BofA Launches Enhanced Workplace Benefits Solutions for Business Owners and Their Employees

Rhea-AI Summary

Bank of America (NYSE: BAC) on Dec 8, 2025 launched an enhanced digital Workplace Benefits platform for small and mid-size business owners and employees. The platform adds a new advised Pooled Employer Plan (PEP), an enhanced Merrill Small Business 401(k) with managed recordkeeping, a Cash Balance Defined Benefit Plan, and financial wellness education. The announcement cites survey data showing 24% of employees recently left or considered leaving due to lacking benefits (up from 15% in 2023) and business-owner intent metrics (52% aim to retain staff; 43% plan to hire; 59% plan to expand).

Positive

• Launched enhanced digital Workplace Benefits platform
• New PEP reduces administrative burden for pooled employers
• Cash Balance plan enables higher contributions and potential tax reduction

Negative

• None.

Solutions Help Small and Mid-Size Businesses Deliver Additional Benefits While Increasing Simplicity and Accessibility

NEW YORK, Dec. 8, 2025 /PRNewswire/ -- Bank of America is launching an enhanced digital platform for business owners and their employees, offering greater access to a suite of retirement plans – including 401(k), IRA and more – as well as health benefit solutions and financial wellness resources. Through Bank of America Workplace Benefits, business owners can now explore affordable, easy-to-manage plans and access tools that help enable them to identify the best plan for their businesses and their employees.

"For many businesses, workplace benefits feel out of reach because of perceived costs, or the time required to manage them. To change that, we've reimagined the benefits experience specifically for small and mid-sized business owners," said Lorna Sabbia, Head of Workplace Benefits at Bank of America. "Through a single streamlined digital platform, business owners can now access a range of plans designed with simplicity and efficiency in mind."

Bank of America's expanded suite of benefits solutions offers access experts who can support plan selection, setup and maintenance. This enhanced platform includes:

• Pooled Employer Plan: The new Workplace Benefits Advised Pooled Employer Plan (PEP) enables a group of business owners to form a shared retirement plan, reducing administrative burden. The PEP also offers flexible plan design features, allowing employers to tailor a retirement plan to their unique business goals and employee needs.
• Small Business 401(k): The recently enhanced Merrill Small Business 401(k) offers managed recordkeeping and a modern digital platform that helps simplify enrollment, fund selection and plan management.
• Cash Balance Plans: The new Cash Balance Defined Benefit Plan with Merrill enables business owners and their employees to increase retirement contributions and help reduce taxable income for the business when paired with a 401(k) plan.
• Financial Wellness Education: A suite of educational resources for employees – ranging from retirement income planning to health care costs management – delivered via articles, seminars and one-on-one consultations with experts.

"Business owners need flexible, customizable workplace solutions to support their growth," said Sharon Miller, President of Business Banking at Bank of America. "The enhanced Workplace Benefits platform equips them with tools and resources to help elevate their business – whether it's boosting employee productivity, attracting and retaining top talent or staying competitive in today's market."

Recent insights show workplace benefits are becoming increasingly important to business owners who want to retain top talent. According to the Bank of America 2025 Workplace Benefits Report (PDF), nearly a quarter (24%) of employees today say they recently left or have considered leaving their company because their workplace benefits are lacking, up from 15% in 2023.

Additionally, findings from the Bank of America 2025 Business Owner Report (PDF) reveal that retention is a top priority for business owners. Amid today's competitive labor market, more than half of business owners (52%) are hoping to keep the same number of employees over the next 12 months. The report also found that 43% of business owners plan to hire, while more than half (59%) plan on expanding over the next year.

Bank of America 

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 nearly 70 million consumer and small business clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 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 4 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 (NYSE: BAC) is listed on the New York Stock Exchange.  

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. 

Workplace Benefits is the institutional retirement and benefits 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.

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

© 2025 Bank of America Corporation. All rights reserved.

Reporters may contact
Anu Ahluwalia, Bank of America
Phone: 1.646.855.3375 
anu.ahluwalia@bofa.com

Susan Atran, Bank of America
Phone: 1.646.743.0791
susan.atran@bofa.com

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SOURCE Bank of America Corporation

FAQ

What did Bank of America announce on Dec 8, 2025 about workplace benefits for BAC shareholders?

Bank of America announced an enhanced digital Workplace Benefits platform adding a PEP, enhanced Merrill Small Business 401(k), Cash Balance plan, and financial wellness tools.

How does the new Pooled Employer Plan (PEP) from Bank of America (BAC) help small businesses?

The advised PEP lets multiple employers share a retirement plan to reduce administrative burden and offer flexible plan design features.

What specific retirement options did Bank of America add on Dec 8, 2025?

Additions include an advised Pooled Employer Plan, enhanced Merrill Small Business 401(k), and a Cash Balance Defined Benefit Plan.

What employee retention data did Bank of America cite in the Dec 8, 2025 release?

Survey data cited 24% of employees recently left or considered leaving due to lacking benefits, up from 15% in 2023.

How might the Cash Balance plan affect a business's taxes according to the announcement?

The Cash Balance Defined Benefit Plan with Merrill can increase retirement contributions and may help reduce taxable income when paired with a 401(k).

Where can BAC clients access the new Workplace Benefits tools and resources?

Business owners can access the enhanced platform digitally via Bank of America's Workplace Benefits offering and speak with access experts for plan setup and maintenance.