Exclusive: Bank of America moves its $19 billion 401(k) plan in-house

is moving its $19 billion 401(okay) plan to its own Bank of The usa Merrill Lynch institutional retirement platform early in 2015, six years after the bank sold Merrill Lynch. Financial institution of The united states's 401(ok) plan, which serves more than 300,000 individuals, is presently managed by means of Constancy Investments, but the company is moving the plan to be administered in-home as one of the most final steps of transitioning plenty of its employee advantages to at least one platform, a spokesman stated. Fidelity will continue to oversee the administration of Bank of The united states's defined benefit pension plan and transferred savings account outlined contribution plan, a Fidelity spokeswoman stated. Moreover, Bank of The us is shifting its National Pension Plan participants into their defined benefit plan at Constancy.