Defined Benefit | Bank of America Merrill Lynch
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Defined Benefit Pension Plans

When pension plan security and features meet your corporate objectives and participant needs

Defined Benefit pension plans continue to represent a viable retirement plan design for plan sponsors and participants in many industry and business sectors.

Whether your defined benefit plan is an active part of your overall benefit offering, is closed to new participants, or fully frozen, our service model allows you to outsource for the many administrative tasks associated with the maintenance of a pension plan so you can tend to your core business challenges.

Your dedicated Bank of America team includes Retirement & Benefits Contact Center Representatives that are Series 7 and 63 registered1 and includes the actuarial services of 3rd party, Milliman*.
This highly professional staff can:

  • Provide you with a flexible and comprehensive array of investment, administrative and trust services. They can also refer you to 3rd party Milliman which can provide you with actuarial services that can help ease the burden of day-to-day plan management.
  • Offer efficient approaches to meeting emerging plan liabilities
  • Help you manage overall risk
  • Help participants gain a solid understanding and appreciation of their options and the value of the pension plan.

Pension risk, investment management and actuarial services

The connection between the actuarial assessment of future liabilities and the investment portfolio structure is critical to plan success. Our investment capabilities allow for a connected view of emerging defined benefit plan costs and liabilities, with investment allocation strategies intended to help you normalize pension-funding costs.

Bank of America can provide your defined benefit plan with investment services in either an advisory model or a fully discretionary model. Your relationship manager, Merrill advisor and/or portfolio strategist will work with you, and any outside resources that you may select, to help you develop the best investment strategy for your plan.*

As part of our integrated service offering, we can provide your plan with access to complete actuarial consulting and annual support services through our relationship with 3rd party, Milliman*, one of the world's largest actuarial and benefits consulting firms.

Administrative and recordkeeping services

Key functions include:
  • Plan eligibility determination, participant welcome information
    and plan documentation
  • Participant statements
  • Required Minimum Distribution tracking and processing
  • Vesting determination
  • Beneficiary maintenance
  • Terminated, disabled, pre-retirement deceased participant
    benefit processing
  • Benefit elections processing
  • Participant initiated retirement request execution
  • Normal retirement notifications and election processing for terminated vested participants
  • Complete retiree payroll maintenance
  • QDRO execution

We will establish a comprehensive database of historical participant data and maintain it through ongoing payroll updates.

Participant access and assistance

When you outsource defined benefit plan administrative services, recordkeeping and participant services to Bank of America, your participants will enjoy virtually 24/7 secure access to account information, planning tools and modeling, as well as plan documents and forms through our Benefits Online® website.

When your participants prefer to reach us by phone, our highly trained telephone specialists at our Retirement & Benefits Contact Center are ready to help.

Services include:
Benefits OnLine® web site Retirement & Benefits Contact Center
  • Obtain information about plan provisions and procedures
  • Model an unlimited number of benefit calculation scenarios
  • Access plan documents and forms
  • Initiate the retirement payment process
  • Inquire about plan provisions and procedures
  • Request benefit estimate calculations
  • Initiate retirement payments
  • Access plan documents and forms

*Actuarial services are available through a third party, Milliman. Bank of America Corporation does not provide actuarial services while Merrill and its representatives do not provide investment advice with regard to defined benefits plans where Bank of America, N.A. is a fiduciary.

1 Our Senior Financial Service Representatives are FINRA Series 7 & 63 registered.

See how Retirement & Benefit Plan Services can expand the possibilities of your employee benefit solutions.
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