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Innovation Roadmap—Delivering Financial Life Benefits®

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Innovation Roadmap—Delivering Financial Life Benefits® Innovation roadmap GET STARTED Delivering Financial Life Benefits® Innovation roadmap Delivering Financial Life Benefits® LEARN MORE Personal Retirement Strategy is an online investment advisory program sponsored by Merrill Lynch, Pierce, Fenner & Smith Inc. (“MLPF&S” or “Merrill”) that uses a probabilistic approach to determine the likelihood that participants in the program will accumulate sufficient total assets to achieve their annual retirement income goal. The recommendations provided by Personal Retirement Strategy may include a higher level of investment risk than a participant may be personally comfortable with. Participants are strongly advised to consider their personal goals, overall risk tolerance, and retirement horizon before accepting any recommendations made by Personal Retirement Strategy. Participants should carefully review the explanation of the methodology used, including key assumptions and limitations, as well as a description of services and related fees which is provided in the Personal Retirement Strategy Brochure (ADV Part 2A). It can be obtained through Benefits OnLine® or through the Retirement Benefits Contact Center. Merrill offers a broad range of brokerage, investment advisory and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select. IMPORTANT: The projections or other information shown in the Personal Retirement Strategy program regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. For plan sponsor and consultant use only. The screen shots shown are intended to illustrate the functionality and services through Benefits OnLine®. They are not meant as exact representations of the screens available through your plan. The concept screens are for discussion purposes only and do not reflect any currently available product or service. Any new products, services, enhancements, and release dates are subject to change based solely on Bank of America decision, including not proceeding with a planned offering. Bank of America, Merrill, their affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. Asset Allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets. Bank of America is a marketing name for the Retirement Services business of Bank of America Corporation (“BofA Corp.”). Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A., member FDIC. Brokerage and investment advisory services are provided by wholly owned nonbank affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”), a dually registered broker-dealer and investment adviser and member SIPC. Mutual Fund investment offerings for the Bank of America HSA are made available by MLPF&S, a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp. Investments in mutual funds are held in an omnibus account at MLPF&S in the name of Bank of America, N.A. (“BANA”), for the benefit of all HSA account owners. Recommendations as to HSA investment menu options are provided to BANA by the Chief Investment Office (“CIO”), Global Wealth & Investment Management (“GWIM”), a division of BofA Corp. The CIO, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group of GWIM. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value © 2021 Bank of America Corporation. All rights reserved. | 3400777 | ADA | 02/2021 financial life benefits® Empowering employees to take control of their financial lives Financial wellness is more important today than ever, and we are DUCATION AND L E GU CIA ID N AN A TIVE SER C committed to helping employees address their most urgent financial IN ECU VICE E F EX S priorities and keep their longer-term goals on track. Bank of ® NG² HE KI A America’s Financial Life Benefits is a holistic solution that can N LT A G¹ SO H B IN LU B E T T E E S I N help give employees what they need to move forward on their Y E O V N E O F N S L I I P ² T & financial journeys. M E FINANCIAL Driven by personalized and actionable guidance, this powerful solution provides LIFE C O BENEFITS® seamless access to support and tools that make it easier for employees to M P T E E N manage all aspects of their financial lives—whether budgeting for day-to-day N Q E S U M ¹ A I E S expenses, saving money to pay for health care, or planning for a steady stream T T R N IO Y TI A N RE L P P of income in retirement. LA NS¹ Financial Life Benefits is redefining workplace benefits, offering a more complete benefits package that can differentiate your company’s offering and help your employees live better financially. SEE OUR LATEST INNOVATIONS 1 Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated. 2 Bank products are available from Bank of America, N.A., and affiliated banks. home FLB access guidance simplification overview Delivering a high-tech, high-touch experience to help drive results We continue to enhance the benefits experience for you and your employees—and we invite you to join us on the journey. It starts with our understanding of the financial needs and behaviors of today’s diverse workforce, through millions of customer interactions, proprietary research and your input and feedback. This knowledge helps us to be more effective innovators and catalysts in advancing financial wellness and supporting your workplace programs and goals. This innovation roadmap highlights our latest strategic vision. Explore ACCESS GUIDANCE SIMPLIFICATION Seamless and secure digital access: Delivering education and guidance that Expanded capabilities: Streamlining Making it easy for employees to manage is personal and actionable. administration and driving plan health. their entire financial lives online. home FLB access guidance simplification overview access Elevating the digital experience Convenient access, intuitive interfaces and expanded functionality are the starting points on our digital roadmap. And, we are taking our digital solutions to the next level, using smart technology to create highly personalized and interactive experiences that raise the bar on how we engage, inform and prompt action. Key focus areas: • Bank of America’s digital capabilities — like Erica®, our virtual financial assistant — are helping us expand our integration of artificial intelligence and voice technology to help make it easy for employees to understand and take their next steps toward their financial goals. • Service that gives employees the ability to aggregate account balances in one place — from accounts within Bank of America and Merrill and with other financial institutions — to provide a big picture view of their finances and help them make decisions in the context of their full financial lives. • App development and digital channel evolution ensure employees can continue to use their preferred medium — whether desktop, mobile or tablet. • Digital platforms reflect the highest standards of security and privacy. learn more My Financial Picture> Additional digital interactions> home FLB access guidance simplification overview access My Financial Picture: All accounts in one place My Financial Picture is a free service that will allow employees to consolidate virtually all of their financial balances in one secure online location on Benefits OnLine®. In addition to Merrill and Bank of America accounts, participants can link account information from other financial institutions to help get a more complete picture of their financial status, plan a budget and understand their net worth. home FLB access guidance simplification overview access Additional digital interactions planned in 2021 Defined contribution: Expand Spanish language support on Benefits OnLine We will be expanding Spanish language support on the Benefits OnLine website and app for defined contribution plans (currently available for Equity) to help make it easier for Spanish-speaking employees to manage their 401(k) account, as well as seamlessly access educational content in Spanish on the Better Money Habits® website. Equity: Expanding ACH capabilities to allow employees quicker access to funds This enhancement will give participants the ability to request ACH electronic transfer of cash from their Limited Individual Investor Account (LIIA) to help them access their money when they need it. Health Benefit Solutions: Online chatbot uses artificial intelligence to answer common questions A new AI-powered chatbot on the health benefit accounts website will help connect employees to answers to commonly asked questions through real-time online messaging. This capability will also be integrated into the contact center experience. Health Benefit Solutions: Text messages keep employees informed on the go Health and benefit account holders will be able to elect to receive text messages to alert them
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