Bank of America
Bank of America Corporation · CHARLOTTE, NC · BAC (NYSE) · Management of companies and enterprises · sponsor EIN 56-0906609 · 1 plan with Schedule H financials, latest plan year 2024
SEC registrant: Bank of America Corp.
Plan terms
Quoted from Bank of America Corporation's SEC filing covering the period ended 2025-12-31. The figures on this page cover the plan year ended 2024-12-31, a different period: terms may have changed between the two. The plan document governs; these are the filing's own words.
Employer match
“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.”
As stated in Bank of America Corporation's Form 11-K filed 2026-06-16, for the period ended 2025-12-31 (SEC): source document; plan description note, contributions section.
Eligibility
“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.”
As stated in Bank of America Corporation's Form 11-K filed 2026-06-16, for the period ended 2025-12-31 (SEC): source document; plan description note, general (fallback) section.
Vesting
“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.”
As stated in Bank of America Corporation's Form 11-K filed 2026-06-16, for the period ended 2025-12-31 (SEC): source document; plan description note, vesting section.
Automatic enrollment
“The Plan has an automatic enrollment feature for newly-hired employees with a default elective deferral rate of 3% of covered compensation, subject to a 45-day opt-out election, with automatic annual increases of 1% up to a ceiling of 5%.”
As stated in Bank of America Corporation's Form 11-K filed 2026-06-16, for the period ended 2025-12-31 (SEC): source document; plan description note, general section.
THE BANK OF AMERICA 401(K) PLAN
Plan year 2024-01-01 to 2024-12-31 · $62,902,405,616 in assets · 248,103 participants with a balance · >$1B bucket, single-employer · plan number 003
At a glance
7.9% of this plan's assets are held in a master trust. Costs reported at the trust level and allocated by the plan's share: administrative expenses $1,398,719 ($5.64 per participant including the plan's own Schedule H). Benchmarks and percentiles use the plan's own Schedule H only.
Percentiles compare this plan with the Schedule H plans of the same asset bucket and plan year, excluding final filings; a percentile is shown only where at least 50 comparable plans report the figure. The match formula is not in the filing; only amounts are shown.
Plan features
2E profit-sharing · 2F ERISA 404(c) plan · 2G fully participant-directed · 2J 401(k) feature · 2K 401(m) arrangement · 2O ESOP-related feature · 2S pre-approved plan document · 2T default investment (QDIA) · 3H controlled-group sponsor · 3J Form 5500, line 8a; TYPE_PENSION_BNFT_CODE pos 81; filing 20250721130517NAL0000605299001, received 2025-07-21
Service providers paid directly by the plan
No Schedule C is attached to this plan's filing; providers are reported on the master trust's filing (below).
Schedule C Part I line 2: name (a), service codes (b), relationship (c), direct compensation paid by the plan (d), indirect compensation received (e). Filing 20250721130517NAL0000605299001, received 2025-07-21.
Master trust
STABLE VALUE MASTER TRUST (EIN 560906609, PN 010): plan interest $4,999,859,556, 97.2% of the trust. The trust's own filing (20250721130621NAL0000692771001, received 2025-07-21) reports net assets $5,144,657,423, administrative expenses $1,439,226, recordkeeping fees not reported, investment management fees $1,439,181 and 1 Schedule C providers.
| Provider (trust level) | Service codes | Paid by the trust | Allocated to this plan |
|---|---|---|---|
| INSIGHT INVESTMENT MANAGEMENT | 28 50 51 | $1,439,181 | $1,398,675 |
Schedule D Part I of the plan's filing; the trust's Schedule H and Schedule C. Allocation = the plan's interest divided by the trust's net assets.
