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Bank of America Merrill Lynch: Workplace Benefits Report

The Report, which examines the ways in which employers are helping to address the financial needs of a diverse workforce, includes responses from 650 senior executives and human resources and benefit plan leaders.

Bank of America Merrill Lynch Finds Retirement Participants Boosting Savings

Excerpt: 401(k) participants took positive savings actions within their retirement savings plans in Q4 and throughout 2009, according to the latest quarterly '401(k) Contribution Activities Scorecard' report from Bank of America Merrill Lynch.

European Pension Funds Among Victors As Bank of America Reaches $2.4B Settlement Over Merrill Lynch

"America's second-biggest bank struck a deal with investors to end a near four-year legal battle that was destined for trial in a New York court next month. PGGM, which helps manage 125bn EUR ... in the Netherlands, and AP4, one of Sweden's state pension funds, are among those who had led the litigation in Manhattan."

Bank of America Moves Its $19 Billion 401(k) Plan In-House

"Bank of America is moving its $19 billion 401(k) plan to its own Bank of America Merrill Lynch institutional retirement platform early in 2015, six years after the bank bought Merrill Lynch. Bank of America's 401(k) plan, which serves more than 300,000 participants, is currently managed by Fidelity Investments.... Fidelity will continue to oversee the administration of Bank of America's defined benefit pension plan and transferred savings account defined contribution plan ... Bank of America is moving its Countrywide Pension Plan participants into their defined benefit plan at Fidelity."

Wal-Mart Keeps Bank of America to Run $18 Billion 401(k) Plan

"Wal-Mart Stores Inc is sticking with Bank of America's Merrill Lynch unit to run its 401(k) program with $18 billion in assets ... Earlier this year, the ... retailer put its retirement plan -- the largest private plan in the U.S. in terms of participants -- up for review.... The average Wal-Mart employee has about $18,000 in their retirement account, according to BrightScope ... That's much smaller than the average worker's account balance of about $84,000 at the end of the third quarter[.]"

How Merrill Lynch Breached the RIA Fiduciary Citadel

"In decades of competing against wirehouse brokers owners, registered investment advisors have always found comfort in one thought: Morgan Stanley, UBS, Merrill Lynch and Wells Fargo may blur meanings and provide pseudo-advice offerings but they'll never really try to out-RIA RIAs by going to greater lengths to remove conflicts and put client interests first.... Now it is becoming apparent that RIAs in the 401(k) field may need to defend against the Bank of America wealth manager as it mobilizes an ever-growing army of DOL-rule-compliant advisors as a zealously converted fiduciary player."

Bank of America Settles Pension Fund Lawsuit Over Disclosure

"Five pension funds on Friday announced a $2.43 billion settlement of a class-action lawsuit against Bank of America over information it did not provide regarding billions of dollars in losses at Merrill Lynch prior to its acquisition by BofA in January 2009. Two of the lead plaintiffs, the $76.4 billion Ohio Public Employees Retirement System and $62.6 billion Ohio State Teachers' Retirement System, both of Columbus, are estimated to receive a total of around $20 million as part of the settlement[.]"

Fewer Upper-Middle-Income Americans Express Concerns About Retirement and Health Care Costs (PDF)

"Bank of America's Merrill Edge Report is a semi-annual study that offers an in-depth look at the financial concerns, priorities and behaviors of mass affluent consumers, defined as people with $50,000-$250,000 in total household investable assets ... which consists of approximately 28 million house-holds in the United States ... Seventy-three percent of mass affluent fear that their retirement assets will not last throughout their lifetime, down from 83 percent in April 2012, and 84 percent of this group are concerned about the rising cost of health care, also down from 89 percent in the same time period."

2025 Workplace Benefits Report: Shining a Light on Employee Wellness in Uncertain Times (PDF)

30 pages. "While employees want help with their broader financial goals, some employers remain focused on traditional benefits alone -- like retirement plans and health insurance. Financial wellness programs, equity awards, debt assistance, caregiver support and encouraging work/life balance can retain employee loyalty and attract top talent."

Big Players Dropping HSA Business Despite Growth Potential

"Total HSA assets reached $30.2 billion in 2015, about triple the amount in 2009 ... The potential for growth in HSA assets has prompted giants such as Fidelity Investments, Boston, and Bank of America Merrill Lynch, New York, to continue pursuing their HSA management strategies.... [F]or the dropouts ... HSAs no longer fit their long-term strategies.... Wells Fargo is selling its HSA business to Optum Bank Inc., part of [UnitedHealth Group]."