Bank of America has launched a program for retirement plans that includes a digital, Merrill-branded investment management service.

Participants in BofA's new Personal Retirement Strategy can opt to make their own 401(k) investments or, for a fee, can have their portfolio managed by Merrill. The advisory fee charged for assets enrolled in the Merrill Managed service has a yearly maximum of 0.25 percent of assets.

With the new program, the bank is "connecting employees to the personalized retirement income planning resources they need to take charge of their financial future," said Tom Matarazzo, Institutional Retirement Advisory Programs executive at Bank of America, in a statement. "This new program makes retirement planning clearer and more approachable for plan participants." 

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Janet Levaux

Editor-in-Chief Janet Levaux has covered the financial markets since 1991, with a focus on financial advisors since 2005. After graduating from Yale and the Johns Hopkins School of Advanced International Studies (SAIS), where she studied global economics, Janet worked as a freelance financial and business writer in Japan, and then as a reporter and editor for Investor's Business Daily and the Bay Area News Group in California. She earned an MBA in 2007 and since then has helped lead key ThinkAdvisor projects like its Neal-Award winning reporting on Ken Fisher, Luminaries awards program and Women in Wealth newsletter.  

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