Curious to know where folks have landed after being laid off and if anyone ran into trouble going to a new financial institution. Sometimes I feel like BNY being on my resume is more reputational harm than good
17 replies (most recent on top)
@h9 very happy for you, congratulations
@hx wow you really went through it. It’s encouraging to know that its possible to survive without employment. Thanks for sharing all that. Sorry about your Mom but that time with her was a blessing Im sure.
@d6, for me I chose the annuity because it was quite a bit higher than I could get on the open market. It's less than $1000 per month but it allows me to keep less of my portfolio in my conservative bucket.
@gc, I forget the exact options Voya offered for rule 55 but the one I chose was quarterly disbursement over a specific time period and you couldn't make any changes until you reached 59.5. It was a hassle because the amount increased as my account balance went up with the market and it bumped me into a much higher tax bracket. Luckily did that the last few years because I was living off savings and doing Roth conversions for a few years when my income was really low.
I think the other options were a single withdraw with or without a rollover but rolling to an IRA or another 401k would disqualify me for rule 55.
Even after 59.5, you're only allowed one withdraw per year for the t401k and one for the roth. I ended up doing a rollover when I turned 59.5 along with an NUA transfer of my company stock which they messed up and reported my cost basis as the price of the day of the transfer. I'm STILL waiting for them to sort that out and it's been 2 MONTHS.
@d6
I'm legacy Mellon so there was no option for that part of it. The BNY pension I decided to take as the annuity since I was getting the monthly payment anyway. If I make it to 74 I'll be ahead...lol.
Hi I left in August last year. I went to another Uk bank on the trading side. I work less hours for more money and have no concern about layoffs redundancies forced performance review ratings etc. and I get to work from home 2 days a week so all in all was a good move
@em does BNY allow partial withdrawals using Rule 55?
My position was "eliminated" (even though off shore took over the projects I was was working on) a few years ago and I decided the retire. I was only 54 but I'm so glad I did. My mother passed away 11 months later and I got to see her just about every day over those 11 months.
Voya was and still is a real PITA to deal with. Very limited options for disbursements even when using rule 55.
Here for the replies. I was laid off back in december & have also been struggling to find another role. I’ve applied for over 40 positions & still no luck.
I don't work for a bank now, but my current boss has a friend at BNY and knows how sh---y it is.
@d1
Barnes, me too.
I now report to my Wife and my Dog.
My dog promised me he would never lay me off or replace me with an offshore owner.
I am in a state of grace now.
Question did you go with the pension lump sum roll or the monthly pension payment? I decided I did not want to be tethered to this place any longer. I could do better than a BNY allowance.
I went to another bank with no issues...respected and happier now...during interviews there was no need to discuss or explain..the street KNOWS BNY is a mess
Let go in November, started collecting my pension and Social Security.
Best thing that happened to me at that place.
I left as I found a new role with another investment bank. Best decision I’ve ever made, wish I left BNY sooner. To anyone wondering whether to leave- please do! The grass is much greener out there
Left BNy last year. Found a job 6 months later. 15% less in total comp. But 200% happier. True story.
BNY has a horrible reputation which works against you/us.
When I was interviewing, 2 of the 3 banks already knew why I was looking, and the other one never asked…. Guessing they knew too