So the 401K company match is now in our Voyager accounts, and Robin / leadership no longer mention how they’ve sc--wed us by deferring the payout to January each year rather than with each paycheck. Can’t believe they kept this change in place, and think the workforce is so stupid and sheep-like to think it’s fine. There’s zero effective leadership here. Most managers are sychophants (mine is the epitome of the Peters’ Principle in practice…completely incompetent). Now the match is in, and the bonus due tomorrow, my resignation will be submitted on Monday.
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Most of the financial services firm gives 6%
BNY had 5% of what you contribute with a max and 2% retirement contribution
They streamlined it to 6% and then 7% if I am correct - ALSO they made it a TRUE match. This helped those who contributed the max AND also had a bigger paycheck - say a person makes 100k they get 7k versus one who makes 200k gets 14k though both can contribute only 24,500 per year
Other firms pay only 5k max - know this personally for my spouse - but they do very well in bonus and raises
I bet you're still coming out ahead when compared to working at other companies that might have a much lower match. I think industry average is ~4-5% total match. We have 7% which is borderline amazing. You miss on the dollar cost averaging and if you leave late in a calendar year, you're losing a decent sum for that calendar year, but overall I think the bonus 3% we get makes up for some of the shortcomings. You could always leave early in the calendar year (assuming you control your career move) and minimize the lack of match for that year. working at
@ch I believe if employed for three years in April you would be fully vested but not eligible for any match in the current year unless employed through 12/1 I think is it...
Remember you need to be with BNY for at least 3 years to be fully vested in your 401k
I really want to leave too but I’ll be fully vested in April only.
Few more months of saying AI in every single meeting hehe
@ag Yes, it went in on the 28th
@OP Do you see the 401k match posted in your Voya account?