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Jumpy-Natural4868 OP t1_j6kbzyz wrote

Reply to comment by [deleted] in BNY Mellon takes unusual step in overhauling its 401(k) plan by Jumpy-Natural4868

They're moving their 401k matching to just once a year. Basically they'll pay out 2023 matching in March 2024. Still $1 per $1 up to 6 percent. But not every pay period or monthly like before.

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chippyinairplane t1_j6kcqhc wrote

So no one gets compound interest for a year

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drnuncheon t1_j6khmlx wrote

And they get to not pay anyone who quits or gets laid off

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CARLEtheCamry t1_j6l1qti wrote

Talk about insult to injury, they're taking (up to) just 6% off someone you just laid off's salary if they lay them off.

Like not just lay you off, but setting back your retirement savings a year for a figure of 6% of their salary which is peanuts even relative to the salary itself that they will be saving.

They could write this into an episode of the Simpsons as something Mr. Burns would do.

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dank8844 t1_j6kow7e wrote

The bank does. So they actually save money by utilizing this method

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ArgyllFire t1_j6lb0ni wrote

Yeah so additional fun facts: a number of years ago during the last economic downturn the bank decided to only provide raises the following JULY as a "special" cost cutting measure. So it's EOY, you do your review process with your manager. They tell you what your raise will be 7... Months.... From now.

They left this in effect for years. They finally stopped like 2 years ago and started giving us raises in March. Now this 401k fuckery.

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dank8844 t1_j6le4a7 wrote

It amazes me how much places like to screw with employees and then scream how people aren’t loyal to employers anymore.

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