SURVEY |
2023
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Philip Lindeman
Providers
Bank of America Corporation
| www.benefitplans.baml.com |
| Assets ($MM) by Plan Type | |
|---|---|
| Ranked #9 | $247,058 |
| 401(k) | 72% |
| 403(b) | 0% |
| 457 | 0% |
| NQDC | 4% |
| Other | 24% |
| Participants by Plan Size | |
|---|---|
| Ranked #8 | 4,853,266 |
| <$10MM | 36% |
| $10MM - $50MM | 3% |
| >$50MM - $200MM | 5% |
| >$200MM | 56% |
| Plans by Count | |
|---|---|
| Ranked #34 | 1,013 |
| % Third-party administration | NR |
| Related Offerings | |
|---|---|
| HSA Integration | Direct |
| Student Loan Repayment | None - do not offer |
| Financial wellness options | * |
| Service Offerings | |
|---|---|
| New client restrictions | N/A |
| Multiple service models | Yes |
| Offers corporate trustee services | Yes - either direct or via partnership |
| #of internal ERISA counsel | No |
| Will act as a 3(16) fiduciary | Yes - either direct or using third party offerings |
| Participant Services | |
|---|---|
| Call center hours | Weekdays: Our representatives are available any day the New York Stock Exchange is open, from 8:00 AM to 9:00 PM ET. Saturday: Sunday: |
| On-line chat support | Yes |
| Mobile app | Yes |
| Managed account options | Personal Retirement Strategy is an online investment advisory program available to Plan participants, and is designed to help them establish and pursue their retirement income goals by providing them with tools, investment guidance and advice, and access to investment management services delivered through the Benefits OnLine website. Personal Retirement Strategy is integrated into the landing page of the 401(k) experience. Merrill will act as a 3(21) fiduciary for participants within Personal Retirement Strategy, and as a 3(38) fiduciary for ongoing investment management for participant assets enrolled in Merrill Managed. Personal Retirement Strategy is proprietary to Bank of America. |
| Recordkeeping Platform | Proprietary RK System,* |
| *Bank of America uses a combination of on-premise servers, private cloud, and industryrecognized third-party software solutions to administer defined contribution plans on our Financial Life Benefits® platform.
†Our Financial Wellness offering is integrated into our service delivery. It is our own offering developed and supported within our organization. It includes educational content from Better Money Habits, developed in conjunction with the Khan Academy, and supplemented by our financial specialists who provide personal guidance and support. |
Bottom part for Providers
Walgreens announced Wednesday the launch of its Student Loan 401(k) Match Program—a benefit for student loan borrowers made available for employers to implement by the SECURE 2.0 Act of 2022.
The new benefit will be available to Walgreens employees in January 2025 and will allow participants to qualify for company 401(k) match contributions as they pay down their student loans.