How much money was BNYMellon able to absorb back from displace personnel with the HRA accounts. The amount has to be pretty substantial.
12 replies (most recent on top)
Pretty sure you don’t lose your account
@irbk, how do you think we are hiring thousands of people in places like India but our headcount has been at 50k for a decade? They are firing US employees.
@5fmh, If you did the max 401(k) contribution and were over 50 and maxed the catch-up contribution and were laid off the last day before you qualify for the match, you would only be out $1,525. Hardly a windfall for 44 billion dollar company.
Congratulations! You are the sole poster to correctly understand that our main theft of employee wealth was STEALING our 401k match.
All of the talk about the incredibly low level of layoffs is only carping, There are virtually no layoffs, and factually we remain at the lowest level of layoffs in over 42 years. Go to research the Bank on financial sites and you’ll see that we are increasing the number of employees. Yes, most are in India, Poland, Lake Mary and Pittsburgh but you simply need to check your prejudices at the door or find another job.
The matching 401K theft for the biggest and oldest contributors (bc they desperately need it) is the largest, most unethical windfall for upper management and Robin.
I encourage anyone that this happened to -- to report it -- not to the EEOC or via an attorney. You will be spinning your wheels there. Try other agencies and politicians.
The others who were victimized by this bait and switch employee theft also need your support. You have a right to tell AGs, bureaus of fair trade and other regulators about this, and especially congressmen and women (Whitehouse, Warren, Sanders) who are holding banks accountable for this.
As well as Blackrock who recently spoke of the retirement crisis.
It takes a village. Do or don't - but don't complain AT ALL if you do nothing; just be complicit.
@1lzo, did that go through Kitsap Bank? I've been waiting for my transfer to Fidelity and HealthEquity shows that it went to Kitsap Bank weeks ago. Still waiting for a reply from them...
Speaking of HealthEquity, I love the picture on the login screen of a fat white girl and her black partner holding an Asian kid. The outrageous fees aren't the only reason to switch to Fidelity.
@ejq, you should probably let your HSA grow tax-free unless you don't have enough to invest it.
Context clues are not strong with this last poster. Try Health Reimbursement Account
Ok, I give up. What the heck are “HRA” accounts?
Human Resources Additional Revenue accounts?.
Somehow I think that our employees are imbibing in in some illicit substances, and honestly this does explain quite a bit…does it not?
If you keep your HSA with BNYM and aren't employed by BNYM, you ‘ll get charged a monthly fee. I moved my to Fidelity after being let go earlier this year.
Speaking of these accounts, you don’t need to use BNY’s HSA provider. I closed my HSA through BNY and moved to Fidelity for better investment options. You won’t be able to do pre-tax payroll deductions, but you can still set up auto investing and then just claim the tax deduction when you file your taxes.
HRA is different from HSA. HSA is your money forever, but HRA=FSA. As far as I’m concerned, any “reimbursement” or “use it or lose it” account is a total scam. The fact that these were even passed into law is appalling. Same goes for commuter benefits accounts which have the same restrictions. If you do need to pick a low deductible plan with an FSA account, make sure whatever you contribute you know you’ll 100% use cause otherwise it goes back to the benefit provider account to keep.
I'm not sure if HRA is the same as HSA, but this is my situation. I got let go in August 2023, but the balance I had on my Benefit Wallet card stayed and I was able to use it. In 2024 they changed vendors and now it's Health Equity. I still have a balance and used it recently at CVS for a prescription with no issue. The matching for the 401K seems like the big windfall for the company to me.