Encouraging financial wellness through a unified approach to workplace plans
A wide variety of plans can be effective in attracting, retaining, and motivating employees in an increasingly competitive business environment. However, working with multiple providers can be cumbersome and time-consuming. When looking at benefits from an employee perspective, you know how difficult it is for them to understand and manage retirement, health care, equity and other wealth accumulation plans, yet stay focused on career and life goals.
Bank of America Merrill Lynch can provide an integrated approach to understanding and managing workplace benefits for the success of your business and your employees.
As your employees pursue overall financial wellness, they want to do so at their convenience. We provide them with a consolidated view of their plans, accounts and alternatives through our award-winning* Benefits OnLine® Web site for plan participants.
We've harnessed technology and principles of behavioral economics to encourage positive savings actions among plan participants by providing companies with the ability to link 401(k) participation with healthcare open enrollment. This feature provides employees with an easy, one-click option to enroll in or make contribution changes to their 401(k) during the annual health benefits process. This has resulted in increases in retirement plan participation.
Benefits should work together to foster participant financial wellness