Bank of America has launched 401k Pay, a new digital solution designed to simplify how participants convert their 401(k) savings into steady retirement income, offering a unified platform for income planning, deposits, tracking, and real-time adjustments. Available from November 17 at no additional cost to corporate plan sponsors or participants, the tool integrates 401(k) recordkeeping with flexible payment options and personalized financial guidance. “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, highlighting its role in boosting employee financial outcomes and supporting employer goals around productivity, satisfaction, and retention.
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The solution is available to participants enrolled in the company’s Personal Retirement Strategy program and includes features such as consistent income generation based on individualized financial inputs, customizable deposit frequency and account selection, and real-time income recalibration throughout retirement. Citing Bank of America’s 2025 Workplace Benefits Report, the company emphasized growing employee demand for retirement planning support. “Retirement readiness and the ability to plan for income in retirement are top concerns among plan participants,” noted Tom Matarazzo, adding that 401k Pay directly addresses these needs through a market-leading digital experience.
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