Credit: Roman Tiraspolsky/Adobe Stock
Bank of America is launching 401k Pay, a digital solution designed to help plan participants convert savings to retirement income. The solution will be available Monday to plan sponsors and participants enrolled in the company’s Personal Retirement Strategy program.
The solution allows plan participants to "easily set, deposit and track their income throughout retirement," BofA said in a statement.
The program, BofA explained, integrates the necessary components of retirement income management, including:
- Helping participants determine the retirement income they generate from their 401(k) account, including personalized inputs, cost-of-living adjustments, state and federal taxes and required minimum distributions.
- Flexibility in the frequency of payments and choice of deposit accounts, including accounts within or outside Bank of America.
- Ongoing income monitoring and tracking, with real-time recalibration results for the duration of participants' retirement, allowing them to adjust income as their needs and goals change.
401k Pay builds on the success of the company’s Personal Retirement Strategy program and helps address the concerns of both employees and employers, BofA said.
"The recent 2025 Bank of America Workplace Benefits Report shows two key areas where employees say they need financial wellness resources are retirement education and planning (36%) and learning how to generate income in retirement (33%)," BofA added.
Credit: Roman Tiraspolsky/Adobe Stock
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