The 401(k) plan that covers Bank of America's employees will become a family affair in early 2015 when the bank moves its retirement plan to its own Merrill Lynch platform.
The plan, which has 300,000 participants and $19 billion in assets, is currently administered by Fidelity. That institution will still manage Bank of America's defined benefits plan and transferred savings account defined contribution plan, the bank said. The pension plan of another BofA subsidiary, Countywide, will also be administered by Fidelity.
Bank of America said the move was part of an overall strategy to bring financial services for employees in-house since it took over Merrill Lynch. The old firm's legacy 401(k) and deferred compensation plans remained under the umbrella. By 2011, Bank of America had moved its health spending accounts and flexible spending accounts to the platform.
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