401(k) · DOL Form 5500 · 2023

Bank of America Corporation 401(k) Plan

Data updated 2026-08-25

$54.8B
Total assets Mega-plan scale
173,899
Participants Very large workforce
100th
Percentile by assets National rank
$315,406
Avg per participant High balance/head
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Official DOL plan name: The Bank of America 401(k) Plan · Sponsored by Bank of America Corporation · North Carolina · Management of Enterprises

$54.8B in assets, 173,899 participants

Bank of America Corporation's The Bank of America 401(k) Plan reported $54.8B in total assets and 173,899 participants in its 2023 DOL Form 5500 filing, ranking in the 100th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • #1,137 in Management of Enterprises (1,137 peers)

Coverage in North Carolina

The Bank of America 401(k) Plan covers 173,899 participants in North Carolina, 212x the typical North Carolina plan (state average ~819 per filing). Assets: $54.8B.

#1,137
in Management of Enterprises (1,137 peers)
+16.4%
assets growth YoY
550×
vs typical plan assets (national mean)

The Bank of America 401(k) Plan's outsized position by total assets

The Bank of America 401(k) Plan vs every filed plan by assets

End-of-year total assets · plan year 2023 · DOL Form 5500

$54,848,846,192 Highest reported value at or above every one of 127,068 filed plans

This plan $0 $2,050,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2023

The Bank of America 401(k) Plan's mega-plan peer group by participant headcount

Plan-year 2023 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets. The Bank of America 401(k) Plan is a mega filing (173,899 participants), the rightmost band on the breakdown.

What changed between DOL Form 5500 filings

plan year 2022 → plan year 2023

  • The Bank of America 401(k) Plan reported net income rose from -$10.7B in the plan year 2022 filing to $7.7B in the plan year 2023 filing.
  • The Bank of America 401(k) Plan end-of-year assets rose from $47.1B in the plan year 2022 filing to $54.8B in the plan year 2023 filing.
  • The Bank of America 401(k) Plan reported participants rose from 169,036 in the plan year 2022 filing to 173,899 in the plan year 2023 filing.

See the national 2022→2023 release diff →

Published 5500 schedule card

Filing strip 560906609 · Bank of America Corporation PY 2023 · 401(k)

The Bank of America 401(k) Plan · $54.8B · 173,899 · 100th

  • BOOK $54.8B
  • VS-ST 173,899
  • BOY 100th
  • SCH 401(k)
  • EBSA near Microsoft Corporation Savings Plus 401(k) Plan
  • PART ind #1137

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with Management of Enterprises retirement plans → · Plans in North Carolina →

The Bank of America 401(k) Plan in the asset neighbourhood

IBM 401 (K) Plus Plan$57.4BThe Bank of America 401(k) PlanThe Bank of America 401(k) P…$54.8BMicrosoft Corporation Savings Plus 401(k) PlanMicrosoft Corporation Saving…$53.2BRtx Savings Plan$52.8BWells Fargo & Company 401(k) PlanWells Fargo & Company 401(k)…$51.8B
End-of-year total assets ($B) among The Bank of America 401(k) Plan and nearest nationwide 401(k) peers. Source: DOL Form 5500 plan year 2023.

North Carolina filing particulars

Total Assets (Beginning of Year)$47.1B
Net Assets (End of Year)$54.8B
Net Income$7.7B
Employer EIN560906609
Plan Effective Date1983-01-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Bank of America Corporation)

Sponsor-wide plan assets over time

All Bank of America Corporation plans reported in each filing year

Latest sponsor-wide plan assets
$83.1B 24.020709082622414% vs 2022
2024 filing year
$65B$70B$75B$80B$85B 202220232024 $67B $83.1B ▲ +24.0%
Year Plans Participants Total Assets
2022 3 233,999 $67.0B
2023 3 235,065 $75.1B
2024 3 227,092 $83.1B

Nearby 401(k) Plans in North Carolina

Peer 401(k) plans, same state, same plan type, ranked by total assets.

