Bank of America Corporation
Updated Filing received by DOL
Bank of America Corporation, a management of companies employer in Charlotte, North Carolina, reported 172,162 participants in its health and welfare plans for plan year 2025. Its Form 5500 shows $1.3M in insurance premiums across 41 contracts and $1.4M in broker commissions and fees. The plan is a mix of insured and self-funded coverage. The Department of Labor received the filing on September 24, 2026, within the extension window.
Who was paid on Bank of America Corporation's plan
Schedule A, Part I lists each broker or agent paid on each insurance contract and the amount. Totals below add every contract Bank of America Corporation filed for 2025.
| Broker or agent | Commissions | Fees | Total | Contracts |
|---|---|---|---|---|
| Willis Towers Watson · New York, NY | $695,749 | $610 | $696,359 | 3 |
| Marsh McLennan Agency · Boston, MA | $0 | $422,685 | $422,685 | 3 |
| Alight Solutions · Chicago, IL | $0 | $242,187 | $242,187 | 2 |
| Watson Wyatt & Company · Arlington, VA | $0 | $26,084 | $26,084 | 1 |
Source: DOL Form 5500 Schedule A, Part I (broker commissions and fees), plan year 2025, as published in EBSA's 2025 "Latest" dataset. Part I names whoever the carrier paid, which can be a firm or an individual agent; both are public record. Where Part I rows added up to more than the contract's Schedule A total, they were scaled down to that total. Amounts exclude pay from carriers not tied to a listed contract.
Insurance contracts and carriers
The 24 largest of 41 contracts reported on Schedule A: carrier, what it covers, people covered at year end, earned premium, and broker compensation.
| Carrier · coverage | Covered | Premium | Broker pay | Rate |
|---|---|---|---|---|
| Triple-S Salud, Inc. (BCBS of Puerto Rico)health, dental, prescription drug, PPO | 73 | $1.3M | — | — |
| Aetna Life Insurance Co.dental, vision | 259,579 | — | — | — |
| Aetna Life Insurance Companyhealth, dental, vision, indemnity | 186 | — | — | — |
| Health Nethealth, vision, HMO | 5 | — | — | — |
| Hawaii Medical Service Association BCBS of Hawaiihealth, PPO | 168 | — | — | — |
| Hawaii Medical Service Association BCBS of Hawaiihealth, PPO | 5 | — | — | — |
| Kaiser Foundation Health Plan of Coloradohealth, prescription drug, HMO | 139 | — | — | — |
| Kaiser Foundation Health Plan of Georgia, Inc.health, prescription drug, HMO | 1,176 | — | — | — |
| Kaiser Foundation HLTH PLN of the Mid-Atlantic States, Inc.health, prescription drug, HMO | 847 | — | — | — |
| Kaiser Foundation Health Plan Inc. (no. California)health, prescription drug, HMO | 4,352 | — | — | — |
| Kaiser Foundation Health Plan of the Northwesthealth, prescription drug, HMO | 236 | — | — | — |
| Kaiser Foundation Health Plan Inc. (so. California)health, prescription drug, HMO | 8,903 | — | — | — |
| Kaiser Foundation Health Plan of Washingtonhealth, long-term disability, prescription drug, HMO | 237 | — | — | — |
| Metropolitan Life Insurance Companylong-term disability | 163,595 | — | — | — |
| Metropolitan Life Insurance Companyhealth | 61,712 | — | $525,027 | — |
| Metlife Legal Planscoverage not coded | 54,821 | — | $439,603 | — |
| Metropolitan Life Insurance Companylife | 253,314 | — | $422,685 | — |
| Metropolitan Life Insurance Companydental | 242,027 | — | — | — |
| National Union Fire Insurance Co of Pittsburgh, PAcoverage not coded | 213,207 | — | — | — |
| Sierra Health and Life Insurance Company, Inc.health | 843 | — | — | — |
| Aetna Life Insurance Co.dental, vision | 17,746 | — | — | — |
| Aetna Health Inc. (a Texas Corporation)HMO | 7 | — | — | — |
| Health Nethealth, vision, HMO | 188 | — | — | — |
| Humana Medical Plan, Inc.health, HMO | 2 | — | — | — |
Source: DOL Form 5500 Schedule A, plan year 2025. Self-funded medical coverage has no premium; amounts shown for it are stop-loss or administrative contracts.
How Bank of America Corporation compares
Medians across employers for plan year 2024, the most recent complete year. Commission rates use fully insured medical contracts only; dollar medians use every employer that disclosed broker pay.
Not computable: no insured medical premium on the filing.
Premium per covered person on medical contracts: $18,040 a year (national median $7,274).
Source: BenefitsLedger benchmarks from 58,547 employer health plans with 100 or more participants, plan year 2024. Methodology.
Year over year
| 2024 | 2025 | Change | |
|---|---|---|---|
| Participants | 172,475 | 172,162 | −0.2% |
| Premiums filed | $1,194,418 | $1,316,894 | not comparable |
| Broker commissions + fees | $998,484 | $1,387,315 | +38.9% |
| Commission rate | — | — | — |
Source: DOL Form 5500 filings for plan years 2024 and 2025.
Filings and timeliness
Plans this employer filed under its EIN with a health benefit code. Large plans are due seven months after the plan year ends, or two and a half months later with an extension; amended filings carry the amendment date, so no timing is asserted for them.
| Plan | Plan year end | Received by DOL | Timing | Participants |
|---|---|---|---|---|
| Bank of America Group Benefits Program#501 · insurance, general assets, trust | December 31, 2025 | September 24, 2026 | within extension | 172,162 |
| Bank of America Retiree Group Benefits Program#502 · insurance, general assets, trust | December 31, 2025 | September 24, 2026 | within extension | 63,938 |
Source: DOL Form 5500 Part I and signature dates; "late" means received after the extended deadline (the 15th day of the tenth month after plan year end). What a late Form 5500 costs.
How much did Bank of America Corporation pay in health insurance broker commissions in 2025?
Bank of America Corporation's 2025 Form 5500 reports $1,387,315 in broker commissions and fees across 41 insurance contracts ($719,515 in commissions, $667,800 in fees), with Willis Towers Watson receiving the largest share.
Is Bank of America Corporation's health plan self-funded or fully insured?
The 2025 filing indicates the plan is a mix of insured and self-funded coverage. Medical coverage is written by Triple-S Salud, Inc. (BCBS of Puerto Rico), Aetna Life Insurance Company, Health Net.
How does Bank of America Corporation's broker compensation compare with similar employers?
A commission-to-premium ratio cannot be computed for Bank of America Corporation because the filing does not report medical premium on Schedule A (usual for self-funded plans). In dollars, employers with 5,000+ participants that disclosed broker pay reported a median of $458,262.
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Record built October 24, 2026 from U.S. Department of Labor, EBSA Form 5500 datasets (2025, 2024, 2023 plan years, 'Latest' files). Filings can run 7 to 10 months behind the plan year; always confirm against current plan documents. BenefitsLedger is not affiliated with the U.S. Department of Labor. Open the DOL filing search.