PROVIDENCE – Bank of America Corp. is rolling out a revamped digital platform aimed at small and midsized businesses, expanding access to retirement plans, health benefits and financial wellness tools for employers and their workers, the bank announced Monday.
The new Workplace Benefits portal consolidates 401(k)s, IRAs, health benefit options and education resources into a single dashboard, giving business owners a simpler way to choose and manage employee benefits – an area that has become increasingly tied to retention.
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According to Bank of America’s “2025 Workplace Benefits Report,” 24% of employees say they recently left or have considered leaving a job due to inadequate benefits, up from 15% in 2023.
At the same time, the bank’s “2025 Business Owner Report” shows 52% of business owners rank retention as a top priority for the upcoming year, with 43% expecting to hire and 59% planning to expand.
Bank of America says the upgraded platform is intended to make traditionally complex benefits more affordable and easier to administer, particularly for smaller employers that often lack dedicated human resources support.
“For many businesses, workplace benefits feel out of reach because of perceived costs, or the time required to manage them,” said Lorna Sabbia, head of workplace benefits at Bank of America. “To change that, we’ve reimagined the benefits experience specifically for small and midsized business owners.”
The expanded lineup includes a new Workplace Benefits Advised Pooled Employer Plan, which allows multiple small businesses to join a single retirement plan – cutting administrative burdens while offering flexible plan design.
The bank has also upgraded its Merrill Small Business 401(k) with streamlined recordkeeping and a more modern digital interface to simplify enrollment and investment choices.
For companies needing higher contribution limits, Merrill is adding a Cash Balance Defined Benefit Plan that can be paired with a 401(k) to boost retirement savings and potentially reduce taxable income.
Employees will also see expanded financial wellness education, including articles, seminars and one-on-one consultations on retirement income and health care costs.
“Business owners need flexible, customizable workplace solutions to support their growth,” said Sharon Miller, president of business banking at Bank of America. “The enhanced Workplace Benefits platform equips them with tools to help elevate their business – whether it’s boosting productivity, attracting and retaining top talent, or staying competitive.”
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
