Company: BK-PK
Filing Date: 2025-06-26
Form Type: 11-K
Source: 0001390777-25-000094
Chunk: 5

Company: Bank of New York Mellon Corp
Filing Date: 2025-06-26
Form: 11-K
Chunk 5
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 pay. Eligible base pay is defined as semi-monthly base pay excluding overtime, bonuses, commissions, deferrals to any non-qualified retirement program, or any other special payments, including payments after termination of employment. Federal law limited the total dollar amount participants were eligible to contribute on a pre-tax basis and/or Roth 401(k) basis (described below) to $23,000 in 2024 and $22,500 in 2023. The Plan limit for after-tax contributions was $25,000 in 2024 and $16,000 in 2023. After-tax contributions are not automatic. A participant must choose to make after-tax contributions to the Plan. Participants who were age 50 or older by December 31, 2024 or December 31, 2023, as applicable, and who reached the contribution limit for such year(s), were eligible to contribute an additional $7,500 in 2024 and 2023 in catch-up contributions to the Plan for such year(s).

Participants may elect to contribute through the Roth 401(k) option. With the Roth 401(k) feature, participant contributions are made on an after-tax basis and growth in the Roth 401(k) portion of the account will be tax-free if certain holding periods applicable to Roth contributions are satisfied, as described below. The Roth 401(k) contributions qualify for matching contributions and are otherwise subject to the same combined dollar limits applicable to pre-tax contributions ($23,000 in 2024 and $22,500 in 2023, or $30,500 in 2024 and $30,000 in 2023 for participants over age 50 by December 31). In order for the Roth 401(k) investment earnings to be withdrawn tax-free, the distribution must be made at least five years after the first Roth 401(k) contribution and after the participant turns 59½, dies or becomes disabled.

The Plan contains an “auto-escalation” contribution feature. This feature automatically increases the rate at which participants, including newly eligible employees, contribute to the Plan by 1% each year, up to a maximum of 10%, on July 1. Participant contributions will be invested in the investment options offered under the Plan as directed by the participant. If the participant does not have an investment election on record, the contributions will be invested in the LifePath Index Fund closest to the year that the participant will reach age 65. Participants can opt out of the contribution rate increases, change