Employee Benefit Solutions

Comprehensive benefits solutions for employers and employees.

Awards & Recognition

  • 92% of state governments served by Public Sector Banking team
    internal BofAML data, 2013
  • 76% of top 50 cities by population served by Public Sector Banking team
    U.S. Census 2010, 2013


Empowering employees to pursue financial wellness

One of the most important incentives you can offer employees is a comprehensive benefits program. As a leading provider of employee benefit solutions, Bank of America Merrill Lynch knows that one crucial piece of that is giving employees the ability to become more deeply engaged in their own financial wellness. From managing everyday finances to accumulating wealth, Bank of America Merrill Lynch can give your employees access to integrated financial solutions, resources and tools designed to simplify their daily finances and help them pursue their long-term financial goals. Our dedicated employee benefit consultants will work to understand your business and employee base to deliver customized programs designed to maximize your competitiveness while respecting your bottom line.

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 no additional cost to you.

Bank of America at Work®

Our Bank of America at Work® program leverages the full capabilities of Bank of America, N.A. to provide your employees with access to financial education and integrated banking products. Your employees will also have access to Merrill Edge® investing solutions, including featured discounts and personalized guidance to help them pursue financial wellness — at little or no cost to you.

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 safe and cost effective way to receive their pay.

Merrill Edge is available through Merrill Lynch, Pierce, Fenner & Smith Incorportated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing.

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 medical expenses on a pre-tax basis and have more control over how their healthcare dollars are spent. In addition, HSA funds do not expire and are always available to pay for eligible 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 medical expenses not covered in your health plan. As a result, you potentially enjoy tax savings and more efficient cash flows.

Flexible Spending Account (FSA)

The Health FSA allows your employees to plan ahead for yearly medical outlays by allowing them to set aside pre-tax money on an annual basis. Employees 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.

Employee Home Loans

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 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 lender of choice.

Equal Housing Lender


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.

Our solutions are both integrated and flexible, and designed to grow and change with both the size and needs of your business. 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.

Investments and Wealth Management

Your employees face increasingly complex challenges pursuing a secure financial future. Whether they choose to manage their own investments, work with an experienced Merrill Lynch Financial Advisor, consult with a team of U.S. Trust or wealth management specialists, work with a Private Banking and Investing Group Private Wealth Advisor or get guidance from Merrill Edge Financial Solutions Advisors™, our full range of solutions can help them pursue the life they envision.

Merrill Edge®1

Merrill Edge® is a streamlined investment service that gives your employees the investment insights of Merrill Lynch and the convenience of Bank of America banking. As your employees invest, Merrill Edge can help them make more informed decisions with simple, streamlined investment tools and resources.

Merrill Edge benefits include:

  • Investing and banking on one page – With one log-in, your employees can view and instantly transfer funds between their Merrill Edge investment and Bank of America bank accounts.2

  • Simple Investment Selection – Choose from a full range of investments using streamlined lists of stocks, ETFs and mutual funds evaluated by Merrill Lynch research and analytics teams.3

  • Insights of Merrill Lynch – Get actionable insights and timely investing ideas from Merrill Lynch.

  • Simple Flat-Rate Pricing – $6.95 per online equity and ETF trade with no trade or balance minimums.4 Other fees may apply.*

  • One-on-One Guidance – You can turn to us whenever you want one-on-one support to make sure you are getting the most out of the resources Merrill Edge offers.

  • Advice and Guidance – If your employees prefer professional advice and guidance to help simplify pursuing their investment goals, they can consider Merrill Edge Roadmap.TM5 They can work one-on-one with a licensed Merrill Edge Financial Solutions Advisor™ to design a personalized action plan to help them stay on track with regular reviews and specific recommendations tailored to their needs.

No matter which option your employees choose, it's easy to open a Merrill Edge account in minutes and fund it directly from a Bank of America bank account.2 Learn more at merrilledge.com.

*In addition to your stock or ETF [or option] commissions, sell orders also may be subject to a fractional share liquidation fee of 10% of proceeds and a transaction fee (of between $0.01 to $0.03 per $1,000 of principal). If applicable, this fee appears under "Transaction Fee" on a Trade Confirmation. There are also fees associated with investing in ETFs. Read the Expenses & Charges sections of the prospectus to find out what they are. Contact Merrill Edge to obtain a prospectus.


1. Merrill Edge is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing.

2. Certain banking and brokerage accounts may be ineligible for real-time money movement, including but not limited to transfers to/from bank IRAs (CD, Money Market), 529s and Credit Cards and transfers from IRAs, Loans (HELOC, LOC, Mortgage) and accounts held in the military bank. Accounts eligible for real-time transfers will be displayed online in the to/from drop down menu on the transfer screen.