Full record
| Field | Value | Source |
|---|---|---|
| Plan sponsor | BANK OF AMERICA CORPORATION | Form 5500, Part II line 2a; SPONSOR_DFE_NAME pos 19; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Plan name | THE BANK OF AMERICA 401(K) PLAN | Form 5500, line 1a; PLAN_NAME pos 16; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Sponsor EIN / plan number | 56-0906609 / 003 | Form 5500, line 2b; SPONS_DFE_EIN pos 44; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Plan type | single-employer | Form 5500, Part I line A; TYPE_PLAN_ENTITY_CD pos 4; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Sponsor location | CHARLOTTE, NC | Form 5500, line 2a; SPONS_DFE_MAIL_US_STATE pos 25; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Industry (business code) | 551111, Management of companies and enterprises | Form 5500, line 2d; BUSINESS_CODE pos 46; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Plan year | 2024-01-01 to 2024-12-31 | Form 5500, Part I plan year; FORM_PLAN_YEAR_BEGIN_DATE pos 2; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Filing received | 2025-07-21 | Form 5500, EFAST2 receipt date; DATE_RECEIVED pos 102; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Final filing | no | Form 5500, Part I line B; FINAL_FILING_IND pos 8; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Amended filing | no | Form 5500, Part I line B; AMENDED_IND pos 7; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Participants, beginning of year | 254,477 | Form 5500, line 5; TOT_PARTCP_BOY_CNT pos 71; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Active participants | 168,229 | Form 5500, line 6a(2); TOT_ACTIVE_PARTCP_CNT pos 72; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Participants, end of year | 250,040 | Form 5500, line 6f; TOT_ACT_RTD_SEP_BENEF_CNT pos 77; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Participants with an account balance | 248,103 | Form 5500, line 6g(2); PARTCP_ACCOUNT_BAL_CNT pos 78; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Total assets, beginning of year | $54,848,846,192 | Schedule H, Part I line 1f col (a); TOT_ASSETS_BOY_AMT pos 30; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Total assets, end of year | $62,902,405,616 | Schedule H, Part I line 1f col (b); TOT_ASSETS_EOY_AMT pos 61; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Net assets, end of year | $62,887,854,391 | Schedule H, line 1l col (b); NET_ASSETS_EOY_AMT pos 67; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Total income | $12,326,060,315 | Schedule H, Part II line 2d; TOT_INCOME_AMT pos 97; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Net income | $8,048,257,836 | Schedule H, line 2k; NET_INCOME_AMT pos 111; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Employer contributions | $1,287,193,919 | Schedule H, Part II line 2a(1)(A); EMPLR_CONTRIB_INCOME_AMT pos 68; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Participant contributions | $1,643,940,675 | Schedule H, line 2a(1)(B); PARTICIPANT_CONTRIB_AMT pos 69; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Other contributions (incl. rollovers) | $121,757,347 | Schedule H, line 2a(1)(C); OTH_CONTRIB_RCVD_AMT pos 70; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Total contributions | $3,052,891,941 | Schedule H, line 2a(3); TOT_CONTRIB_AMT pos 72; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Benefit payments | $4,277,802,479 | Schedule H, line 2e(4); TOT_DISTRIB_BNFT_AMT pos 101; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Total expenses (incl. benefit payments) | $4,277,802,479 | Schedule H, line 2j; TOT_EXPENSES_AMT pos 110; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Total administrative expenses | $0 | Schedule H, line 2i(12) total administrative expenses; TOT_ADMIN_EXPENSES_AMT pos 109; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Administrative expenses excluding investment management | $0 | derived, admin_expenses (2i(12)) minus invst_mgmt_fees (2i(5)), floored at 0; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Held in master trusts | $4,999,859,556 | Schedule H, line 1c(11) col (b); INT_MASTER_TR_EOY_AMT pos 53; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Held in common/collective trusts | $43,908,119,299 | Schedule H, line 1c(9) col (b); INT_COMMON_TR_EOY_AMT pos 51; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Held in mutual funds | $5,867,729,542 | Schedule H, line 1c(13) col (b); INT_REG_INVST_CO_EOY_AMT pos 55; filing 20250721130517NAL0000605299001, received 2025-07-21 |
| Independent auditor | MCCONNELL & JONES LLP | Schedule H, Part III line 3a; ACCOUNTANT_FIRM_NAME pos 116; filing 20250721130517NAL0000605299001, received 2025-07-21 |
What changed since the 2023 plan year
| Figure | 2023 | 2024 | Change |
|---|---|---|---|
| Total assets | $54,848,846,192 | $62,902,405,616 | 14.7% |
| Participants with a balance | 252,082 | 248,103 | -1.6% |
| Administrative expenses | $0 | $0 | |
| Recordkeeping fees per participant | not reported | not reported | |
| Employer contributions | $1,253,316,447 | $1,287,193,919 | 2.7% |
Prior filing 20240717090659NAL0002379907001, received 2024-07-17; the plan years are contiguous.
Alerts, claims and corrections
Sponsor name as filed: BANK OF AMERICA CORPORATION; SEC registrant: BANK OF AMERICA CORP /DE/ (CIK 70858, matched by EIN; display name from the Form 11-K cover).