Retirement plans

Defined contribution

As an employer, you play a pivotal role in supporting your employees and their financial wellness. For many employees, a 401(k) plan (or defined contribution plan) is one of their most critical retirement vehicles. We're here to help provide you with retirement-readiness solutions, while helping to build financial confidence for your workforce. With core capabilities including employee education and communications, relationship management and fiduciary advisory services, we can support you in building a strong plan aligned with the goals of your organization.

 

Our defined contribution (DC) offering emphasizes:

 

  • Deep financial wellness support
  • Flexible service and investment options
  • Investment guidance and advice programs
  • Open architecture
  • Fiduciary Advisory Services
  • Robust employee communications
  • Powerful tools and features
 

Defined benefit

At Bank of America, our goal is to design an approach that helps meet the strategic and administrative needs of your pension plan while providing support to your employees and retirees.

 

Our integrated defined benefit (DB) capabilities include:

 

  • Flexible pension solutions across consulting, investment advisory programs, discretionary investment management, trust, custody, and pension payments
  • Comprehensive, fully outsourced plan administrative, recordkeeping and participant services
  • Customized consulting, investment strategies including Exchange Traded Funds (ETFs), mutual funds and separate account implementation
  • Advisory and discretionary management approaches including tactical and strategic asset allocation
  • A broad open architecture investment platform with extensive due diligence by our Chief Investment Office (CIO)
  • Liability-driven investment (LDI) and de-risking strategies1

 

Bank of America's structure for DB plans allows us to offer key services across three important areas:

 

Investment consulting

  • Co-fiduciary services2 - investment management services for DB pension plans
  • De-risking strategy and customized portfolio structure based on specific liability for DB pension plans
  • Strategic asset/liability analysis and monitoring

 

Investment management3

  • Investment policy statement development
  • LDI implementation

 

Institutional trust and custody

  • Bank of America custodial platform
  • Customized separate account implementation
  • Pension payments and tax-reporting 1099-R

 

Nonqualified deferred compensation

As one of the few providers in the market offering access to a comprehensive array of retirement, benefits and financial services, Bank of America understands the role of deferred compensation: not as a stand-alone program, but as part of an integrated, comprehensive compensation and benefits package. 

 

A nonqualified deferred compensation plan (NQDC) gives your key employees the ability to defer receiving a certain amount of compensation until a point in the future, with potential benefits. At Bank of America, we help your top talent make the most of this opportunity with dedicated support from a team with a deep understanding of these types of arrangements and the value they play within an overall financial strategy.

 

We provide NQDC plan services designed to help organizations and their top-level employees get the most from their benefits: 

 

  • Manage their tax liability by making tax deferred contributions and scheduling distributions
  • Work to close the retirement savings gaps caused by contribution limits on their 401(k) account
  • Plan for short- and long-term goals
 

Our complimentary solutions include:

 

  • Recordkeeping platform designed to support IRC Section 409A
  • Strategies for financing and investing
  • Rabbi trust services to help safeguard funds3

 

 

Get in touch today

Roger W. Gray

Director,

Retirement & Personal Wealth Solutions

617 434 5410

roger.w.gray@bofa.com

Connect with a team member today.

Let us help you differentiate your business and empower your employees to take control of their full financial lives.

1 For plans with over $50 million in assets.

2 As discretionary trustee of your defined benefit pension plan, Bank of America will act as a co-fiduciary for investment management and will manage plan assets consistently with the duties and standards established under ERISA.

3 Refers to change of heart or management takeover, does not refer to assets