Benefits & Advantages

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At Bank of America, our most important asset is our people. Our benefits programs are designed to meet the diverse needs of our employees at every stage of their life and help them plan for tomorrow.

Health & Insurance Benefits

We offer a comprehensive benefits package that includes medical, dental and vision coverage for employees and their eligible family. Life and disability insurance options provide income replacement in the event of serious injury or death.

Our health plans focus on wellness and helping employees learn more about their own health to save money in the long run. Through this focus on wellness, our covered employees and dependents have access to tools like healthy lifestyle coaching to support a healthier life. Employees can contribute to tax-favored health care accounts to help manage out-of-pocket health care costs. To help, the bank may also contribute to eligible employees' health care accounts.

Medical

Bank of America offers medical plans that are easy to understand, and delivers valuable features to help manage health care costs by focusing on wellness. All of our plans include the predictability of an annual deductible, security of an out-of-pocket maximum and coverage for eligible medical services, such as doctor's office visits, specialist care or a hospital stay, as well as a prescription drug plan.

Dental

We offer dental plans that provide coverage for preventive care, basic care, such as fillings and extractions, and major care, including crowns, dentures and bridges.

Vision

Our vision plans cover eye exams, eyeglass lenses, frames and contact lenses. Employees also can elect a vision discount program, which offers discounts on routine eye exams, eyeglasses, LASIK surgery, contact lenses, nonprescription sunglasses, contact lens solutions and other eye care accessories.

Health Care Accounts

Health care accounts help our employees manage out-of-pocket costs by setting money aside pretax from their paycheck to use for eligible health care expenses. For eligible employees, the bank may also contribute to these accounts.

Dependent Care Flexible Spending Accounts

This account allows employees to contribute pretax dollars to pay for eligible out-of-pocket dependent care expenses.

Associate Basic Life Insurance

Employees are automatically provided with bank-paid basic life insurance equal to one times their annual base salary, up to a maximum of $2,000,000.

Supplemental Life and Accidental Death and Dismemberment Insurance

Our employees may purchase Supplemental Life and Accidental Death and Dismemberment (AD&D) insurance for themselves, their spouse/domestic partner and their children, up to certain limits. Additional supplemental life insurance can be purchased for up to eight times the sum of annual pay and bonus, up to a maximum of $3,000,000. AD&D insurance pays a benefit if an employee (or a covered family member) becomes paralyzed, dismembered or dies as the result of an accident.

Performance-based compensation

In addition to base salary, incentive awards are designed to reward eligible employees for company, line of business and individual results. Eligibility of incentive awards vary by role and line of business

Life Management Benefits

Bank of America’s comprehensive Life Management programs are designed to assist employees with many of life’s challenges and opportunities:

Parental Leave

After working one year for Bank of America, employees can take up to 16 weeks of paid maternity, paternity and adoption leave. Our parental leave gives employees the flexibility to take time when it works for their family, within 12 months after a new child arrives.

Adoption Reimbursement

Reimburses up to $8,000 per adopted child upon legal adoption for eligible employees.

Back-Up Care

Provides each employee family an allowance of 25 days each for child care (center based or in-home) and 25 days for adult care when their primary caregiver is temporarily unavailable during work hours (such as vacation or sickness). Center-based care is available for children 6 weeks to 12 years of age. In-home care is available for children and adults of all ages.

Benefits Education and Planning Center

Provides employees with unlimited one-on-one financial, retirement and benefits planning with an experienced financial counselor at no cost.

Child Care Reimbursement

Helps pay for childcare expenses incurred while working by reimbursing you up to $240 per month, per child for income-eligible employees.

Tuition Reimbursement

Bank of America reimburses eligible employees up to $5,250 for job-related courses or to fulfill a job-related degree program.

LifeCare®

A free, confidential resource and referral program offering practical advice and support to help employees and their families manage work and personal responsibilities, including financial and parenting advice and helping find child- and elder-care resources.

Employee Assistance Program (EAP)

A voluntary, confidential service to help employees and their families deal with family problems, job-related issues, stress and other situations.

Retirement Benefits

Whether our employees are just starting out or well along the way to planning for retirement, Bank of America offers retirement benefits and the tools and resources to help employees meet their future financial goals.

Our retirement benefits focus on the 401(k) plan, which gives employees control in managing their retirement savings by allowing them to choose how their money is invested. The plan is funded through your payroll pre-tax and/or Roth contributions, and after one year of service, the bank adds to employee accounts through:

  • Matching contributions of up to 5% of eligible compensation
  • An annual company contribution of 2% or 3% of eligible compensation, based on your years of vesting service

The bank also adds $50 welcome contribution to newly-hired employees' accounts.

In addition, we offer tools and resources — available online and through personalized one-on-one conversations with a financial counselor — to help manage 401(k) accounts, as well as overall retirement plans.

 

Not all employees are eligible to participate in all benefit programs. The terms and conditions of the benefits described above are governed by written benefit plans and/or other documents. The above stated description of benefits is intended as a summary and for informational purposes only; this document does not create a contract between the company and any employee or potential employee. Bank of America reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.

Time Away

Bank of America offers employees a range of paid and unpaid leave options for taking the time they need away from work (some programs require one year of continuous service to be eligible):

Time Off

Provides employees with both paid and unpaid time off from work for illness, vacation, holidays and other personal reasons (includes leave of absence policies).

Parental Leave

After working one year for the bank, employees can take up to 16 weeks of paid maternity, paternity and adoption leave.

Purchased Time Off

Gives an employee the flexibility to purchase additional hours of personal time away from work that is available after regular vacation time is used. Manager approval is required.

Short-term Disability

Provides partial income replacement if an employee is unable to work for more than seven consecutive calendar days, due to a qualifying disability, up to 26 weeks.

Long-term Disability

Provides partial income replacement if an employee is unable to work due to a qualifying disability. Additional coverage can be purchased.

Employee Banking & Investment

As a Bank of America employee, you have access to a full range of Bank of America products, and services with preferred pricing and employee discounts. You can also take advantage of Merrill Lynch investment products and resources to pursue your financial goals at every stage of your life.

You may know that as a Bank of America employee, you can enjoy all the same products and services as our customers and clients. But did you know you can also get higher rates on money market savings and lower rates on loan products?

The Employee Banking and Investments team (EB&I) provides the guidance, tools and products to help improve your financial well-being.

Our financial advantages may include:

  • Preferred rates and fee waivers on checking and savings
  • Higher earnings rates on money market accounts
  • Competitive interest rates and fees on employee credit cards
  • Special discounts on vehicles, cars, boats and RVs
  • Reduction in discount points on mortgages and the assistance of a dedicated Home Loans team
  • Special pricing on investment product(s) available through Merrill Edge

Your short-term and long-term financial goals may change over time. That’s why it’s important for you to know about everything EB&I has to offer – from everyday banking to home loans, car loans, investments and more.

Special pricing on investment products is also available through Merrill Edge.

Flexible Work Arrangements

You may be able to take advantage of a work arrangement that gives you flexibility in balancing your life and work schedules. Flexible work arrangements are mutually agreed upon by a manager and an employee.

Work Arrangement Options

  • My Work®: A flexible work location program for certain employees, which provides the opportunity to work from the office or from home.  
  • FlexTime and Compressed Workweeks: A program that offers employees a flexible option to alter starting and/or departure times, or condense a full-time workweek into fewer days, and job responsibilities for a specific need.
  • Select Time: A program that reduces an employee's work schedule and job responsibilities for a specific need
  • Job Sharing: A program that allows two non-overtime-eligible employees to share the responsibilities of one job. For example, two employees can share one full-time job and each work 20 hours a week.