3. BofA Merrill Lynch Global Research has nearly 700 analysts in more than 20 countries, covering more than 2,800 companies. These analysts specialize in equity, macro and credit research. Merrill Edge Select Funds and Select ETFs, allows you to review funds by a Morningstar category that meets a Merrill Lynch screening standard to help you identify investments that are in line with your personal needs and investment objectives.

4. These services are available only through a separate Merrill Edge account.

5. Merrill Edge Roadmap™ is available with a Merrill Edge Advisory Center™ account.

Comprehensive Wealth Management Solutions

As your business grows, your executives, key employees and their families are faced with more complex financial needs. Together with a Merrill Lynch financial advisor, Merrill Lynch wealth management specialist or U.S. Trust private wealth advisor, your employees can build a customized wealth management strategy to help them pursue their financial goals. U.S Trust and Merrill Lynch deliver access to the strength and breadth of one of the world's largest financial services organizations with a wide range of investments to develop detailed, targeted and comprehensive investment strategies reflective of the life, wealth and legacy of each client. Your employees can access a full suite of investment management, wealth structuring, credit and banking, family office, concentrated stock management, tax management, estate and trust planning services, legacy and philanthropy solutions to help preserve and manage wealth.

Merrill Lynch

Work with an experienced Merrill Lynch Financial Advisor to make decisions that help you pursue your unique financial goals of growing and preserving everything you've worked to accumulate, and to provide a legacy for the next generation.

U.S. Trust

U.S. Trust is for individuals and their families who are seeking sophisticated planning and solutions to manage their substantial wealth - now and for future generations. Through evolving markets, changing legal environments and the growing complexity of the financial world, we help our clients manage wealth by providing disciplined financial strategies and a bridge between generations.

Together with your private client advisor, your team may include a portfolio manager, trust officer and other specialists to suit your situation, such as a highly credentialed wealth strategist. Your team's advisory knowledge and experience is complemented by some of the industry's most sophisticated and comprehensive implementation and administration capabilities, spanning and integrating three broad disciplines: wealth structuring, investment management, and credit and banking.

Private Banking and Investment Group

Created for distinguished needs associated with substantial wealth, Merrill Lynch's Private Banking and Investment Group combines the tools and capabilities of a global firm with the sensibilities and one-on-one relationships usually found only in smaller boutique organizations. This allows our Private Wealth Advisors to provide you, your family and businesses with meticulously researched wealth management strategies and highly tailored, goal-oriented solutions.

Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated("MLPF&S") and other subsidiaries of Bank of America Corporation ("BAC").

The Private Banking and Investment Group is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by Group's Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch's obligations will differ among these services. Investments involve risk, including the possible loss of principle investment. The banking, credit and trust services sold by the Group's Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., member FDIC, and other affiliated banks.
U.S. Trust, Bank of America Private Wealth Management operates through Bank of America, N.A., and other subsidiaries of BAC.

Investment Products:
Are Not FDIC Insured      Are Not Bank Guaranteed      May Lose Value     
MLPF&S is a registered broker-dealer, a registered investment adviser, member SIPC and a wholly owned subsidiary of BAC.


White Paper

Mid-Year 2014 401 (k) Wellness Scorecard

The mid-year 401(k) Wellness Scorecard presents Bank of America Merrill Lynch's analysis of our 401(k) plans (on our proprietary recordkeeping platform) as of June 30, 2014. In this Scorecard, we continue to see positive trends in participant behavior, plan design and technology.

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Q3 2013 Scorecard

This quarterly scorecard monitors plan participant behavior and plan sponsor adoption of new plan design features and services in our proprietary 401(k) business.

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Q4 2013 Scorecard

We at Bank of America Merrill Lynch are working with employers to create the next generation of 401(k) plans. Employees increasingly rely on defined contribution plans to provide the foundation for their future financial lives. We work with plan sponsors to enhance and improve the plans they offer, helping to meet the needs of both employers and employees.

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Q4 2012 DC Scorecard

The Q4 2012 wellness scorecard is a report of plan participant behavior and sponsor adoption of new plan design features and services in our proprietary 401(k) business. To read the trends and key statistics for the most recent quarter ending June 30, 2013 and throughout the last year, click here.

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M&A Whitepaper

This paper highlights the impact of a merger or acquisition on the retirement and benefit plans of an organization.

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The new era of fee transparency: making sense of the details

One of the most important fiduciary responsibilities is to understand the services being provided and ensure that the fees being charged to the plan are reasonable. Our paper, The new era of fee transparency: Making sense of the details, will help you build best practices for evaluating plan fees and determine whether you are striking a balance between the fees you pay and the services you receive.

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Success by Plan Design Whitepaper

Bank of America Merrill Lynch highlights proven plan design actions that can help improve 401(k) plan health and employee financial wellness.

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