{"id":380110,"date":"2025-11-15T06:24:24","date_gmt":"2025-11-15T06:24:24","guid":{"rendered":"https:\/\/www.europesays.com\/us\/380110\/"},"modified":"2025-11-15T06:24:24","modified_gmt":"2025-11-15T06:24:24","slug":"bank-of-america-launches-401k-pay-to-help-manage-retirement","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/380110\/","title":{"rendered":"Bank of America launches &#8216;401k Pay&#8217; to help manage retirement\u00a0"},"content":{"rendered":"<p class=\"Paragraph_blockParagraph__I2kr4\"><a href=\"https:\/\/www.newsweek.com\/topic\/bank-america\" rel=\"nofollow noopener\" target=\"_blank\">Bank of America<\/a>\u00a0is launching a new digital platform to help its\u00a0customers \u201cconveniently convert\u201d\u00a0their\u00a0401(k)\u00a0<a href=\"https:\/\/www.newsweek.com\/why-4-percent-retirement-rule-become-5-percent-2130586\" rel=\"nofollow noopener\" target=\"_blank\">retirement\u00a0investment<\/a>\u00a0portfolios\u00a0into a\u00a0steady\u00a0income.\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\">Launching November 17, the tool integrates record keeping, flexible payment options, and real-time income tracking in one hub.\u00a0<\/p>\n<p><strong>Why\u00a0It Matters\u00a0<\/strong><\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\">Millions of Americans face challenges converting their <a href=\"https:\/\/www.newsweek.com\/donald-trump-changing-401-k-what-know-2-2100628\" rel=\"nofollow noopener\" target=\"_blank\">401(k) savings<\/a> into stable <a href=\"https:\/\/www.newsweek.com\/401k-changes-may-increase-retirement-savings-2011335\" rel=\"nofollow noopener\" target=\"_blank\">retirement income<\/a>.\u00a0\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\"><a href=\"https:\/\/newsroom.bankofamerica.com\/content\/newsroom\/press-releases\/2025\/11\/bofa-launches-401k-pay--comprehensive-solution-simplifies-retire.html\" rel=\"nofollow noopener\" target=\"_blank\">Bank of America\u2019s new digital product<\/a> aims to simplify\u00a0<a href=\"https:\/\/www.newsweek.com\/americans-want-401k-plans-change-guaranteed-income-2095875\" rel=\"nofollow noopener\" target=\"_blank\">post-career financial planning<\/a>.\u00a0<\/p>\n<p><img id=\"11047958\" alt=\"\" caption=\"Manhattan, New York USA - July 9, 2011: People and tourist walking by the colorful electronic sign of Bank of America. The sign is one of many colorful signs in Times Square.\" captionoverride=\"People walking by the colorful electronic sign of Bank of America in Times Square, New York City. (Photo: Getty Images)\" credit=\"\" sourcealt=\"\" sources=\"[]\" fetchpriority=\"auto\" loading=\"lazy\" width=\"4200\" height=\"2800\" decoding=\"async\" data-nimg=\"1\" style=\"color:transparent;aspect-ratio:inherit;object-fit:cover\"   src=\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/11\/GettyImages-458692387.jpg\"\/><strong>What To Know<\/strong>\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\">With approximately 70 million consumer and small business clients across the U.S., Bank of America&#8217;s launch of\u00a0401k Pay,\u00a0described\u00a0as a\u00a0\u201cnew digital solution,\u201d\u00a0aims to address a significant gap in <a href=\"https:\/\/www.newsweek.com\/topic\/retirement\" rel=\"nofollow noopener\" target=\"_blank\">retirement<\/a> planning resources.\u00a0\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\">This new offering is provided at no\u00a0additional\u00a0charge to corporate plan sponsors or participants in workplace 401(k) plans that use Bank of America&#8217;s Personal Retirement Strategy program.\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\">According to the 2025\u00a0<a href=\"https:\/\/newsroom.bankofamerica.com\/content\/dam\/newsroom\/docs\/2025\/2025%20Workplace%20Benefits%20Report%20_%20FINAL%2008.26.25%20_%20RPT-02-25-0242_f_ADA.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bank of America Workplace Benefits Report<\/a>, 36 percent of employees expressed a need for retirement education and planning, while 33 percent cited a need for guidance in generating income from their retirement <a href=\"https:\/\/www.newsweek.com\/topic\/savings\" rel=\"nofollow noopener\" target=\"_blank\">savings<\/a>.