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Retirement plan

THE BANK OF AMERICA 401(K) PLAN

BANK OF AMERICA CORPORATIONEIN 56-0906609Plan #003PY 2024
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401 N. TRYON STREET, NC1-021-08-03 - CHARLOTTE, NC 28255800-556-6044
Other plans on this EIN
2 filings
#001Retirement-$19.04B assets#007Retirement-$1.12B assets
Prospect flagsHigh assets / participant

Filing contacts

From the Form 5500, federal record
Plan sponsor & administrator signer
SUSAN CLARK
Signed 07/21/2025
(800) 556-6044
Plan administrator entity
BANK OF AMERICA CORPORATION CORPORATE BENEFITS COMMITTEE
EIN 560906609
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Summary metrics

Total assets (EOY)
$62902.4M
-10.7% from 2016
Total participants
250,040
+11.5% from 2016
Average account balance
$253,533
-17.5% from 2016
Annual return
17.14%
-12.42 pp from 2016

Benchmarks

See 1,248 peers
Peer group
Industryany (size+type match)
Plan typeDefined contribution
Participants>=10,000
Cohort1,248 peers
Snapshot2024
Participant deferral / active EE
$9,772
median $4,430
Employer contribution / active EE
$7,651
median $2,074
Participation rate
98.8%
median 85.8%
Avg account balance
$253,533
median $73,381
Admin fee / account holder
$0
median $61
Annual return
17.14%
median 14.72%
Overall peer rank
86th percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$62.90B
Average account balance
Total assets / participants with a balance (line 6g)
$254K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
248,103
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
98.8%
Contributions (total)
Employer and participant dollars contributed each year
$2.93B
Contributions per participant
Average employer and participant contribution per enrolled participant
$17K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+17.14%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$0
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Providers data not reported
Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Top hat statement on fileNQDC

Filed March 10, 2005 (most recent of 3 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

Open the filing PDF

Plan features & details

Pension benefit codes2E2F2G2J2K2O2S2T3H3J
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2G
    Total participant-directed account plan
    Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
  • 2K
    Code section 401(m) arrangement
    Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2O
    ESOP other than a leveraged ESOP
    Employee stock ownership plan that is not leveraged.
  • 2S
    Automatic enrollment
    Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
  • 2T
    Default investment account
    Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
  • 3J
    U.S.-based Puerto Rico dual-qualified plan
    U.S.-based plan that covers residents of Puerto Rico and is qualified under both Code section 401 and section 1165 of the Internal Revenue Code of Puerto Rico.

Opportunity flags

1 tripped
  • InformationalHigh assets / participant

    Assets per participant exceed $250,000 - top-decile high-value plan.

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
MCCONNELL & JONES LLP
Auditor EIN
760488832
Audit fees
(not subdivided)
Opinion code
Unqualified