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Bank of America Pension Plan Unusual: Workers Directing Their Virtual Accounts Considered Uncommon
The Charlotte ObserverLink to more items from this source
Dec. 2, 2004
Excerpt: The Bank of America Corp. pension plan targeted in a class-action lawsuit and a federal audit is unlike plans at most other companies, benefits experts say. The Charlotte company's cash-balance pension plan has an unusual feature that allows participants to put part of their money in hypothetical investments that rise and fall with the market. In most cash-balance plans, participants receive an interest credit tied to inflation or another benchmark.

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