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Bank of America Corporation

Form 5500 Data
OverviewPlan ComponentsInvestmentsProvidersArticles & Questions

Bank of America Corporation

80
Form 5500 Data
OverviewPlan ComponentsInvestmentsProvidersArticles & Questions

Overview

Plan Rating

BrightScope Rating
80
Lowest Rating in Peer Group
Average Rating in Peer Group
Highest Rating in Peer Group
0102030405060708090100
Lowest in Peer Group (43)
Average in Peer Group (80)
Highest in Peer Group (92)

Plan Description

The Bank of America 401k Plan is a defined contribution plan with a profit-sharing component, 401k feature, and ESOP component. This plan has a BrightScope Rating of 80. This plan is in the top 15% of plans for Company Generosity and Total Plan Cost. The Bank of America 401k Plan currently has over 279,100 active participants and over $24.7B in plan assets.

Did you know?

For the average 401k participant, the 12 point difference between this plan's BrightScope Rating (80) and the top rated plan (92) could equate to:
9
Additional years of work
92,061
Lost Savings
*The delay in retirement calculations apply solely to this defined contribution plan and do not take into account other retirement plans and programs offered by this employer. How is this calculated?

Plan Details

Plan Details Relevant details about the plan and the plan sponsor, including the address and industry of the plan sponsor and the size of the plan in assets and participants.

 
Plan data accurate as of 12/31/2018
Plan data has been audited by an Independent Qualified Public Accountant (IQPA). Address 401 N. Tryon Street, Nc1-021-08-03
  • Location
    Charlotte , NC
    • 28255
  • Industry
    Offices of Bank Holding Companies
  • Administrator
    Cheryl Lynn H. Cooper
  • Net Plan Assets
    $24,700,000,000
  • Total Participants
    280,000
  • Avg Account Balance
    $89,000

Plan Components

Component Ratings

Design

Total Plan Cost:
Lowest Fees
Company Generosity:
Great

Performance

Participation Rate:
Above Average
Salary Deferrals:
Above Average
Account Balance:
Above Average

Design

Total Plan Cost:
Low Fees
Company Generosity:
Above Average

Performance

Participation Rate:
Above Average
Salary Deferrals:
Average
Account Balance:
Average

Peer Group Plans

Company Rating
International Business Machines 86.7
Oracle 83.0
Citigroup 81.1
Wells Fargo & Company 79.7
JPMorgan Chase Bank, National Association 76.3
UnitedHealth Group 74.6

Top Industry Articles

exclusives
Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
June 11, 2020
Compliance
What Biden’s Win Means for Retirement Plans

Experts say the president-elect could start the process of shoring up Social Security and embrace ESG investing.

November 19, 2020
Compliance
New Life Expectancy Tables Will Decrease RMDs

The IRS has issued final regulations on mortality tables to be used for calculating required minimum distributions, which reflect longer life expectancies.

November 10, 2020
Compliance
A Strong Appetite for ‘SECURE Act 2.0’ in Congress

One retirement plan industry executive says his conversations with members of the U.S. House and Senate make him optimistic that Congress could act sooner rather than later on the new legislation.

November 20, 2020
exclusives
A New World and New Opportunities for Alpha
Pandemic-driven volatility has once again highlighted the relative virtues of active and passive management.
June 9, 2020

Investments

Investment Menu Stats

# of Investment Options

57

(Plan Average: 20)

Largest Funds in this Plan Allocation of Assets 1 YR Rank in Category
Bank of America Corporation Common Stock 13%
N/A
BlackRock, Inc. Blackrock Lifepath Index 13%
N/A
Vanguard Institutional 500 Index 11%
N/A
Fund hidden
100%
Fund hidden
100%
Fund hidden
100%
Fund hidden
100%
View all funds in this plan
for Asset Managers

Providers

Plan Service Providers

SERVICE PROVIDER
Recordkeeper
Bank of America Merrill Lynch
Corporate Trustee
Bank of America Merrill Lynch
Administration
Bank of America Merrill Lynch
Investment Adviser
Callan Associates
Legal Counsel
Smith & Downey
Legal Counsel
Mcguire Woods, LLP
Legal Counsel
Kirkpatrick & Lockhart
Auditor
Morris, Davis & Chan

Articles and Questions

Boeing Plan Report (Updated)

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Boeing Offers a Near Perfect Retirement Plan ModelIn most respects Boeing’s retirement offering is a great model of how to run a large retirement plan. Participants in Boeing’s 401(k) plan are beneficiaries of a participant-friendly design with immediate access, automatic enrollment, immediate ves

Why Do Investment Expenses Matter?
Ryan Alfred

Popular Questions

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