from BNY.

Make sure to attend the QA session. The invite will be with your online materials.

If you read through the entire packet of detail they send you, its really comprehensive. There were no questions that the packet didn't answer.

Mgmt is not allowed to answer questions. You’re supposed to be referred to Hr who is supposed to answer them and give you additional detail

I believe it took 5 days to get “the email”. SUB pay ends once you take another position. They gave you your “separation” date. You can file for unemployment the first BD after that date. There was a 1 week waiting period with unemployment after filing. Hope this helps. Take care!

You don't get severance, you get SUB pay. That's Supplementary Unemployment Benefit meaning you collect it at the same time as your unemployment. You'll need your end date of employment before applying for UE and make sure you don't say you're getting severance, it SUB. If you reach the end of either you still qualify for the other as long as you meet the other requirements. Plus it's not subject to SS taxes so your paycheck will be much larger.

FYI, PA unemployment is sitting on a backlog of 200,000 applications so you may want to start that ball rolling sooner rather than later.

When you apply for unemployment, you will need to fill up severance info in order to evaluate how much unemployment benefit you can get and when to start. So, I think you’d better wait a few days.

Once your severance package is out, you will know about the terms, for example whether your new employment will be held up due to any non-complete terms.

If I secure new employment immediately, will my severance package be affected in any way? I would wait until your unemployment runs out before getting another job. You can then find another job and keep your severance. I was told by a BNYM HR person that you reporting another income is on a good faith basis.

While I can't answer your first question, here's some help regarding the others:

• If I secure new employment immediately, will my severance package be affected in any way? Yes, SUB payments end once you report you have a job. I think you need to call a phone number to inform whether you got a job or are still looking (in this case, your next SUB payment is released).

• Can I apply for unemployment immediately or have to wait until the severance runs out?

Yes, you can. Check with your state, but as far as I know you can apply for unemployment (not sure if your state's department of labor requires evidence you were laid off).

• Will I be reimbursed for my accrued and unused vacation days?

Yes, you will.

Good luck in your job search.