\u00a0\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\">With baby boomers prioritizing financial stability and younger generations facing different savings philosophies, the move to simplify the retirement income process has broad implications for American workers and the businesses that employ them.\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\">The tool offers several integrated features:\u00a0<\/p>\n<ul class=\"List_wp-block-list__nTkVj\">\n<li class=\"ListItem_wp-block-list-item__tMZ_4\"><strong>Consistent Income Generation<\/strong>: Converts 401(k) account assets into a recurring retirement income,\u00a0taking into account\u00a0variables such as cost-of-living adjustments,\u00a0state\u00a0and federal taxes,\u00a0required\u00a0minimum distributions, and personalized financial inputs.\u00a0<\/li>\n<\/ul>\n<ul class=\"List_wp-block-list__nTkVj\">\n<li class=\"ListItem_wp-block-list-item__tMZ_4\"><strong>Flexible Deposit Options<\/strong>: Participants can choose how\u00a0frequently\u00a0they receive payments and in which account\u2014either within or outside Bank of America\u2014they want those deposits made.\u00a0<\/li>\n<\/ul>\n<ul class=\"List_wp-block-list__nTkVj\">\n<li class=\"ListItem_wp-block-list-item__tMZ_4\"><strong>Real-time Recalibration<\/strong>: Users receive ongoing transaction monitoring and income tracking, allowing adjustments to payouts as individual retirement needs or external factors change over time.\u00a0<\/li>\n<\/ul>\n<p class=\"Paragraph_blockParagraph__I2kr4\">Bank of America says that the platform was developed in cooperation with its corporate clients and aims to &#8220;directly tackle participant concerns&#8221; by streamlining how employees transition their retirement savings into usable income.\u00a0\u00a0<\/p>\n<p><strong>What People Are Saying<\/strong>\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\"><strong>Lorna Sabbia<\/strong>,\u00a0<strong>head of workplace benefits at Bank of America<\/strong>,\u00a0said:\u00a0\u201c401k Pay was developed\u00a0hand-in-hand\u00a0with our corporate clients who wanted to offer their employees a retirement income solution.\u00a0Including retirement income resources like 401k Pay as part of their workplace benefits offerings provides employers with the opportunity to improve financial outcomes for their employees and can help drive\u00a0real business\u00a0results \u2013 including helping to improve productivity, employee job\u00a0satisfaction\u00a0and retention.\u201d\u00a0<\/p>\n<p class=\"Paragraph_blockParagraph__I2kr4\"><strong>Tom Matarazzo<\/strong>,\u00a0<strong>managing director of institutional retirement advisory programs &amp; financial wellness solutions at Bank of America<\/strong>, said:\u00a0\u201cRetirement readiness and the ability to plan for income in retirement are top concerns among plan participants.\u00a0401k Pay is designed to help directly address participant concerns \u2013 from planning how much 401(k) income is needed in retirement to drawing on those funds appropriately \u2013 with a digital solution that is a leader in the marketplace.\u201d\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Bank of America\u00a0is launching a new digital platform to help its\u00a0customers \u201cconveniently convert\u201d\u00a0their\u00a0401(k)\u00a0retirement\u00a0investment\u00a0portfolios\u00a0into a\u00a0steady\u00a0income.\u00a0 Launching November 17, the&hellip;\n","protected":false},"author":3,"featured_media":380111,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[47770,21866,64,255,700,6763,67,132,68],"class_list":{"0":"post-380110","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-401k","9":"tag-bank-of-america","10":"tag-business","11":"tag-personal-finance","12":"tag-retirement","13":"tag-savings","14":"tag-united-states","15":"tag-unitedstates","16":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115552286925479887","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/380110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=380110"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/380110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/380111"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=380110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=380110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=380110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}