BofA 401(k) Participant Pulse Report Shows Volume and Dollar Amounts of 401(k) Loans and Hardship Withdrawals Decreasing
CHARLOTTE, N.C. – Bank of America today launched the 401(k) Participant Pulse, a new quarterly report series providing timely insights into plan participants’ confidence and sentiment toward retirement planning and overall financial wellness.
Drawing on data from the company’s proprietary financial benefits programs, which include more than 3 million 401(k) plan participants, the new report analyzes activity across 401(k) loans, hardship distributions and overall contribution rates, and aims to help gauge the extent to which short-term economic trends may be impacting consumers’ long-term financial planning.
“We are deeply committed to understanding how current financial realities are affecting consumers’ long-term financial health and planning,” said Lorna Sabbia, Head of Retirement and Personal Wealth Solutions at Bank of America. “Long-term retirement planning is a critical metric when considering an individuals’ financial wellbeing, as well as the economy as a whole.”
The inaugural 401(k) Participant Pulse reveals:
Bank of America’s Retirement & Personal Wealth Solutions organization serves more than 25,000 companies of all sizes and more than six million employees as of December 31, 20221. Bank of America offers institutional client employees a range of financial benefit programs and solutions to help them pursue their financial future.
At Bank of America, we know that supporting the physical, financial and emotional wellbeing of our employees in their personal life also supports them in their work life — so they can be the best at work and at home. When it comes to financial wellness, we believe that the more informed people are about their money, the clearer their financial outlook can be. This applies not just to our clients, but to our employees, as well. This is why we offer robust financial offerings to our employees that focus on driving better behaviors across life priorities and the financial spectrum — budgeting, planning, saving, investing and more. Our competitive financial benefits – including 401(k) plans that include a company match, retirement advice2, health savings accounts3, banking4 and investing5 programs, educational resources and financial wellness tools – help employees address money issues in the here-and-now, prepare for retirement and help protect their family over the long term.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Retirement and Personal Wealth Solutions is the institutional retirement business of Bank of America Corporation (“BofA Corp.”) operating under the name “Bank of America.” Investment advisory and brokerage services are provided by wholly owned non-bank affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”), a dually registered broker-dealer and investment adviser and Member SIPC. Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A., Member FDIC.
Don Vecchiarello, Bank of America
1 Source: Global Wealth and Investment Management Finance.
2 Investment advice on 401(k) assets is only provided to plan participants through certain investment advisory programs as directed by plan sponsors.
3 Made available through Bank of America, N.A.
4 Bank products are available from Bank of America, N.A., and affiliated banks.
5 Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated.