Financial Life Benefits™

Financial Life Benefits helps elevate workplace benefits offerings by providing your employees access to a seamless, integrated solution that supports their holistic financial needs—retirement, health savings, banking1 and investing2. They will be able to take advantage of exclusive benefits and rewards, as well as tools, resources, insights, education and guidance from across our organization—all individually tailored to their life stage, goals and priorities.

 

We can help make financial wellness a way of life by helping you educate, guide and support your employees in and beyond the workplace. Whether they’re managing their day-to-day budget or saving for retirement, your employees can work with one provider that can help them take control of their financial lives.

 

 

Financial Life Benefits™ offers financial education and guidance for employees, as well as executive services for retirement plans1, health benefit solutions2, equity compensation plans1, and employee banking2 and investing1.

Retirement plans

Employer-sponsored retirement plans, like 401(k)s, have taken on a primary role in how employees are investing for their future. Creating a plan that works for them can be a big responsibility, and we’ll guide you every step of the way. For those managing pension plans, our flexible approach ensures that you have a program aligned to your company’s and employee’s goals. And with our guidance on nonqualified deferred compensation plans, you’ll have the tools you need to help you attract and retain highly compensated employees.

 

Explore the range of retirement benefits plans and solutions that we have to offer and let us put our experience to work for you and your employees.

 

  • Defined contributions
  • Defined benefits
  • Institutional Trust and Custody
  • Nonqualified deferred compensation

 

Health benefit solutions

With health benefits solutions from Bank of America, employers have a single, trusted provider of account-based benefits, allowing clients more time to manage and grow their business, while spending less time on administration. We can help enable your employees to take charge of their healthcare costs. With our holistic view of benefit plans and an artificial intelligence platform that delivers insights and education, we make it easy for employees to stay engaged.

 

Equity compensation plans

Offering an equity compensation plan can help to attract and retain employees and we can help them understand and appreciate the value of their awards.

 

We have the experience, technology and personal service to:

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Provide personalized education and guidance

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Help to simplify and streamline complex recordkeeping

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Help manage compliance and mitigate risk

Employee banking and investing

Our corporate employee banking1 and investing2 program can help address your employees’ everyday needs from savings and spending solutions from Bank of America to investing solutions powered by Merrill. When you sign up for this program, your employees will be automatically enrolled to receive tangible banking benefits, such as fee waivers, on the checking or savings account receive the direct deposit of their pay, plus an employee mortgage program.

 

Executive Services

Specialized advisors can help the executives within your company navigate their complex wealth planning needs. We offer tailored wealth management solutions, from more sophisticated banking and investing solutions to trust and estate planning, with a flexible, customized approach. For publicly-traded companies, we can help your executives manage the complexity associated with equity compensation.

 

Financial wellness for employees

We help employees at all levels maximize their benefits, pursue their financial goals with education, resources and guidance that fits their needs. Backed by insights into what matters to employees, our high-tech and high-touch solutions make financial wellness personal and actionable, at every life stage and as needs change and evolve.

 

Explore more

New insights. Best practices. 2020 Financial Life Benefits™ Impact Report

2020 Financial Life Benefits™ Impact Report

Employers play a pivotal role in helping their employees plan, save and take control of their financial future. A robust employee benefits program that addresses short-term needs and long-term goals with financial education and professional guidance is central to giving employees the support they need.

Connect with a team member today.

See how we can help elevate your benefits program and empower your employees' financial lives.

1Bank products are available from Bank of America, N.A., and affiliated banks.

2Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated.