The Bank Of America 401(k) Plan
Bank Of America Corporation · Charlotte, NC · EIN 560906609 · Plan 003 · Form 5500 for plan year 2024
What Bank of America put into the plan, per active participant
$7,651
Bank of America Corporation put $7,651 into this plan for each of its 168,229 active participants in plan year 2024. That is the whole employer side, matching money, profit sharing, non-elective and safe-harbor contributions and reallocated forfeitures together, because the Form 5500 reports them on one line, so it is not the match rate.
Bank of America put in more per active participant than 80% of plans with 5,000+ participants at holding companies. The middle plan in that group of 62 reported $4,209. Holding companies comes from business code 551111, which Bank of America Corporation entered on its own Form 5500. Sponsors pick that code themselves, so a code that does not describe what the employer does ranks the plan against the wrong companies.
What this figure cannot separate: how much Bank of America pays, and how much it puts in
This is dollars, not a rate. A Form 5500 carries no payroll, so the figure reflects both how much the employer puts in and how much the employer pays: two plans running the same formula report different amounts when one pays better. Crossing the peer group with industry holds most of that difference still, and none of it disappears.
This is one plan year, not an average. A true-up, a plan merger or a one-off contribution moves a single year on its own.
Source: Form 5500 filing for the plan year ended December 31, 2024, received by the DOL July 21, 2025 · DOL EFAST2 ↗
The $7,651 above is the Form 5500 figure for plan year 2024, and it counts every employer dollar on one line. Bank of America Corporation also files a Form 11-K, which states the match formula on its own for plan year 2025: the section below reads $2,475 a year at a $49,500 salary, and the same filing states employer contributions made outside the match. That second figure is what the formula pays one worker on that salary, and not an amount either filing reports. The two figures cover different plan years and measure different things, so neither one is the other one corrected.
What the plan cost, per participant
Not ranked
Schedule H reports $0 in plan-paid administrative expenses. That usually means the employer pays the bills directly, or that fees are netted inside fund assets, so the plan is not ranked on cost and $0 is not a cheap plan.
401(k) Monitor Score
Not scored
This filing reports one of the two amounts the score is built from, so it takes none. Schedule H reports $0 in plan-paid administrative expenses. That usually means the employer pays the bills directly, or that fees are netted inside fund assets, so the plan is not ranked on cost and $0 is not a cheap plan.
It keeps whichever of the two it does report, above. Nothing is filled in from an average, from another year or from another plan, because a two-part score computed on one part is a different measure wearing the same name.
What the score would read, on a filing that carries both: Where this plan stands against plans of its size and industry on two amounts its Form 5500 reports: employer money in per active person, and plan-paid cost per person. It reads no match formula, no vesting schedule and no fund lineup, because a Form 5500 states none of them.
On this page: the match and vesting terms · what to check next · every figure on the filing · fees itemised · the plans this one is ranked against · service providers
The match and vesting terms, from a Form 11-K
The match formula and the vesting schedule are stated in a Form 11-K, which is filed only by employers whose plan holds company stock. A Form 5500 reports neither.
What Bank of America puts in
$2,475
a year, at a $49,500 salary.
The match paragraph, word for word
“All active participants in the Plan are eligible to receive company matching contributions and an annual company contribution after completing 12 months of service. Any pre-tax and/or Roth (after-tax) contributions made prior to completing 12 months of service are not eligible for the company matching contribution. The company matching contribution is calculated and allocated to the participant’s account on a pay period basis beginning the first of the month after the participant earns 12 months of vesting service and equals up to 5% of Plan-eligible compensation (subject to the Plan’s applicable match-eligible compensation limit) contributed by the participant for the pay period. The company matching contribution is made in cash and directed to the same investment choices as the pre-tax and/or Roth (after-tax) contributions. An end of year “true-up” matching contribution is also provided.”
What you contribute to collect all of it
Contribute at least 5% of your pay to collect the full match.
That is $2,475 a year at a $49,500 salary, and it scales with your own.
Vesting score
100 out of 100
How fast the employer’s money becomes yours. Higher than 48% of the 253 schedules we have scored.
It measures vesting speed and nothing else. It says nothing about the size of the match, what the plan charges, or the funds inside it.
Share of the employer's money that is the worker's at hire and at each of the first 6 anniversaries: 100%, 100%, 100%, 100%, 100%, 100%, 100%. The score is the average of those 7 readings.
Vesting, word for word
“Each participant is 100% vested in the participant’s pre-tax, Roth (after-tax) and rollover contributions to the Plan and company matching as well as earnings thereon. The annual company contribution, including earnings thereon, is fully vested after completion of 36 months of vesting service (with accelerated vesting upon the attainment of normal retirement age or in the event of retirement, qualifying severance, divestiture or death) and is forfeited if a participant terminates employment prior to completing such vesting service requirement.”
A worker hired today collects no match for 1 year. This is a filed term, and it does not move the score above.
