It’s a pivotal time. Uncertainty looms as the coronavirus persists, elections approach and a stressed economy continues to challenge us as individuals, organizations and a nation. Yet optimism prevails. Businesses have reopened, students are back to learning, innovation continues at an accelerated pace, and people are bringing a renewed energy to pursuing their goals and priorities.
In this transformative time, leadership and stability can help restore balance and provide much-needed support to help people feel comfortable and confident to address immediate and longer-term challenges. Today, and always, Bank of America is proud to serve as a steady beacon to help employees navigate their financial journeys with education, tools and guidance and with an unwavering commitment to helping make financial wellness a way of life.
We are especially pleased that our work on behalf of our plan participants is resonating. In a recent survey of 4,500 plan participants conducted by the National Association of Retirement Plan Participants (NARPP),1 Bank of America led all other providers in overall satisfaction (top two-box ratings), trust, confidence and participant education and knowledge.
And, we are here for employers as well. There’s no question that you have a lot on your plate as you navigate today’s challenges.
Our goal is to help make your jobs a little easier. Whether helping to simplify benefits administration, or by providing the tools, resources and insights to help you drive financial wellness in your workplace, we strive to be a constant and reliable source of support.”
We’re excited about Financial Life Benefits®, an integrated and seamless solution designed to make it easier for employees to manage their broad financial lives. Financial Life Benefits® can help your company provide a distinctive and valuable benefits offering to your employees—ultimately helping connect an overall sense of well-being with productivity and business success. Even more, we are optimistic that our financial wellness solutions can help you give employees what they need right now—the power to believe in tomorrow.
We’re encouraged to see that you value our collaboration as well. In a recent survey of 1,510 401(k) plan sponsors conducted by Cogent, Bank of America led all other providers in overall client satisfaction (89% top three-box ratings)2 and client loyalty (74% top two-box ratings).3
We’re grateful for the trust you and your employees place in us, and we continue to work to earn that confidence and trust every day. Now, and going forward, you can look to us to deliver the innovative solutions, experienced insights, dedicated support and personalized services that we believe will create a more meaningful benefits experience and a better workplace.
1 2020 NARPP Participant Trust & Engagement Study: Findings from NARPP are based on interviews conducted in May 2020 by an online panel and include the responses of 4,500 randomly selected active retirement plan participants representing 16 recordkeepers. Five categories were measured in this survey including: trust, confidence, education, participant knowledge and overall satisfaction. Bank of America scored highest in all categories. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome. NARPP is a 501(c)(3) nonprofit organization dedicated to improving retirement savings outcomes. www.NARPP.org.
2 Tied with MassMutual Retirement.
3 Cogent Syndicated 2020 Retirement Planscape® study: Target figures are obtained by analyzing the data from recent 401(k) plan sponsor Form 5500 filings as maintained by ALM’s Judy Diamond Associates. The survey has a maximum sampling error of + 2.52 percentage points at the 95% confidence level. From February 25 to March 16, 2020, Cogent conducted an online survey of 1,510 401(k) plan sponsors. Plan sponsors ranked their 401(k) provider on an 11-point scale to indicate their satisfaction with their provider. Providers with a score of 8 or higher from their survey respondents earned a rating of “highly satisfied”. Plan sponsors from different segments were included Micro (managing less than $5 million in assets), Small-Mid ($5 million to less than $100 million) and Large-Mega ($100 million or more in assets). The survey only included providers with 25 or more plan sponsors. Plan sponsor survey participants were required to have shared or sole responsibility for plan design, administration or selection and evaluation of plan providers, or for evaluating and/or selecting investment managers/investment options for 401(k) plans. These rankings or ratings are not indicative of any future performance or investment outcome.