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BofA Launches Small-Business 401(k)

Bank of America introduced a 401(k) solution from Merrill Edge designed for small businesses.

According to Bank of America, the Merrill Edge Small Business 401(k) offers small-business owners, who generally have 401(k) plan assets of less than $250,000, an easy-to-manage retirement plan with lower costs than many traditional 401(k) plans.

The Merrill Edge Small Business 401(k) is self-serviced and managed completely online. Additional features and benefits include:

  • A¬†flexible 401(k) plan;
  • Access to 401(k) specialists to help with online plan set up;
  • Web-based 401(k) recordkeeping administration services tailored for small businesses provided by Plan Administrators, Inc.;
  • Transparent fees to help quickly assess the right plan for their business and control the bottom line; and
  • A streamlined investment menu selected by Morningstar Associates, LLC, who assumes investment fiduciary responsibility and simplifies the fund selection process for clients.