Defined Contribution

Employees in plans serviced by Bank of America's retirement business are increasing their use of health savings accounts and boosting their retirement savings.

Given the current hodge-podge of partial fee disclosures and share classes, participants are being treated unfairly.

Contribution limits for employees in 401(k) and other defined contribution plans will go from $17,500 to $18,000 next year.

Chief Executive Officer Richard M. Weil has raised the firms profile in the past month, hiring Pimoc co-founder Gross and agreeing to buy VelocityShares to expand in exchange-traded products.

Ford is among large investors moving money from Pimco after his Sept. 26 exit, with clients rattled by the change pulling a record $23.5 billion in September from the Total Return Fund.

Net income increased to $299.8 million, or $1.12 share, from $267.7 million, or $1, a year earlier.