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.

This solution also gives employees a platform where they can manage their retirement investments. Features include:

  • Online resources and education to help employees start their retirement investing and then stay on track, as well as phone-based support from 401(k) specialists to help them make informed investment decisions and
  • Access to daily online statements and account performance details.

“Merrill Edge Small Business 401(k) gives small-business owners and their employees access to benefits of the Merrill Edge services,” said Alok Prasad, head of Merrill Edge for Bank of America. “Merrill Edge’s simplified and transparent features enable customers to efficiently manage all their investment and retirement accounts, helping them prepare for the years ahead.”