Small businesses

Solutions to help you meet your needs

In running a successful business, one way to stay ahead is continuous improvement—it’s the same with your company’s benefits plan. Your plan can be a valuable asset in helping you attract and retain the best employees—giving you a competitive edge that keeps your company on a strong growth track.

 

Delivering financial wellness

When it comes to getting the most from your retirement plan, Bank of America's Advisor Alliance1 offers a powerful solution. Advisor Alliance combines Merrill Lynch Wealth Management’s investment and advisory services with a network of diverse, committed third-party providers who offer competitive recordkeeping and plan administration services for your business retirement plan needs.

 

Advisor Alliance has become one of the largest and most successful benefit plan programs of its kind, serving more than 19,819 businesses and $50 billion in client balances. The value of a Merrill advisor, flexibility, a sound provider network and continuous enhancements make this retirement solution stand out for small-and mid-sized businesses.

 

Healthcare expenses and long-term financial wellness

Because Health Savings Accounts (HSAs) play a role in long-term financial wellness, we place a primary focus on education and engagement to help your employees fully understand how their HSA fits within their overall financial picture.

 

Available to employers of any size, Bank of America's flagship HSA for Life®2 works with all HSA-eligible health plans that typically offer lower monthly premiums than traditional health insurance plans, thereby saving you and your employees money.3 This can help reduce benefit costs, putting your employees in charge of how they manage their healthcare expenses now, and in, retirement.

 

The HSA made available by Bank of America, N.A. is a portable healthcare account with integrated investments and triple tax advantages3 to help employees keep more of their money:

 

  • Contributions can be made pre-tax
  • Deferred taxes on interest or investment gains
  • No taxes on withdrawals for qualified healthcare expenses 
  • "Use it or lose it" rules do not apply and funds carry over year after year4

 

If you're a business with fewer than 3,500 employees, you can begin today by setting up your group account online at our HSA employer enrollment page or contact us at 800 992 3200 or hsaforlife@bankofamerica.com.

 

Investment strategies that put your mission first

Merrill self-directed retirement plans can help you find a solution that is appropriate for your business needs, including:

 

  • Save money with tax advantages
  • Fit your budget with competitive pricing
  • Get greater control with more options 
  • Accomplish more with available specialists
 
Learn more about the following Merrill self-directed retirement plan options to benefit you and your business:
 
 

You have a plan for your business. But what about your retirement?

Connect with a team member today

Find out how our comprehensive benefits solution can help meet the needs of your business.

1Advisor Alliance is part of Global Wealth and Investment Management (GWIM), the wealth and investment management division of Bank of America Corporation. As of December 31, 2020, Advisor Alliance had client balances of $61 billion. Client balances consists of assets under management, client brokerage assets and deposits

2Bank of America makes available The HSA for Life® Health Savings Account as a custodian only. The HSA for Life is intended to qualify as a Health Savings Account as set forth in Internal Revenue Code Section 223. However, the account beneficiary that establishes the HSA is solely responsible for ensuring that they satisfy the Health Savings Account eligibility requirements set forth in Section 223. If an individual/employee establishes a Health Savings Account and they are not otherwise eligible, they will be subject to adverse tax consequences. In addition, an employer who makes contributions to an HSA of an ineligible individual may also be subject to adverse tax consequences. We recommend that HSA applicants and/or employers contact qualified tax or legal counsel before establishing a Health Savings Account.

3About tax benefits: Participants can receive tax-free distributions from their HSA to pay or be reimbursed for qualified medical expenses they incur aſter they establish the HSA. If they receive distributions for other reasons, the amount withdrawn will be subject to income tax and may be subject to an additional 20% tax. Any interest or earnings on the assets in the account are tax free. Participants may be able to claim a tax deduction for contributions they, or someone other than their employer, make to their HSA. Certain limits may apply to employees who are considered highly compensated key employees. Bank of America recommends that applicants and employers contact qualified tax or legal counsel before establishing a HSA.

4“Use it or lose it” refers to account portability and annual rollover of accumulated assets - it does not imply you cannot lose money. The investment portion of the HSA account is not FDIC insured, not bank guaranteed and may lose value.

Neither Bank of America nor any of its affiliates provide legal, tax, accounting or benefits consulting advice. Please consult with your own attorney or tax advisor to understand the tax and legal consequences of your HSA plan or program offering to your employees and your particular situation in your capacity as employer and/or plan administrator. This material should be regarded as general information on healthcare considerations and is not intended to provide specific healthcare advice. If you have questions regarding your particular healthcare situation, please contact your healthcare, legal or tax advisor.