Since HR is basically worthless, anybody know for sure if you can work during the separation period? There's conflicting info in the paperwork I received. I know you couldn't during the SUB pay days, but I thought that changed when it switched to the lump sum. Buried in the middle of an 80 page document there's a comment about paying back a pro-rated amount if re-employed during whatever amount of time you received severance for.
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@15
Apparently it is OK to take an external job. If you get another job in the BNY-world you will have to pay back a pro-rated amount.
If you take an external job and don’t return to BNY does the package stop being paid out or do you owe them money back?
@bn care to share a but about your claim? I just sent them an email with my demands to go quietly into the night. Waiting on a response .
@OP I was told as long as I do not take a Postion with BNY, we are free to look for employment and work without penalty. Hope this helps
@bn
So, you challenged them and won.
Approx. what did you win in terms of $$$?
What length of service were you at and what did they agree to?
How long did all this take from firing to settle?
What was your attorney’s cut?
Did you need to sign documents that you will never sue or approach BNY on this again?
You certainly didn’t get what you were owed.
BNY attorneys are inept. If you need to hire one to fight them they will be better than BNY attorneys. Not sure why some on this site think BNY is some big empire you can’t challenge. That’s simply not true. I challenged them and won. They dont want a court case. Have nobody to fight it. Would need to hire external counsel. Will settle with you if push back. I would encourage everyone to legally push them. Not difficult. I think many unfortunately accept what they are dealt. To the specific OP question, regardless of what documents says I would estimate you can do as you wish on working and will change nothing. There is no way they will proactively come after you.
Normal layoff.
Got some confirmation later today that I'll be free to look for other employment with no penalty.
Did you separate over a PIP or a normal payoff with staff reduction? With a normal layoff you can return to BNY if and when you find a hiring manager interested in you.
If you left on a PIP, I believe if you sign the agreement you will no longer be eligible for BNY rehire. But the final decision is on a future hiring manager that my be interested in you and if they are willing to take the rehire risk with you.
I'm not sure how someone earns a "not eligible for rehire" tag on their employment file at BNY. I've heard this can range from a manager not liking someone, to someone with very bad job performance, to someone stealing from the bank, to someone leaking firm info and trade secrets.
@ah exactly.
In the document definitions section "Employer" is defined as "BNY and it's participating affiliates"
So I can say when I got laid off in February I had the 30 day notice period. They did mention on a call that if you found employment within that 30 days you were supposed to let them know and you would forfeit your severance. I don’t know why anyone would let them know if that’s the case. They would never find out.
@a9+
The way it's worded: reemployed by an employer.
Doesn't specify BNY, but then they like making things ambiguous then not answer any questions because "it's in the documents you received".
So that part is talking about reemployment with the bank. So if you get 20 weeks lump sum severance and come back to work at BNY after 10 weeks, you have to pay them back the other 10 weeks that they gave you. If you get reemployed at BNY after 15 weeks then you would have to return 5 weeks of pay.
@OP, it used to be don't tell BNY and reinforcibility by the company was very slim.
It is possible BNY lawyers have added some sort of property lien clause by now. Regardless, worry about it later.