Bank of America has launched a new digital Workplace Benefits platform. This platform aims to make retirement and health benefits easier for small and mid-sized businesses. It offers business owners and employees better access to 401(k) plans, IRAs, pooled employer plans, cash balance plans, and financial wellness resources. All of this is available through a simple, centralized experience. “For many businesses, workplace benefits feel out of reach because of perceived costs, or the time required to manage them. To change that, we’ve reimagined the benefits experience specifically for small and mid-sized business owners,” said Lorna Sabbia, Head of Workplace Benefits at Bank of America.
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The new platform also includes expert guidance for plan selection and administration, alongside enhanced solutions such as the Workplace Benefits Advised Pooled Employer Plan, the Merrill Small Business 401(k), and Cash Balance Defined Benefit Plans. Sharon Miller, President of Business Banking, emphasized the platform’s role in supporting business growth, stating, “Business owners need flexible, customizable workplace solutions to support their growth.” The launch comes as workplace benefits increasingly influence talent retention, with Bank of America reporting that nearly a quarter of employees have left or considered leaving due to inadequate benefits, underscoring the rising importance of competitive, easy-to-manage benefit programs.
