BNY Mellon Benefits Guide 2024: A Comprehensive Overview

BNY Mellon’s 2024 guide details a robust, flexible program designed to support a diverse workforce, offering options for health, finances, and wellbeing.

BNY Mellon recognizes its employees as its most valuable asset, and demonstrates this commitment through a comprehensive and competitive benefits program. This guide serves as an overview of the valuable resources available to support your health, financial security, and overall wellbeing. The program is designed with flexibility in mind, acknowledging the diverse needs of our workforce and their families.

We strive to provide options that empower you to make informed decisions about your benefits, ensuring they align with your individual circumstances. This 2024 guide highlights key aspects of each benefit, including eligibility requirements, enrollment procedures, and recent updates. Understanding your benefits is crucial to maximizing their value and protecting your future. BNY Mellon is dedicated to fostering a supportive work environment where employees can thrive, both personally and professionally, and these benefits are a cornerstone of that commitment.

Key Updates for 2024 & 2025

BNY Mellon is pleased to announce several enhancements to its employee benefits program for 2024 and 2025, demonstrating a continued investment in our workforce. A key addition for 2024 is the launch of the Wellbeing Support Program, providing personalized access to mental health resources for employees and their families, including spouses and domestic partners. This program aims to proactively support employee wellbeing.

Looking ahead to 2025, BNY Mellon will implement enhanced disability benefits, offering increased financial protection during times of need. Furthermore, we are committed to competitive compensation, and have announced an increase to the minimum wage. The expansion of the BK Shares employee equity grant program will also provide greater opportunities for employees to share in the company’s success. These updates reflect our dedication to attracting and retaining top talent.

Health and Wellness Benefits

BNY Mellon prioritizes employee health, offering comprehensive medical, dental, and vision coverage, alongside a new Wellbeing Support Program and expanded mental health access.

Medical Plan Options

BNY Mellon provides a selection of medical plan options designed to cater to diverse healthcare needs and preferences. Employees can choose from various plans, potentially including Preferred Provider Organizations (PPOs) and Health Maintenance Organizations (HMOs), each with differing levels of coverage, deductibles, and out-of-pocket expenses.

Detailed information regarding each plan’s specific benefits, network coverage, and associated costs is readily available through the benefits portal and accompanying plan documents. Employees are encouraged to carefully review these materials to select the plan that best aligns with their individual and family healthcare requirements. Consideration should be given to factors such as anticipated medical usage, preferred healthcare providers, and budget constraints.

The company strives to offer competitive and comprehensive medical coverage, ensuring employees have access to quality healthcare services. Resources are available to assist with plan selection and understanding the intricacies of each option.

Dental and Vision Coverage

BNY Mellon recognizes the importance of comprehensive health coverage extending beyond medical needs, and therefore offers robust dental and vision plans to its employees. The dental plan typically covers preventative care, such as cleanings and check-ups, as well as diagnostic services and treatment for various dental conditions. Coverage levels may vary depending on the chosen plan, with options for basic, comprehensive, and premium levels of care.

Vision coverage generally includes benefits for eye exams, prescription eyeglasses or contact lenses, and potentially coverage for certain vision correction procedures. Employees can access a network of qualified dental and vision providers, ensuring convenient and affordable access to quality care. Detailed plan summaries outlining specific coverage details, co-pays, and network information are available through the benefits portal.

These benefits contribute to the overall wellbeing of employees and their families.

Prescription Drug Benefits

BNY Mellon provides comprehensive prescription drug benefits designed to help employees manage their healthcare costs and access necessary medications. The prescription drug plan typically features a tiered network structure, categorizing drugs based on cost-effectiveness and generic availability. Generally, generic medications are the most affordable option, followed by preferred brand-name drugs, and then non-preferred brand-name drugs.

Employees can utilize a pharmacy network for convenient prescription fulfillment, with options for retail pharmacies and mail-order services. The benefits program often includes resources to assist employees in understanding their prescription drug coverage, comparing costs, and exploring potential savings opportunities. Detailed information regarding formulary lists, co-pays, and prior authorization requirements is readily available.

These benefits support employee health and financial wellbeing.

