BNY Mellon 401(k)

The Bank of New York Mellon Corp (BNY Mellon) is one of the oldest banking institutions in the United States, and it has a presence in 35 countries spread across six continents. It has over 53,000 employees in the United States, who get access to various financial benefits, including a 401(k) savings plan.

New employees can participate in the BNY Mellon 401(k) plan immediately upon hire. Employees who do not enroll manually are automatically enrolled into the 401(k) plan at a contribution rate of 7% of eligible compensation, increasing by 1% annually until it reaches 10% of eligible compensation. After one year of service, participants will be eligible to receive a 100% match on the first 7% of 401(k) contributions.

BNY Mellon 401k provider

BYN Mellon 401(k) plan, known as the Employee Stock Ownership Plan Of The Bank Of New York Company, Inc., managed by Voya Financial. Voya is one of the largest asset managers globally, and it had $890 billion in assets under management as of September 30, 2024. Enrolled participants can access their 401(k) accounts via the plan website at www.bnymellon401k.com or the Voya Retire mobile app.

BNY Mellon 401k login

To access your BNY Mellon 401(k) account, you will need to log in via the plan website at www.bnymellon401k.com. You will need to enter your username and password to log into your 401(k) account. You can also use the "forgot your password" feature to reset your login credentials. If you are accessing your BNY Mellon 401(k) account for the first time, you will need to create an account with your employment details.

BNY Mellon 401k match

BNY Mellon offers a 100% match on the first 7% of an employee’s combined pre-tax or after-tax contributions. You must have completed at least one year of service as of December 31, and the base pay must be below $100,000. So, if you contribute at least 7% of your eligible pay, the company will match your contributions dollar-for-dollar up to that amount.

BNY Mellon has a maximum employer-matching contribution of $16,000 per year. If you were classified as a highly compensated employee during the year, you won't be eligible to receive a company match.

BNY Mellon 401k customer service

If you have any questions about your BNY Mellon 401(k) account, you can contact Voya Financial by calling the 401(k) Savings Line at 1-877-269-8758 Monday through Friday from 8 a.m. to 8 p.m. EST, excluding stock market holidays.

BNY Mellon 401k loan

If you want to tap into your retirement savings before retirement, you can take a 401(k) loan against your accumulated retirement savings. You can borrow the lesser of $50,000 (less the outstanding loan balance in the last 12 months) or 50% of the current value of your vested 401(k) balance. The minimum amount you can borrow is $1,000.

General-purpose loans have repayment periods of 12 to 48 months, while residential loans have terms of 49 to 120 months. BNY Mellon allows participants to have up to three outstanding loans at a time, as long as none of the loans are in default.

BNY Mellon 401k after termination

If you have been terminated, you will be allowed to withdraw the vested portion of your 401(k) account. If your account balance is $1,000 or less, it will be automatically paid out to you upon your termination, but you may be allowed to roll it over to an IRA or your new employer's 401(k) account if it accepts rollovers. If the vested 401(k) balance is $1,000 or more, you can elect to keep the retirement money in the BNY Melon 401(k) plan until you decide what to do with the money.

BNY Mellon 401k withdrawal

BNY Mellon allows several types of 401(k) withdrawals. If you are age 59 ½ or older and actively employed, you will be allowed to take penalty-free withdrawals from the account. The minimum amount you can withdraw is $100, and you can only request one withdrawal per year.

You will also be allowed to take in-service withdrawals while still employed; you can withdraw from your rollover funds or a Roth 401(k) account. The minimum amount you can request is $100, and you are limited to one withdrawal per calendar year.

The plan also allows participants who are below age 59 ½ to take hardship withdrawals. To qualify for a hardship withdrawal, you must prove immediate and heavy financial need, and you must have exhausted all other options available, including in-service withdrawals.

BNY Mellon 401k early withdrawal

You may be allowed to take an early 401(k) withdrawal if you are facing an immediate and heavy financial need. You may be allowed to take a hardship withdrawal for several reasons including the purchase of primary residence, repair of primary residence, non-reimbursed medical expenses, post-secondary education expenses, funeral expenses, etc.

The hardship withdrawal amount is limited to one withdrawal per year, and cannot exceed the amount needed to cover the hardship withdrawal and any arising taxes. Once the hardship withdrawal request is processed and disbursed, the plan will suspend contributions for 6 months.

BNY Mellon 401k rollover form

If you want to rollover your BNY Mellon 401(k) funds to another retirement plan, you will need a rollover form. You can obtain the rollover form via the plan website at www.bnymellon401k.com or by contacting Voya customer service. You should fill out the rollover form correctly to avoid triggering taxes and penalties.

BNY Mellon 401k account number

You can find your BNY Mellon 401(k) account number by checking your latest 401(k) statement or by logging into your 401(k) account. If you still can’t find your account number, you can contact Voya Financial via phone for assistance.

BNY Mellon 401k phone number

If you have any questions about contributions, enrollment, or other issues related to your 401(k) account, you should contact the 401(k) savings line at 1-877-269-8758 Monday through Friday, from 8 am to 8 pm EST. You can also find more information about the BNY 401(k) plan on the plan website at www.bnymellon401k.com.

BNY Mellon 401k administrator

The plan administrator for the BNY Mellon 401(k) plan is Deborah Katz. You can contact the plan administrator via phone at 1-800-947-4748 or by writing to the following address: BNY Mellon Center 500 Grant Street, Suite 151-3118, Pittsburgh, PA 15258.

BNY Mellon 401k eligibility

US salaried employees of BNY Mellon are immediately eligible to enroll in the company’s 401(k) plan. Effective January 1, 2022, US hourly employees are immediately eligible to enroll in the plan, without being required to complete 1000 hours of service within 12 months, as previously required. New hires are automatically enrolled at 7% pre-tax contributions, increasing by 1% annually until it reaches 10% of eligible pay.

BNY Mellon 401k vesting

Employee contributions are always 100% vested, but for employer contributions, vesting rules depend on your hire date. If you joined BNY Mellon on or before December 31, 2020, employer matching contributions are always 100% vested. However, if you joined the company after December 31, 2020, employer matching contributions will vest after three years of service.

BNY Mellon 401k app

Enrolled BNY Mellon participants can manage their 401(k) funds using the Voya Retire mobile app. The app is available on Google Play store and App Store. Users can use the app to check their 401(k) statement, check balances, monitor their contribution history, change contribution rates, update beneficiaries, etc. Additionally, the app allows users to simulate their future retirement income using myOrangeMoney.

BNY Mellon 401k summary plan description

The Summary Plan Description (SPD) provides detailed information about the BNY Mellon 401(k) savings plan, including eligibility requirements, contributions, investment options, and withdrawals. Enrolled participants can obtain a copy of the SPD through their 401(k) account or by requesting one from the benefits departments.