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Bank of New York Mellon employees: Managing an Inheritance

Healthcare Provider Update: Healthcare Provider for Bank of New York Mellon The primary healthcare provider for Bank of New York Mellon (BNY Mellon) is EmblemHealth, which offers a range of plans catering to the needs of the company's employees. Potential Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are expected to rise significantly, driven by a combination of factors. Data reveals that many states are facing record premium hikes for Affordable Care Act plans, with some projections showing increases exceeding 60%. The potential expiration of enhanced federal premium subsidies will compound these challenges, resulting in over 22 million ACA marketplace enrollees possibly seeing their out-of-pocket premiums jump by upwards of 75%. This surge in costs is indicative of a broader trend affecting healthcare affordability for many Americans, intensifying pressure on already strained household budgets. Click here to learn more

Bank of New York Mellon employees handling an inheritance should weigh the emotional cost of their legacy against the financial gain. A financial advisor like The Retirement Group can help align such large assets with long-term retirement and investment goals so decisions today reflect past and future needs.

Getting an inheritance means much more than just receiving money. It is an opportunity to protect your family financially. We advise Bank of New York Mellon employees to review their financial plans now so that their inheritance fits into their existing strategy and enhances their future prospects, according to The Retirement Group advisors.

We will discuss: 'In this article:

1. The Legal & Tax Implications: Understanding inheritance laws and the need to consult with legal and tax professionals is important.

2. Emotional and Strategic Financial Planning: Emotional aspects of receiving an inheritance must be balanced against strategic financial planning for the long term.

3. Retirement and Wealth Management: Assessing the impact that an inheritance may have on retirement plans and wealth management in general, with an eye toward Bank of New York Mellon employees.

Heirloom wealth may be a curse or a blessing. Even if you suspect a relative has planned to include you in their will, you may have overlooked some other aspects of the inheritance process. Here are some considerations if the event does occur.

Ask a lawyer or tax expert before making any decisions about inheritance—this is informational only and not a substitute for real advice.

Take your time. If someone cared enough about you to leave you an inheritance, you may need time to mourn their death. This is vital, but most of the bigger decisions regarding your inheritance will probably wait. Sometime later you may be better able to make decisions. Neh, don't go it alone. So many laws, options and dangers exist that an expert may be necessary.

Consider your own family. An inheritance may change one's own financial strategy. Make sure you consider this.

A tax collector could come to visit. The tax consequences if you inherited an IRA are important. Distributions to non-spouse beneficiaries are required by the end of the tenth calendar year following the year of death of the account owner under the SECURE Act.

The new rule also does not require the non-spouse beneficiary to withdraw funds within 10 years, as I have learned as a Bank of New York Mellon employee. The money must be withdrawn by the end of the tenth calendar year following the inheritance, however. Others may include the surviving spouse of the IRA owner, disabled or chronically ill individuals, people no older than the IRA owner and minor offspring of the IRA owner.

Stay informed. The estate laws have changed many times since you thought they were the same.

Keep in mind what you should be doing in your situation. The sentiment is understandable—you may want to leave your inheritance as it is out of respect for your relative. What if the inheritance is not right for your situation now? A financial professional can help you decide whether the inheritance meets your objectives, time horizon, and risk tolerance.

Added Fact:

A study by Merrill Lynch in 2021 suggests Bank of New York Mellon employees handling an inheritance should consider the impact on their retirement plans. Of those who received an inheritance, 42% said it affected their retirement timeline, the study found. Some retired earlier than expected and some worked longer to cash in on the inheritance. That insight illustrates why Bank of New York Mellon employees considering retirement should consider how an inheritance might affect their financial goals, lifestyle decisions, and overall retirement strategy. An integrated approach combining the inheritance and long-term retirement plans may help with informed decision-making.

Added Analogy:

Managing an inheritance as a Bank of New York Mellon employee feels like receiving an heirloom—an extremely sentimental piece. Like you would handle such an heirloom carefully, you should handle your inheritance strategically as well. Think about holding that heirloom and realizing its significance in your life and in your family history. As you would consult experts on art preservation to determine its true value and to ensure its long-term preservation, you should also consult lawyers, tax, and financial professionals about how to manage your inheritance. Consider your inheritance a treasure—honor the past while making sound financial decisions for the future. Like an heirloom that tells generations of stories, your inheritance should be a part of your overall wealth management strategy that will live on indefinitely.

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Articles you may find interesting:

Sources:

1. Senior Strong 'Understanding Inheritance Tax Impact on Retirees.' Senior Strong , 2023, www.seniorstrong.org . Accessed 24 Feb 2025.

2.Accounting Insights 'Managing Your Inheritance: Strategic Financial Planning Guide.' Accounting Insights , AccountingInsights Team, 2023, www.accountinginsights.org . Accessed 24 Feb 2025.

3. Kiplinger Waggoner, John. 'Don’t Count on an Inheritance for Your Retirement Plan.' Kiplinger , 27 Jan 2025, www.kiplinger.com . Accessed 24 Feb 2025.

4. CreditBrite 'How to Navigate Retirement Planning After Inheriting Assets.' CreditBrite , 2023, www.creditbrite.com . Accessed 24 Feb 2025.

5. Kiplinger’s Free E-Newsletters 'Investing, Taxes, Retirement.' Kiplinger’s Free E-Newsletters , 2025, www.kiplinger.com . Accessed 24 Feb 2025.

What types of retirement savings plans does Bank of New York Mellon offer to its employees?

Bank of New York Mellon offers a 401(k) plan as part of its retirement savings options for employees.

How can I enroll in the 401(k) plan at Bank of New York Mellon?

Employees can enroll in the Bank of New York Mellon 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.

Does Bank of New York Mellon provide matching contributions to the 401(k) plan?

Yes, Bank of New York Mellon offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.

What is the vesting schedule for the Bank of New York Mellon 401(k) matching contributions?

The vesting schedule for Bank of New York Mellon’s matching contributions typically follows a standard schedule, which can be confirmed in the employee handbook or by contacting HR.

Can I change my contribution rate to the 401(k) plan at Bank of New York Mellon?

Yes, employees at Bank of New York Mellon can change their contribution rate to the 401(k) plan at any time, subject to certain guidelines.

What investment options are available in the Bank of New York Mellon 401(k) plan?

The Bank of New York Mellon 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can I make changes to my investment selections in the Bank of New York Mellon 401(k) plan?

Employees can typically make changes to their investment selections in the Bank of New York Mellon 401(k) plan on a regular basis, often daily or monthly.

Is there a loan provision available in the Bank of New York Mellon 401(k) plan?

Yes, Bank of New York Mellon allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.

What happens to my 401(k) account if I leave Bank of New York Mellon?

If you leave Bank of New York Mellon, you have several options for your 401(k) account, including rolling it over to an IRA or a new employer’s plan, or cashing it out.

Are there any fees associated with the Bank of New York Mellon 401(k) plan?

Yes, there may be fees associated with the Bank of New York Mellon 401(k) plan, which can include administrative fees and investment-related fees. Employees can review the fee structure in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Bank of New York Mellon has announced a significant reduction in its workforce, with layoffs expected to affect around 5% of its employees by the end of 2024.

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For more information you can reach the plan administrator for Bank of New York Mellon at 240 Greenwich St New York, NY 10286; or by calling them at +1 212-495-1784.