Wellbeing Support Program (Launched 2024)

BNY Mellon’s newly launched Wellbeing Support Program, debuting in 2024, signifies a significant investment in employee mental and emotional health. This program aims to deliver personalized access to a wide range of mental health resources, extending support not only to employees but also to their families – including spouses and domestic partners. The program recognizes the interconnectedness of wellbeing and overall life satisfaction.

It provides confidential access to counseling services, digital mental health tools, and educational resources. Employees can connect with qualified professionals for support with stress, anxiety, depression, and other mental health concerns. The program emphasizes proactive wellbeing strategies, offering resources for mindfulness, resilience, and work-life balance.

This initiative demonstrates BNY Mellon’s commitment to a supportive work environment.

Mental Health Resources – Expanded Access

BNY Mellon has significantly broadened access to mental health resources for its employees in 2024, recognizing the growing importance of mental wellbeing. This expansion builds upon existing programs and introduces new avenues for support, ensuring employees and their families have comprehensive care options available. The company understands that prioritizing mental health is crucial for a thriving and productive workforce.

Expanded resources include increased coverage for therapy and counseling services, a wider network of mental health providers, and enhanced digital mental health tools. Employees now have more choices in how they access support, catering to diverse needs and preferences. This commitment extends to family members, offering support for spouses and domestic partners.

BNY Mellon aims to destigmatize mental health and foster a culture of openness.

Financial Wellbeing Benefits

BNY Mellon provides a strong financial foundation for employees through retirement plans, stock purchase options, insurance, and personalized financial planning assistance.

Retirement Savings Plan (401(k))

BNY Mellon offers a comprehensive 401(k) Retirement Savings Plan designed to help employees build a secure financial future. This plan allows eligible employees to contribute a portion of their salary, pre-tax, towards retirement savings. The company may also offer matching contributions, enhancing the potential for growth.

Employees have access to a diverse range of investment options within the 401(k) plan, allowing them to tailor their portfolio to their individual risk tolerance and financial goals. Regular statements and online tools are available to monitor account performance and make informed investment decisions. Detailed information regarding contribution limits, vesting schedules, and investment choices can be found within the official plan documents, accessible through the BNY Mellon benefits portal. Taking full advantage of this plan is a key step towards long-term financial security.

Employee Stock Purchase Plan (ESPP) / BK Shares

BNY Mellon provides employees with the opportunity to become shareholders through the Employee Stock Purchase Plan (ESPP), often referred to as BK Shares. This plan allows eligible employees to purchase BNY Mellon stock at a discounted price, typically through payroll deductions. It’s a valuable way to build equity in the company and participate in its long-term success.

The BK Shares program has seen recent enhancements, demonstrating BNY Mellon’s commitment to its workforce. These enhancements include an expansion of the employee equity grant, offering greater opportunities for ownership. Details regarding the offering period, discount percentages, and enrollment procedures are readily available on the company’s internal resources. Participating in the ESPP can be a strategic component of an employee’s overall financial plan, fostering a sense of partnership and shared growth.

Financial Planning Assistance

BNY Mellon recognizes the importance of financial wellbeing and offers employees access to a range of financial planning resources. These resources are designed to help employees navigate complex financial decisions, achieve their goals, and secure their future. Support includes access to personalized financial advice, educational workshops, and online tools covering topics like budgeting, investing, and retirement planning.

The availability of these services empowers employees to take control of their finances and make informed choices. Whether planning for a major purchase, saving for retirement, or managing debt, BNY Mellon aims to provide the support needed for financial success. Details regarding specific services, eligibility requirements, and how to access these valuable resources are available through the company’s benefits portal and HR department.

Life Insurance and Disability Coverage

BNY Mellon provides comprehensive life insurance and disability coverage to help protect employees and their families against unforeseen circumstances. Basic life insurance is offered to eligible employees at no cost, providing a financial safety net for beneficiaries. Supplemental life insurance options are also available, allowing employees to increase coverage to meet their individual needs.

Disability coverage, including both short-term and long-term options, provides income protection if an employee becomes unable to work due to illness or injury. BNY Mellon announced enhancements to disability benefits for 2025, demonstrating a commitment to employee wellbeing. Detailed information regarding coverage levels, eligibility, and claim procedures can be found within the benefits guide and on the HR website.

