I was offered a severance package of 2 weeks per year of service. Was wondering if anyone had successfully negotiated more weeks per service and if there was any way they would match the 401k for this year.
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@eh The link is now a 404 (surprise), but I had saved off the relevant section. See the second bullet point for the age 60 criteria.
Change to Eligibility for Company Matching Contribution Effective January 1, 2023, to be eligible to receive a Company Matching Contribution you must contribute to the Plan and meet one of the following criteria:
• You are an active employee on the last day of the applicable Plan year (an active employee for this purpose is defined as an employee who is currently employed or on approved leave of absence, excluding long-term disability), or
• You terminate employment during the applicable Plan year and, as of your employment termination date, you have attained the age of 60 with the sum of your age and vesting service (in both instances, full and partial years) at least equal to 65, or
• Your employment is terminated without cause on or after October 1 of the applicable Plan year and you are entitled to receive severance benefits pursuant to The Bank of New York Mellon Corporation Supplemental Unemployment Benefit Plan ("SUB plan") or under such other severance agreement or policy governing the termination of employment from BNY Mellon, or • You are approved for long-term disability benefits during the applicable Plan year under a program maintained by the Company, or
• You die during the applicable Plan year and are an active employee at the time of death.
@eh It's in the document that explains how the 401(k) match works. They had a link to it back when they told us they were going to keep our money for a year. I'm not logging on to look for it now, but I'll see if I can find it again on Monday.
@ch If you're 60 or older and have at least five years' service, you get the 401(k) match for the year.
Is this true? Where is this stated?
You cannot negotiate anything as you are effectively being fired.
And besides, what position, leverage or claim do you hold that BNY would negotiate for? Answer- nothing.
You can ask, but, you will not get.
@d5 That depends on what state you live in. I got laid off once each in NJ and PA over the years, and there were no questions asked about severance pay when I signed up for unemployment benefits. I got paid from the day I signed up.
@d0 that last part isn’t true anymore. It’s now considered severance pay rather than supplemental pay. If you find a job you can now keep the whole amount. However, you can no longer collect unemployment until the equivalent number of severance pay weeks run out. For example, if you are employed 10 weeks and they pay you 20 weeks of severance, you can’t collect unemployment until after the 20 weeks have passed.
Last I heard, it was 2 weeks pay per year of service. Maxed out at a year’s pay (26 years service). I also heard those benefits only pay for that duration, while unemployed. Meaning if you find a job before the payout period elapses, they do not pay the remaining portion.
I doubt you'll do better than two weeks per year of service.
If you're 60 or older and have at least five years' service, you get the 401(k) match for the year.
Do you have anything to negotiate with? Unless you are very senior management they don't care - only ones who get sweet heart deals.
401K. Now you are really dreaming. The entire reason they changed 401K matches to be just once a year is to 'cut costs' or sc--w over those they fire or leave before the annual date. Regardless of motive - policy change saves bank money and they ain't moving unless see previous statement.
Most states are employment at will. They don’t have to give you ANYTHING. Giving some people better deals than others is not only a waste of money but likely to lead to claims of bias. Think about it, the machine to exit people is kept well-oiled and legally sound.
They have an option of not giving you anything and drag you through mud for no obvious reason. A close friend of mine and a senior guy last year tried to renegotiate the severance package - after 8 months of going back and forth he and his lawyer gave in. My friend lost an addition $80000 for his lawyer’s fee.
Yes, I think you should do it. Decline their offer and make them an offer that they can’t refuse. I shocked they let you get away.
What leverage would you have to negotiate this if they're already laying you off
No.
It’s TIOLI here now.
Take it or leave it.