November 7, 2013 – New York – 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, a Fidelity spokeswoman said. Furthermore, Bank of America is moving its Countrywide Pension Plan participants into their defined benefit plan at Fidelity.
Bank of America’s 401(k) plan is the eighth largest in the United States in terms of assets, based on the bank’s most recent numbers, according to BrightScope, which tracks and rates retirement plans.
Wal-Mart Stores Inc has the ninth largest plan with $18 billion in assets, according to BrightScope. With 1.2 million participants, Wal-Mart’s plan is the largest in terms of participants.
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