MERRILL LYNCH & CO., INC. 401(K) SAVINGS & INVESTMENT PLAN
IMPORTANT!!!
This page contains information about the

MERRILL LYNCH & CO., INC. 401(K) SAVINGS & INVESTMENT PLAN

This website is for the benefit of attorneys and CPAs with clients needing a QDRO for this plan. QDRO.com is NOT the Plan Administrator or affiliated with the plan or company listed on this page. We draft QDROs for this plan, so if that is why you're here, please say hello.
Plan & Company Information

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Company
BANK OF AMERICA CORPORATION
401 N. TRYON STREET, NC1-021-08-03
CHARLOTTE, NC 28255
800-556-6044
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Plan Name
MERRILL LYNCH & CO., INC. 401(K) SAVINGS & INVESTMENT PLAN
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Plan Administrator
BANK OF AMERICA CORPORATION CORPORATE BENEFITS COMMITTEE
401 N. TRYON STREET, NC1-021-08-03
CHARLOTTE, NC 28255
800-457-5700
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MERRILL LYNCH & CO., INC. 401(K) SAVINGS & INVESTMENT PLAN is located in CHARLOTTE, NC. If you need a QDRO in CHARLOTTE, NC just know that QDRO.com drafts QDROs for customers in all 50 states.
MERRILL LYNCH & CO., INC. 401(K) SAVINGS & INVESTMENT PLAN is a DEFINED CONTRIBUTION PLAN. Typically, a Company Sponsor (Employer) of this type of plan creates an account for every individual Participant. Regular contributions are then made by the Employer, the Participant, or both. Examples of this plan type are Employee Stock Ownership Plan (ESOP), Profit-Sharing Plans, 401(a), Savings Plans and 401(k).

A division of this type of account must be done by way of a Qualified Domestic Relations Order (QDRO). When dividing a defined contribution plan, the Alternate Payee is typically awarded a portion of the Participant's account balance as of a specific date (the "Valuation Date" or "Assignment Date"). In most cases, the Alternate Payee’s portion must be expressed as either a specific dollar amount, or as a percentage of the account. Most defined contribution plans do not permit an award to be expressed as "marital coverture formula", such as: "50% of the amount accrued from the date of marriage to the date of separation or divorce". With a few exceptions, a QDRO containing a marital coverture formula for division of a defined contribution account will likely be rejected by the appropriate Plan Administrator.

Once a QDRO is approved, the Plan Administrator will establish a separate account for the Alternate Payee. If permitted by the terms of the plan, the Alternate Payee may have the opportunity to utilize investment options that are available for other plan participants. This type of plan generally allows an Alternate Payee to receive an immediate lump sum distribution (or withdrawal) upon approval of a QDRO. Alternatively, the Alternate Payee may choose to transfer the awarded funds to another tax deferred account of their choice - for example, to an IRA (Individual Retirement Account). It is critical that the Alternate Payee consult with a tax professional before making any transfers or withdrawals in order to be fully informed as to any potential tax consequences arising from either the nature or timing of the withdrawal or transfer.

Features of the MERRILL LYNCH & CO., INC. 401(K) SAVINGS & INVESTMENT PLAN may include:

  • This Plan is a “Profit-Sharing Plan”, where employer contributions are variable and are based upon a portion of company profits based upon quarterly or annual earnings.
  • This Plan permits Participants to direct the investment of his or her retirement accounts.
  • This is a cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan and provides for an election by employees to defer part of their compensation or receive these amounts in cash. It is also known as a “401(k) Plan”.
  • This is a Plan where employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan.
  • This is an Employee Stock Ownership Plan (ESOP), where the sponsoring company contributes newly issued stock, existing treasury stock, or cash to the Plan, which is then used to purchase shares from the selling shareholder
  • This is a plan that provides for automatic enrollment for employees and has elective contributions that are deducted from payroll
  • This is a plan that provides for total or partial participant-directed account(s). In other words, this Plan uses a default investment account for participants who fail to direct assets in their account.


DISCLAIMERS

The Plan features and descriptions presented are provided only as examples and general descriptions a particular type of plan. Participants and Alternate Payees should ALWAYS review the applicable Summary Plan Description for a detailed description of the specific terms and options for the specific Plan in question.

The information provided on this page is based upon the most recent Plan tax filings available. The terms of a specific plan may have changed since the most recently available tax filing, and as a result, these descriptions and features may not be current. QDRO.com makes no representations as to accuracy of these descriptions.

QDRO.com is neither the administrator, nor a representative of this Plan. QDRO.com provides this information merely as a courtesy and makes no warranties as to the current status or accuracy of these descriptions.
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