Bank of America (NYSE: BAC) is launching 401k Pay, a solution designed to convert 401(k) account assets into a retirement income. Offered starting from November 17 to the company’s corporate plan sponsor or plan participant clients, the digital solution provides 401(k) recordkeeping, deposit options and advice in a centralized hub. This enables plan participants to “set, deposit and track their income throughout retirement.”
Lorna Sabbia, Head of Workplace Benefits at Bank of America said that including retirement income resources like 401k Pay as part of their workplace benefits offerings provides employers “with the opportunity to improve financial outcomes for employees and can help drive business results – including helping to improve productivity, employee job satisfaction and retention.”
Offered to Bank of America clients enrolled in the firm’s employer-sponsored Personal Retirement Strategy program, 401k Pay integrates the components of retirement income management.
Building upon the company’s Personal Retirement Strategy program, 401k Pay is the next evolution in retirement planning, developed to “address the concerns of both employees and employers.”
The Bank of America Workplace Benefits Report shows two key areas where employees say they need financial wellness resources “are retirement education and planning (36%) and learning how to generate income in retirement (33%).”
Tom Matarazzo, MD, Institutional Retirement Advisory Programs & Financial Wellness Solutions said that 401k Pay is designed to help directly address participant concerns – “from planning how much 401(k) income is needed in retirement to drawing on those funds appropriately – with a digital solution that is a leader in the marketplace.”
Bank of America is one of the world’s major FIs, serving individual consumers, small and middle-market businesses and large corporations with a range of banking, investing, asset management and other financial and risk management products.
The company provides unmatched convenience in the United States, serving nearly 70 million consumer and small business clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users.
Bank of America is a global firm focused on wealth management, corporate and investment banking and trading across a range of asset classes, serving corporations, governments, institutions and individuals.
Bank of America offers support to small business households via a suite of innovative, online products and services.
The firm serves clients via operations across the US, its territories and over 35 countries.
