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Grade My 401(k)
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1 issue

Bank of America Corporation

56-0906609· Charlotte, NC· BANK OF AMERICA CORPORATION CORPORATE BENEFITS COMMITTEE· 2025 filing· vs 2 plans your size
B
0/100
Overall grade

Solid plan with a few things to improve.

–
Fees
not graded
B
Financial Wellness
A
Plan design
B
Compliance
Fees
Estimate only · not graded

Fees aren't disclosed. A typical estimate for a plan with this asset level is 14 bps, but this estimate is not graded.

Not graded
Financial Wellness

Strong savings. Employees put away $10,153/employee a year. That's more than 87% of similar plans.

B
lower87th percentilehigher
Plan design

Covers the basics. A few high-impact features are missing.

A
Employer match
The plan matches employee contributions, the single strongest driver of participation and savings.
Profit sharing
The employer also makes profit-sharing contributions on top of the match.
Automatic enrollment
New hires are enrolled by default. Plans with auto-enroll see much higher participation.
Safe harbor not reported
The filing does not establish whether this plan uses a safe harbor design, so it does not affect the grade.
Default investment (QDIA)
Employees who never pick investments land in a sensible default, usually a target-date fund, instead of cash.
No brokerage window
Employees can only invest through the plan's core fund menu. A brokerage window opens the wider market for people who want more control.
Compliance & health

1 item to review, nothing critical.

B
Fidelity bond below 10% of BOY assets, ERISA 412 violation
The reported ERISA fidelity bond is below the 10%-of-assets guideline based on beginning-of-year assets. Fast-growing plans can look under-bonded on paper; confirm against the plan's current bond coverage.
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BANK OF AMERICA CORPORATION CORPORATE BENEFITS COMMITTEE

No provider notes available.

Key insights

  • Strongest area: plan design. Covers the basics. A few high-impact features are missing.
  • Best place to improve: compliance & health. 1 item to review, nothing critical.
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