BofA Launches Enhanced Workplace Benefits Solutions for Business Owners and Their Employees

Bank of America is launching an enhanced digital platform for business owners and their employees, offering greater access to a suite of retirement plans – including 401(k), IRA and more – as well as health benefit solutions and financial wellness resources. Through Bank of America Workplace Benefits, business owners can now explore affordable, easy-to-manage plans and access tools that help enable them to identify the best plan for their businesses and their employees.

"For many businesses, workplace benefits feel out of reach because of perceived costs, or the time required to manage them. To change that, we've reimagined the benefits experience specifically for small and mid-sized business owners," said Lorna Sabbia, Head of Workplace Benefits at Bank of America. "Through a single streamlined digital platform, business owners can now access a range of plans designed with simplicity and efficiency in mind."

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Bank of America's expanded suite of benefits solutions offers access experts who can support plan selection, setup and maintenance. This enhanced platform includes:

• Pooled Employer Plan: The new Workplace Benefits Advised Pooled Employer Plan (PEP) enables a group of business owners to form a shared retirement plan, reducing administrative burden. The PEP also offers flexible plan design features, allowing employers to tailor a retirement plan to their unique business goals and employee needs.
• Small Business 401(k): The recently enhanced Merrill Small Business 401(k) offers managed recordkeeping and a modern digital platform that helps simplify enrollment, fund selection and plan management.
• Cash Balance Plans: The new Cash Balance Defined Benefit Plan with Merrill enables business owners and their employees to increase retirement contributions and help reduce taxable income for the business when paired with a 401(k) plan.
• Financial Wellness Education: A suite of educational resources for employees – ranging from retirement income planning to health care costs management – delivered via articles, seminars and one-on-one consultations with experts.

"Business owners need flexible, customizable workplace solutions to support their growth," said Sharon Miller, President of Business Banking at Bank of America. "The enhanced Workplace Benefits platform equips them with tools and resources to help elevate their business – whether it's boosting employee productivity, attracting and retaining top talent or staying competitive in today's market."

Recent insights show workplace benefits are becoming increasingly important to business owners who want to retain top talent. According to the Bank of America 2025 Workplace Benefits Report (PDF), nearly a quarter (24%) of employees today say they recently left or have considered leaving their company because their workplace benefits are lacking, up from 15% in 2023.

Additionally, findings from the Bank of America 2025 Business Owner Report (PDF) reveal that retention is a top priority for business owners. Amid today's competitive labor market, more than half of business owners (52%) are hoping to keep the same number of employees over the next 12 months. The report also found that 43% of business owners plan to hire, while more than half (59%) plan on expanding over the next year.

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Source: PR Newswire