The Bank of New York Mellon Corporation 401(k) Review & Grade
The Bank of New York Mellon Corporation 401(k) Savings Plan
Pittsburgh, PAFinance & Insurance23,140 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$7,160Employer $ per active participant
$12,048Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$9.9BNet plan assets, end of year
$238,819Average balance per account
Score breakdown
- Employer generosity33.8 / 5068th percentile for employer $ per participant
- Low cost18.9 / 2576th percentile for low admin cost vs. same-size plans
- Employee saving12.0 / 1580th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score72 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 68th |
| Lower admin cost | 76th |
| Employee saving | 80th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $67,224 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Bank of New York Mellon put in about $7,160 per active participant, more than the typical peer ($5,179). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $165,680,701 |
| Participant (employee) contributions | $278,791,619 |
| Other contributions (incl. rollovers in) | $32,483,086 |
| Administrative expenses paid from the plan | $4,062,834 |
| Investment advisory & management fees | $3,518,728 |
| Other admin expenses | $104,149 |
| Benefits paid out | $926,876,799 |
| Net assets, start / end of year | $9.0B / $9.9B |
| Active participants, start / end of year | 24,183 / 22,098 |
| Participants with account balances | 41,479 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | KPMG, LLC |
Largest service providers (Schedule C)
| Voya Institutional Plan Services | $1,329,774 reported compensation |
| Bny Mellon Securities Corporation | $75,409 reported compensation |
| Pershing LLC | $27,163 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013151144NAL0000750963001, received 2025-10-13, EIN 13-2614959, plan #004, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.