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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of America Corporation | NYSE:BAC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.4258 | 1.11% | 38.6358 | 38.79 | 38.37 | 38.40 | 13,131,995 | 19:07:16 |
Mobile Access, 401(k) Auto Features and Personalized Advice Make Financial Benefit Plans More Valuable and Easy to Use, Help Drive Positive Behaviors
Saving for retirement and health care expenses was a priority for employees of all ages during the first half of 2014, according to the latest Bank of America Merrill Lynch 401(k) Wellness Scorecard. This semiannual report reveals trends in the behaviors of financial benefit plan participants, along with employers’ adoption of 401(k) design features in plans serviced by Bank of America Merrill Lynch.1 Key insights from the new report include:
“Seeing younger generations more vigorously engaged with workplace savings vehicles is encouraging,” said David Tyrie, head of retirement and personal wealth solutions for Bank of America Merrill Lynch. “These actions represent significant steps toward achieving long-term financial wellness in an era of rising health care costs, increasing longevity and self reliance due to fewer pension plans.”
Trends in employee behaviors revealed through this report are consistent with insights garnered from Merrill Lynch and Age Wave’s ongoing series of retirement studies. In particular, our recent health study found that health care expenses are people’s top financial concern for later life, which makes planning for them an essential part of holistic retirement preparation.2 In addition, our recent work study found that Millennials expect to rely primarily on personal savings and income to fund their retirement.3
Mobile participation on the rise
Employee engagement with Bank of America Merrill Lynch’s Benefits OnLine® Mobile optimized site increased 41 percent – with approximately 170,500 unique users accessing their benefits via mobile device during the first half of the year, up from 120,500 during the same period last year. This further demonstrates that participants want to receive education and information about their benefit plans, along with tools to better manage their finances, in a manner that reflects their on-the-go lives.
Plan sponsors often find mobile access to plan information to be the ideal way to reach Millennials, as well as hard-to-engage employees such as those in industries with limited access to desktop computers. Bank of America Merrill Lynch has introduced ongoing enhancements to its mobile benefits platform since 2012, providing employees access to detailed information in their 401(k), equity, defined benefit and non-qualified deferred compensation plans through a unified mobile experience.
Employers make saving easier, automatic
Employers continue to seek proactive ways to help their employees achieve their retirement goals and improve their overall financial wellness. Results from the report show that:
“With intuitive plan design strategies, companies are making access to financial benefit plans and decision-making about enrollment and contribution rates easier, and helping employees achieve better outcomes through personalized education and advice,” said Steve Ulian, head of institutional business development for Bank of America Merrill Lynch. “By further integrating how employees save for retirement and long-term health care costs, employers can help people see a more complete picture of their financial wellness and make informed choices.”
To access the Bank of America Merrill Lynch 401(k) Wellness Scorecard, click here.
1 401(k) Wellness Scorecard is based on the Bank of America Merrill Lynch proprietary 401(k) business, which comprises $128.9 billion in total client plan assets and 2.5 million total plan participants as of June 30, 2014.2 “Health and Retirement: Planning for the Great Unknown,” a Merrill Lynch retirement study conducted in partnership with Age Wave, 2014.3 “Work in Retirement: Myths and Motivations,” a Merrill Lynch retirement study conducted in partnership with Age Wave, 2014.4 The Advice Access service uses a probabilistic approach to determine the likelihood that participants in the service may be able to achieve their stated goals and/or to identify a range of potential wealth outcomes that could be realized. Additionally, the recommendations provided by Advice Access do not consider an individual's comfort level with investment risk, and may include a higher level of investment risk than a participant may be personally comfortable with. Participants are strongly advised to consider their personal goals, overall risk tolerance, and retirement horizon before accepting any recommendations made by Advice Access. Participants should carefully review the explanation of the methodology used, including key assumptions and limitations, which is provided in the Advice Access disclosure statement. It can be obtained through Benefits OnLine or through your Bank of America Merrill Lynch representative.
IMPORTANT: The projections or other information shown in the Advice Access service regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
Bank of AmericaBank of America is one of the world's largest financial institutions, serving individual consumers, small businesses, middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 48 million consumer and small business relationships with approximately 4,900 retail banking offices and approximately 15,700 ATMs and award-winning online banking with 31 million active users and more than 16 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is a marketing name for the Retirement Services business of Bank of America Corporation. Banking activities may be performed by wholly owned banking affiliates of BAC, including Bank of America, N.A., member FDIC. Brokerage services may be performed by wholly owned brokerage affiliates of BAC, including Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a registered broker-dealer and member SIPC.
Investment products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value© 2014 Bank of America Corporation. All rights reserved.
Visit the Bank of America newsroom for more Bank of America news.
www.bankofamerica.com
Reporters May Contact:Matt Card, Bank of America, 1.617.434.1388matthew.card@bankofamerica.com
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