2020
Recordkeeping Survey

Providers

Bank of America Corporation

www.benefitplans.baml.com
Assets ($MM) by Plan Type
Ranked #9$242,630
401(k)71%
403(b)0%
457 0%
NQDC5%
Other24%
Participants by Plan Size
Ranked #84,609,989
<$10MM1%
$10MM – $50MM5%
>$50MM – $200MM7%
>$200MM87%
Plans by Count
Ranked #421,129
% Third-party administration
0%
Related Offerings
HSA integrationDirect
Student Loan RepaymentDirect
Financial wellness options1
Service Offerings
New client restrictionsWe do not support 403(b) plans, 457 plans, plans with privately held company stock, or public fund entity clients.
Multiple service modelsYes
Offers corporate trustee servicesYes - direct offering
# of internal ERISA counsel5
Will act as §3(16) fiduciaryNo
Participant Services
Call center hoursWeekdays: 8 a.m. - 9 p.m. ET
Online chat supportYes
Mobile app
Managed account optionsProprietary offering
Retirement Income
Displays retirement income estimate on statements
Offers in-plan guaranteed retirement income productsNo
Offers out-of-plan annuity bidding serviceNo
Recordkeeping PlatformCustom SunGard Omni approach