NEW YORK, Oct. 2, 2026 — Bank of America today announced its Personal Retirement Strategy (PRS) program has surpassed $100 billion in total assets, including more than $10 billion in assets under management by Merrill Managed.

Designed for employees participating in institutional 401(k) plans, PRS helps individuals build personalized retirement income strategies through planning, guidance, and professional investment management, integrated into their workplace retirement experience. The program has become a leading digital retirement solution, helping participants make more confident decisions about their financial futures.

“Reaching these milestones reflects the growing value employees place on personalized retirement guidance, and the trust employers place in innovative workplace benefits that support their employees’ financial wellness,” said John Quinn, Managing Director of Workplace Benefits at Bank of America. “Retirement planning is complex. We remain committed to helping individuals make informed decisions and stay on track to pursue their long-term goals.”

PRS continues to evolve through ongoing investments in new features, enhanced personalization and innovative retirement income solutions designed to meet participants’ changing needs. PRS is part of Bank of America Workplace Benefits®, a comprehensive suite of solutions that supports employees' short- and long-term financial goals.

According to the Bank of America 2026 Workplace Benefits Report (PDF), seventy percent70% of respondents identified saving for retirement as their primary financial goal. P R SPRS can help to address this need by delivering personalized, goal-based strategies tailored to each participant’s financial situation, retirement objectives, and investment preferences. Through a seamless, user-friendly experience, participants can model different scenarios, understand potential retirement outcomes and access actionable guidance designed to improve retirement readiness.

“Surpassing $10 billion in managed account assets in just five years demonstrates the growing demand for solutions that combine personalized advice with professional investment management,” said Stacy Bucchere, Managing Director of Workplace Benefits at Bank of America. “Employees increasingly want guidance that helps turn retirement assets into meaningful outcomes, and PRS is designed to support them throughout every stage of their retirement journey.”

Participants can choose to manage investments on their own, implement PRS asset allocation recommendations, or enroll in Merrill Managed, a discretionary managed account service that provides personalized portfolio management for an additional fee. Merrill Managed continuously monitors and rebalances portfolios to help participants stay aligned with their goals by utilizing Merrill’s planning and portfolio expertise from the Chief Investment Office.

“Retirement investors face an increasingly complex market environment, making it more important than ever to stay focused on long-term goals rather than short-term market movements,” said Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank. “Balancing the dynamic macroeconomic environment with a long-term view can help individuals navigate uncertainty and make progress toward their retirement objectives over time.”

To further support participants beyond the savings phase, last year Bank of America introduced 401k Pay, a retirement income solution within PRS. 401k Pay helps participants convert retirement savings into sustainable income by recommending withdrawal amounts, projecting how long those withdrawals may last, enabling scenario modeling, and facilitating recurring payments through a simple three-step process. Participants can choose either professionally managed or self-directed investment approaches, providing flexibility as their retirement needs evolve.

Photo credit: BofA

About Bank of America

Bank of America (BofA) is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the number one small-business lender in the United States (FDIC), Bank of America offers industry-leading support to approximately four million small-business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories, and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.