Last week we opened the book on BNY Mellon's 401(k) to see how their own plan was performing in light of a new investment management leader.
At first glance, it looked like assets had grown by more than $1 billion (125 percent) in one year. That's an impressive margin by any standard, but obviously not the whole story.
It turns out someone made a $1.1 billion transfer into the plan. Before anyone suspects foul play, a cursory examination of BNY Mellon's older savings plan shows an identical amount being transferred out of that plan. Out with the old, in with the new.
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