The new platform, announced Monday (Dec. 8), is designed to provide greater access to retirement plans such as IRAs and 401(k), along with health benefit solutions and financial wellness resources.
“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,” Lorna Sabbia, head of workplace benefits at Bank of America, said in a news release.
“Through a single streamlined digital platform, business owners can now access a range of plans designed with simplicity and efficiency in mind.”
According to the release, the platform includes things like a new Workplace Benefits Advised Pooled Employer Plan (PEP), which lets a group of business owners form a shared retirement plan, cutting down on administrative burden.
There is also the recently updated Merrill Small Business 401(k), which offers managed recordkeeping and a digital platform to help simplify enrollment, fund selection and plan management, as well as cash balance plans which let owners and employees increase retirement contributions and cut taxable income for the business when coupled with a 401(k).
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“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.”
In related news, recent research by PYMNTS Intelligence showed an array of attitudes in terms of how different age groups view retirement.
“This generational difference in financial behavior reflects divergent priorities,” PYMNTS wrote earlier this year. “Baby boomers prioritize financial stability and maintaining security in later life, as 22% of them cite saving for retirement as their most pressing financial goal, a figure nearly three times higher than that of Gen Z.”
The research also found diverging philosophies on retirement from the two core financial personas: “planners,” who are strategic and proactive when it comes to managing cash flow, and “reactors,” who typically handle bills as they pop up, often relying on credit.
Planners devote 12% of their budget each month to savings and investments, more than twice the amount set aside by reactors. While nearly 30% of planners prioritize retirement savings, 30% of reactors are focused on debt repayment, “highlighting ongoing financial burdens that impede long-term wealth accumulation,” PYMNTS wrote.
