Employee Benefit Solutions

Comprehensive benefits solutions for employers and employees.


At Bank of America Merrill Lynch, your business and your employees can benefit from the financial strength and extensive resources of one of the world's largest financial institutions, serving organizations and individuals with access to essential benefits, banking and investment services.

We give you more ways to build your company's benefits programs and empower your employees to take control of their personal finances with greater ease, control and efficiency.

1Bank of America Merrill Lynch is a marketing name for the Retirement Services business of Bank of America Corporation ("BAC"). 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.

Employee benefits and payroll solutions

You have a strong commitment to your employees and you want to give them the best. We have the solutions to help. The Bank of America at Work® and Money Network® programs — two integrated banking solutions that can help you reduce payroll costs and mitigate risk, while providing your employees with value-added, everyday banking benefits and services — all at little or no cost to you.

Bank of America at Work®

Bank of America at Work® provides convenient, reliable, and secure solutions, including interactive tools to help your employees manage their money. Bank of America at Work® provides your employees with access to checking, savings and borrowing solutions. As a Bank of America at Work® participant, not only can your employees potentially save money with innovative products and services, now your employees can also make managing their money easier, as they will have access to a website which offers a wide range of financial tools, articles, calculators and tips to help them meet their financial goals. Offering this exclusive banking package to employees is a cost-effective way to enrich your benefits package and at the same time offer employees added incentives to participate in a direct deposit of payroll program.

Money Network®

Bank of America offers a solution to help employers increase the use of direct deposit of pay. Through the Money Network program, made available by Bank of America Merchant Services, and the Bank of America at Work program, we provide employers with an integrated payroll solution that offers eligible employees the choice of receiving their pay through a traditional bank account or a paycard. With these combined programs you can help reduce payroll costs, mitigate risk and offer your employees a convenient and cost effective way to receive their pay.


Retirement and Benefit Plan Services

At Bank of America Merrill Lynch, our mission is clear: all of our strategic efforts revolve around helping you reach your benefits plan goals and your employees to pursue financial wellness. Almost like an extension of your benefits and human resources team, we bring all the thinking of our enterprise to provide you with a strong benefits program that helps make your job as plan sponsor easier and engages your employees on the path to financial wellness.

As a leading provider of employee benefit solutions, we offer a fully integrated platform that includes defined contribution and defined benefit services, health benefit, executive services and equity plan solutions, together with robust consultative support to help you manage your fiduciary responsibilities. Your organization can enjoy greater simplicity and economies of scale with our integrated services, while your employees gain a greater appreciation of the full value of your benefits program.

Health Benefit Solutions

As an employer, you recognize that a cost-effective, valued-added benefits package can help you reduce costs and retain key employees. You can count on Bank of America Health Benefit Solutions to provide consumer directed healthcare accounts that give your employees choice and greater control over their healthcare spending. Our health care account benefits specialists work closely with you and your employees, providing participants with the tools and support designed to help ensure successful enrollment and participation.

Health Savings Account (HSA)

Our HSA is truly portable and stays with your employees whether they change health plans, move to a new job or retire. With The HSA for Life®1, employees can save for current or future qualified medical expenses on a pre-tax basis and have more control over how their healthcare dollars are spent. In addition, the assets in an employees' HSA account do not expire and are available to pay for qualified medical expenses.

Health Reimbursement Arrangement (HRA)

With an HRA, you decide the contribution amount and eligible healthcare benefits for employees. Your employees can then access funds to pay for qualified medical expenses not covered in your health plan. As a result, you may be able to enjoy tax savings and more efficient cash flows.

Flexible Spending Account (FSA)

The Health FSA2 allows your employees to plan ahead for yearly medical outlays by allowing them to set aside pre-tax money on an annual basis. Employees can use the money to pay for qualified medical expenses incurred during that year. And because Bank of America Health Benefit Solutions streamlines the claims process, the paperwork for you and your employees is greatly reduced, typically fostering higher adoption rates across your organization. Employees also have the option to contribute pre-tax dollars to a Dependent Care FSA to pay for childcare and adult care expenses as well.

1 Bank of America, N.A. makes available The HSA for Life® Health Savings Account as a custodian only.  The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223.  However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223.  If an individual/employee establishes an HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences.  In addition, an employer making contributions to the HSA of an ineligible individual may also be subject to tax consequences.  We recommend that applicants and employers contact qualified tax or legal counsel before establishing an HSA.

2 Health FSA plans may permit a maximum of $500 of unused amounts remaining at the end of a plan year in a Health FSA to be carried forward to the subsequent plan year and used for qualified healthcare expenses incurred in subsequent years. Any amounts remaining in the plan from the previous year that exceed the $500 maximum (or a smaller amount as per the plan document) are forfeited. This is a voluntary provision; employers do not have to offer the carry forward option or the grace period as part of their plan.

Employee Home Loans

Today's global marketplace requires a nimble, yet sophisticated approach to pursuing opportunities when and where they arise. So wherever your business takes you, the Bank of America Employee Home Loan program complements your company's internal benefits policy. It's an attractive way to recruit and retain high-caliber employees at no cost to your company.

Bank of America Employee Home Loans®

We are a leading home loan lender and we focus our considerable experience and resources on providing an exceptionally convenient and streamlined home financing process. Your company and employees can be confident that their mortgage loan officer is working hard for them. Experience, focus and resources — these are a few of the benefits to be gained by making Bank of America Home Loans® your partner of choice.

Equal Housing Lender


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