Eligibility, word for word
“Full-time, part-time and temporary employees paid by US payroll are eligible to participate in the Plan after hire. However, any employee hired on or after April 1, 2021, and classified as an “intern” under the personnel policy of a participating employer, must perform at least 1,000 Hours of Service in a 12-month period or 500 Hours of Service during two consecutive 12-month eligibility computation periods, to participate in the Plan.”
The plan tops the match up after year end, so contributing unevenly through the year does not cost the worker part of it.
The same match paragraph, word for word
“All active participants in the Plan are eligible to receive company matching contributions and an annual company contribution after completing 12 months of service. Any pre-tax and/or Roth (after-tax) contributions made prior to completing 12 months of service are not eligible for the company matching contribution. The company matching contribution is calculated and allocated to the participant’s account on a pay period basis beginning the first of the month after the participant earns 12 months of vesting service and equals up to 5% of Plan-eligible compensation (subject to the Plan’s applicable match-eligible compensation limit) contributed by the participant for the pay period. The company matching contribution is made in cash and directed to the same investment choices as the pre-tax and/or Roth (after-tax) contributions. An end of year “true-up” matching contribution is also provided.”
The wait before the match starts and the year-end true-up appear above when the filing states them. Neither is part of the score, and a filing that is silent on one of them is not a plan without it.
What the plan costs, against plans of its size
Not reported
The Form 5500 filing does not report the plan-paid administrative expenses this figure needs.
The match, vesting and eligibility terms above are read from the Form 11-K filed by Bank of America Corporation, whose page states the full formula, the vesting schedule and the sentence behind each one.
What to check next
Collecting the whole match
Bank of America’s Form 11-K pays the whole match at 5% of pay, which is $2,475 a year at a $49,500 salary and scales with your own. Your payslip and your recordkeeper account both show the rate you set. A rate below 5% collects less than the whole match.
That Form 11-K covers plan year 2025. The plan’s Summary Plan Description states the terms in force, and the plan administrator must provide it to participants on request.
Weighing this employer against another
Bank of America’s filed match formula is set against another employer’s, term by term, on 6 pages: Citigroup, JPMorgan Chase, Wells Fargo, Morgan Stanley, U.S. Bancorp and American Express.
Your own numbers are not on this page
Every figure here is the whole plan for plan year 2024, taken from one filing and divided by headcounts. Your own contribution rate, your balance and the fees taken from your account are on your recordkeeper’s site. What you may put in during a year is set by the IRS and not by the plan: this year’s limits ↗.
Key figures
| Total plan assets, end of year | $62,902,405,616 |
|---|---|
| Net assets | $62,887,854,391 |
| Participants, beginning of year | 254,477 |
| Of which active | 168,229 |
| Plan type | Single employer |
| Size cohortThe peer group we rank fees against. | 5,000+ participants |
| Employer share of the money that went in, plan year 2024The rest came from employees, who put in $1,643,940,675. The share falls when employees save more, so a plan whose staff contribute heavily reads lower here through no act of the employer. It is printed as a fact and it is not part of the score. | 44% |
Plan-paid administrative expenses
Schedule H reports $0 in plan-paid administrative expenses for this year. $0 usually means the employer pays the bills, or fees are netted inside fund assets. It does not mean the plan is free.
The plans this one is ranked against
Fees on this page are ranked against the 5,000+ participant cohort, where the median plan pays $54.84 per participant. The sponsor files from North Carolina, one of 1,489 plans on file there, at a median of $118.56 per participant. Its business code places the plan at holding companies, one of 643 on file, which run to a median of $106.24.
Plans of a similar size in North Carolina
| Plan | Participants | Cost per participant |
|---|---|---|
| Lowes 401(k) PlanLowe's Companies, Inc. | 318,750 | $3.57 |
| Compass Group Retirement PlanCompass Group USA, Inc. | 263,796 | $18.83 |
| Charter Communications, Inc. 401(k) Savings PlanCharter Communications, Inc. | 128,248 | not itemized |
| Food Lion 401(k) PlanFood Lion, LLC | 88,023 | $16.12 |
Service providers (Schedule C)
Not reported in filing. Plans with bundled or revenue-sharing arrangements often report no Schedule C provider compensation. Absence here is a reporting artifact, not a $0 cost.
Useful links
- Find a 401(k) you left at an old job ↗
The DOL's Retirement Savings Lost & Found. Free and official.
- Look up this plan's full Form 5500 ↗
The DOL's own filing search. Search by plan or sponsor name.
- Download this plan's data (CSV) ↗
Every field on this page, one row, ready for a spreadsheet.
Source
| Dataset | DOL EFAST2 Form 5500 bulk data (FOIA) |
|---|---|
| Form year | 2024 |
| Filing ACK_ID | 20250721130517NAL0000605299001 |
| Dataset last refreshed | July 28, 2026 |
Bulk dataset at askebsa.dol.gov ↗ · Look up the filing on EFAST2 ↗
Filings lag by design: a plan can file up to 9½ months after its year ends, so this is the newest data on file. Why filings lag
Cite this page
401(k) Monitor, "The Bank Of America 401(k) Plan: Form 5500 facts", from DOL EFAST2 filing 20250721130517NAL0000605299001, plan year ended December 31, 2024.