Enhanced Disability Benefits (Announced for 2025)

BNY Mellon is committed to bolstering employee financial security, and as part of ongoing benefits enhancements, significant improvements to disability coverage will take effect in 2025. These enhancements demonstrate a dedication to supporting employees during challenging times when they are unable to work due to illness or injury.

The specific details of these enhanced benefits include increased income replacement percentages and potentially a shorter elimination period before benefits begin. Further information regarding the precise changes, eligibility criteria, and how to access these improved benefits will be communicated to employees in the coming months. This proactive step reinforces BNY Mellon’s focus on comprehensive employee wellbeing.

Time Off and Leave Policies

BNY Mellon provides a variety of time off options, including paid time off, holidays, parental leave, and family/medical leave, supporting work-life balance.

Paid Time Off (PTO)

BNY Mellon offers a comprehensive Paid Time Off (PTO) program designed to provide employees with flexibility and support for personal needs and well-being. The PTO policy combines vacation, sick, and personal time into a single bank of hours, allowing employees greater control over their time away from work.

Accrual rates are based on years of service, with longer-tenured employees earning more PTO. Employees are encouraged to utilize their PTO to recharge, attend to personal matters, and maintain a healthy work-life balance. Details regarding specific accrual rates and maximum PTO balances can be found within the full benefits guide and on the company’s internal HR portal.

Managers play a crucial role in approving PTO requests, ensuring adequate staffing levels while supporting employee needs. Employees should submit PTO requests in advance, following departmental guidelines and procedures. Unused PTO may be subject to company policy regarding carryover or payout, so it’s important to plan accordingly.

Holidays

BNY Mellon observes a number of paid holidays throughout the year, providing employees with dedicated time off to celebrate significant cultural and national occasions. These holidays are in addition to the Paid Time Off (PTO) program, offering further opportunities for rest and personal observance. The standard holiday schedule typically includes New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

The company may also recognize floating holidays, allowing employees to observe holidays of personal or cultural significance. The specific list of observed holidays is communicated annually to all employees, often available on the company intranet and within the benefits guide.

When a holiday falls on a weekend, BNY Mellon generally observes the holiday on the nearest weekday. Employees should consult the official holiday calendar for precise dates and any potential variations. Recognizing these days demonstrates the company’s commitment to employee wellbeing.

Parental Leave

BNY Mellon recognizes the importance of supporting employees as they grow their families and offers comprehensive parental leave benefits. These benefits are designed to provide financial security and dedicated time to bond with a new child, whether through birth, adoption, or foster care placement. The specifics of parental leave, including duration and pay, may vary based on employee status (full-time or part-time) and location.

Generally, BNY Mellon provides paid parental leave to eligible employees, allowing them to focus on their new family responsibilities without the added stress of income loss. Employees are encouraged to review the detailed parental leave policy within the benefits guide or consult with Human Resources for personalized guidance.

This commitment to family-friendly policies demonstrates BNY Mellon’s dedication to employee wellbeing and work-life balance, fostering a supportive and inclusive work environment.

Family and Medical Leave

BNY Mellon provides eligible employees with Family and Medical Leave (FML) to address qualifying personal or family health needs, ensuring job protection during these critical times. This leave allows employees to take time off work to care for a seriously ill family member – spouse, child, or parent – or to address their own serious health condition.

FML is generally unpaid, but employees may be able to utilize accrued paid time off (PTO) concurrently with FML. Eligibility requirements for FML typically include tenure with the company and hours worked. Detailed information regarding eligibility, qualifying events, and the application process can be found within the comprehensive benefits guide.

BNY Mellon is committed to supporting employees through life’s challenges, and FML is a vital component of that commitment, promoting a healthy work-life integration.

Additional Benefits

BNY Mellon enhances total rewards with programs like an Employee Assistance Program, tuition reimbursement, commuter benefits, and exclusive employee discount opportunities.

Employee Assistance Program (EAP)

BNY Mellon provides a confidential Employee Assistance Program (EAP) offering a wide range of resources to support employees and their families through life’s challenges. This valuable program is designed to help navigate personal and work-related issues that may impact wellbeing. The EAP offers counseling services, legal guidance, and financial resources, all accessible with complete confidentiality.

