THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN Contribution & Employer Match

THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN Contribution & Employer Match

THE BANK OF NEW YORK MELLON CORPORATION provides the following retirement savings benefits to its employees:

THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN is $202,058.00

THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN is $6,359.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
406,981.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,359.00 in THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN allocates $181,873,169.00 to match its employees' contributions, providing an employer match rate of 65.24% of their contributions

THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN is approximately $4,103.00
Investing in this additonal $4,103.00 for 20 years would give you extra $262,620.00, assuming a 10% annual return.

THE BANK OF NEW YORK MELLON CORPORATION 401(K) SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Participants can contribute up to 75% of their eligible base pay to the plan.

2. Employer Match/Contribution Conditions: The Company matches 100% of participant contributions up to 7% of eligible base pay, with a monetary limit of $16,000 per participant.

3. Vesting Schedule/Eligibility: Participants are immediately and fully vested in their own contributions. For employer matching contributions, participants hired after December 31, 2020, will fully vest after three years of service, while those hired on or before that date are 100% vested at all times. Basic company contributions vest fully after three years of service.

4. Roth 401(k) contributions are allowed.

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