Business
BofA Launches 401k Pay: Comprehensive Solution Simplifies Retirement Income Management
Bank of America is launching 401k Pay, a unique new solution designed to simplify and conveniently convert 401(k) account assets into a retirement income. Available November 17 at no incremental charge to the company's corporate plan sponsor or plan participant clients, the new digital solution provides 401(k) recordkeeping, flexible deposit options and advice in a single centralized hub. This enables plan participants to easily set, deposit and track their income throughout retirement.
About this update from Bank Of America Corporation
[{"type":"text","content":"New Digital Capabilities Modernize Retirement Planning and Payments for Plan Participants ","length":89,"tagName":"p","attribs":{}},{"type":"text","content":"NEW YORK, Nov. 13, 2025 /PRNewswire/ -- Bank of America is launching 401k Pay, a unique new solution designed to simplify and conveniently convert 401(k) account assets into a retirement income. Available November 17 at no incremental charge to the company's corporate plan sponsor or plan participant clients, the new digital solution provides 401(k) recordkeeping, flexible deposit options and advice in a single centralized hub. This enables plan participants to easily set, deposit and track their income throughout retirement.","length":540,"tagName":"p"},{"type":"image","alt":"401k Pay mobile screens","displaySize":"","headline":null,"caption":"401k Pay mobile screens","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":333,"url":"https://media.zenfs.com/en/prnewswire.com/3604a772443e0487385a65b6c8e10dbb"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/dYBFw_cevHho0Ja.zMknBw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTU4NztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/3604a772443e0487385a65b6c8e10dbb","width":400,"height":333}},"href":"https://mma.prnewswire.com/media/2821878/BofA_401k_Pay.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":""401k Pay was developed hand-in-hand with our corporate clients who wanted to offer their employees a retirement income solution," said Lorna Sabbia, Head of Workplace Benefits at Bank of America. "Including 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 real business results – including helping to improve productivity, employee job satisfaction and retention."","length":533,"tagName":"p"},{"type":"text","content":"Available to Bank of America clients enrolled in the company's employer-sponsored Personal Retirement Strategy program, 401k Pay fully integrates the necessary components of retirement income management, including:","length":218,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Consistent Income Generation: Helps participants determine the retirement income they generate f...