Automatic Data Processing and the Bank of America have formed an...

Automatic Data Processing and the Bank of America have formed an alliance to offer a 401(k) program combining ADP Retirement Services’ administration services and Banc of America Advisors’ investment management capabilities. The new program, Bank of America 401(k), caters to small and medium-sized businesses and commercial bank clients, offering the Nations Funds family of mutual funds and other well-known mutual fund families. ADP will oversee enrollment, employee education and communications, record keeping and regulatory compliance testing and reporting.