The Bank of America 401(k) Plan vs. nearby 401(k) plans in North Carolina, assets vs. participants Scatter plot of 6 data points. 0100000200000300000400000 0204060 Total assets ($B) Participants The Bank of America 401(k) Plan, Total assets ($B): 54.848846192 · Participants: 173899The Bank of America 401(k) PlanHoneywell 401(k) Plan, Total assets ($B): 15.388124058 · Participants: 40004Honeywell 401(k) PlanDuke Energy Retirement Savings Plan, Total assets ($B): 10.354065 · Participants: 28121Duke Energy Retirement Savings PlanTruist Financial Corporation 401(k) Savings Plan, Total assets ($B): 10.120701726 · Participants: 55480Truist Financial Corporation 401(k) Savings PlanNucor Corporation Profit Sharing and Retirement Savings Plan, Total assets ($B): 8.510660989 · Participants: 24174Nucor Corporation Profit Sharing and Retirement Savings PlanLowes 401(k) Plan, Total assets ($B): 8.108634836 · Participants: 295676Lowes 401(k) Plan
The Bank of America 401(k) Plan vs. nearby 401(k) plans in North Carolina, assets vs. participants
Compare The Bank of America 401(k) Plan side-by-side with 3 peers →

Scale composition for The Bank of America 401(k) Plan

The Bank of America 401(k) Plan reports $54.8B in end-of-year assets across 173,899 participants (0.45% of the $12.3T held by all Form 5500 filers in the national rollup , and 0.19% of 93,925,755 covered participants) - about $315,406 per participant (2.3x the national average assets-per-participant) . Net income for plan year 2023 was $7.7B.

This plan identity (EIN 560906609, plan #003) has 3 Form 5500 filings on file from 2022 to 2024 , with end-of-year assets moving from $47.1B to $62.9B (+33.5%) while covered participants moved from 169,036 to 168,963 . Single-year sparse filers cannot show that trail.

Plan year Participants EOY assets Filing
2022 169,036 $47.1B Open filing
2023 173,899 $54.8B This page
2024 · index core 168,963 $62.9B Open filing

The same sponsor also keeps 3 other index-core plans on PlainRetire:

The Bank of America 401(k) Plan's out-of-state 401(k) peers by assets and headcount

Outside North Carolina, the nearest 401(k) by assets is Microsoft Corporation Savings Plus 401(k) Plan in WA ($53.2B); by covered participants it is Darden Savings Plan in FL (173,993 participants). Same-state nearby plans are listed separately above.

Closest by plan assets

Nearest other-state filings by tot_assets_eoy ($54.8B here).

Similar participant headcount

Nearest other-state filings by covered participants (173,899 participants); asset peers above are excluded.

DOL Form 5500 plan year 2023. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

Frequently Asked Questions

How did The Bank of America 401(k) Plan assets move in 2023? ▼
The Bank of America 401(k) Plan grew sharply - up 16.4% during 2023, from $47.1B to $54.8B. Reported net income was $7.7B.
How have Bank of America Corporation plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Bank of America Corporation's sponsor-wide assets grew 24.0%, from $67.0B to $83.1B.
Where does The Bank of America 401(k) Plan rank by assets among Form 5500 filers? ▼
The Bank of America 401(k) Plan ranks in the 100th percentile by end-of-year assets among 127,072 plans that reported assets for plan year 2023 (among the largest 1% of all filed plans).
Which 401(k) plans are similar in size to The Bank of America 401(k) Plan? ▼
Among 401(k) plans in other states, the closest by assets is Microsoft Corporation Savings Plus 401(k) Plan in WA ($53.2B, 123,296 participants).
Which 401(k) plans cover a similar participant headcount to The Bank of America 401(k) Plan? ▼
Among 401(k) plans in other states, the closest by covered participants is Darden Savings Plan in FL (173,993 participants, $1.4B in assets).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 560906609.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.