Bank of America Corporation401(k) + ESOP (KSOP)
THE BANK OF AMERICA 401(K) PLAN · CHARLOTTE, NC · plan year 2024
Bank of America Corporation's 2024 Form 5500 did not separately report plan administrative expenses, which is common where recordkeeping is paid through investment revenue-sharing or a master trust. The plan held $62,887,854,391 across 248,103 participant accounts, with employer contributions averaging $7,651 per active participant. See methodology for what Form 5500 does and doesn't capture.
The plan sits in the over $1B size bracket, benchmarked here against 1,229 comparable plans and shown alongside other management of companies employers. By assets it is the 1st-largest of 2,005 plans among North Carolina employers on file, and the 1st of 786 in management of companies. In 2024, employees put in $1.28 for every $1.00 the employer contributed.
Bank of America Corporation's 2024 employer contribution ran above the $5,259 median for plans its size. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.
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Source: U.S. Department of Labor, Form 5500 series, EIN 560906609 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.