Retirement plans

Defined contribution

As an employer, you play a pivotal role in supporting your employees and their financial wellness. For many employees, their 401(k) plan is one of the most critical retirement vehicles. We are here to help provide you with retirement-readiness solutions, while helping to build financial confidence for your workforce. We can support you in building a strong plan aligned with your institution’s goals through our core capabilities, including employee education and communications, relationship management and Fiduciary Advisory Services.

 

Our defined contribution offering emphasizes:

 

  • Deep financial wellness support
  • Flexible service and investment options
  • Open architecture
  • Fiduciary advisory services
  • Robust employee communication
  • 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 benefits solutions include:

 

  • Flexible pension solutions across consulting, investment advisory services, investment management, trust, custody, and pension payments
  • Comprehensive, full outsourced defined benefit plan administrative, record keeping and participant services
  • Customized consulting, investment strategies including Exchange Traded Funds (ETFs), mutual funds and separate account implementation
  • Both advisory and discretionary management approaches, including tactical and strategic asset allocation
  • Broad open architecture investment platform with extensive due diligence by the Chief Investment Office (CIO)
  • Liability-driven investment and de-risking strategies

 

Bank of America structure for Defined Benefit Plans

Our structure allows us to offer key services across three important areas:

 

Investment consulting

 

  • Co-fidelity services - investment management services for defined benefit (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 management1

 

  • Investment policy statement development
  • Liability driven investment implementation

 

Institutional trust and custody

 

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

 

Non-qualified deferred compensation

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 help your valued employees:

 

  • 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:

 

  • Record-keeping platform designed to support IRC Section 409A
  • Strategies for financing and investing
  • Rabbi trust services to help safeguard funds2

 

 

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.

1As 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.

2Refers to change of heart or management takeover; does not refer to assets