Employees can access the EAP for support with stress, anxiety, depression, relationship difficulties, grief, and other personal concerns. The program also provides resources for work-life balance, parenting, and elder care. Access to these services is available 24/7, ensuring support is always within reach. Utilizing the EAP is a proactive step towards maintaining overall health and wellbeing, and it’s completely separate from medical benefits.

Tuition Reimbursement

BNY Mellon is committed to fostering employee growth and development through a comprehensive Tuition Reimbursement program. This benefit supports eligible employees pursuing job-related courses, degrees, or certifications at accredited institutions. The program aims to enhance skills and knowledge, contributing to both individual career advancement and the company’s success.

Eligible expenses typically include tuition, mandatory fees, and required textbooks. Reimbursement amounts are subject to pre-approval and adherence to program guidelines. Employees must maintain a satisfactory academic performance to remain eligible. This investment in education demonstrates BNY Mellon’s dedication to its workforce, encouraging continuous learning and professional development. Detailed information regarding eligibility criteria, application procedures, and reimbursement limits can be found within the benefits portal.

Commuter Benefits

BNY Mellon recognizes the financial impact of commuting and offers a comprehensive Commuter Benefits program to assist employees with transportation expenses. This program allows eligible employees to set aside pre-tax dollars to cover eligible commuting costs, potentially reducing their overall tax burden. Qualified expenses typically include transit passes, vanpooling, and qualified parking fees.

Participating in the Commuter Benefits program is convenient and can result in significant savings. Employees can easily manage their accounts and make elections through the benefits portal. BNY Mellon partners with a leading commuter benefits provider to ensure a seamless and user-friendly experience. Detailed information regarding eligible expenses, enrollment procedures, and contribution limits is readily available to all employees seeking to utilize this valuable benefit.

Employee Discounts

BNY Mellon values its employees and extends this appreciation through a variety of exclusive employee discounts. These discounts provide access to savings on a wide range of products and services, enhancing employees’ purchasing power and overall wellbeing. Offers frequently include deals on travel, entertainment, technology, and retail goods, continually updated to provide fresh opportunities.

Accessing these discounts is simple and convenient through a dedicated employee discount portal. Employees can browse available offers, compare prices, and redeem discounts online or in-store. BNY Mellon consistently seeks to expand its discount partnerships, ensuring a diverse and appealing selection for all employees. Detailed information regarding available discounts, eligibility requirements, and redemption instructions are easily accessible through the internal benefits website.

Eligibility and Enrollment

Full-time and part-time salaried employees working at least 20 hours weekly are generally eligible for BNY Mellon’s benefits programs and enrollment options.

Eligibility Requirements (Full-time & Part-time)

Determining eligibility for BNY Mellon’s comprehensive benefits package hinges on employment status and scheduled work hours. Generally, the Bank of New York Mellon Health and Welfare Plan, encompassing the Flexible Benefits Program, extends to all active, full-time and part-time salaried employees.

Specifically, to qualify, employees must be regularly scheduled to work a minimum of 20 hours per week, as defined by BNY Mellon. This threshold ensures consistent access to a wide array of benefits designed to support employee wellbeing and financial security. Eligibility is assessed periodically, and changes in employment status may impact benefit access.

It’s crucial for employees to verify their individual eligibility through the official benefits portal or by contacting the HR department. Detailed information regarding specific plan requirements and any potential exceptions can be found within the official 2024 Benefits Guide.

Enrollment Periods and Procedures

BNY Mellon utilizes specific enrollment periods each year for employees to elect or make changes to their benefit selections. These periods are clearly communicated in advance through various channels, including email notifications and the company’s internal benefits portal. It’s vital to proactively monitor these communications to ensure timely enrollment.

The enrollment process is primarily conducted online via the designated benefits platform. Employees will be guided through a series of steps to review available options, compare plans, and make informed decisions based on their individual needs and family circumstances. Detailed instructions and support resources are readily available.

Outside of the annual enrollment period, changes to benefit elections are generally limited to qualifying life events, such as marriage, birth of a child, or a change in employment status. Documentation may be required to substantiate these changes.