Bank of America (NYSE:BAC) Inks Human Resource Deal with Hewitt Associates and Plateau Systems

Bank of America (NYSE:BAC) has decided to switch human resources providers, and have signed a deal with Hewitt Associates Inc. and Plateau Systems to provide the services starting in 2011.

The current contract with fidelity investments for human resources will be dropped as a consequence of the new deal.

As far as the new contract with Bank of America, it will extend for five-and-a-half years, and will have Hewitt support the administrative side of the human resources administration, while Plateau Systems will provide the global learning management system in the deal.

The existing Hewitt platform will be integrated with the global learning management system of Plateau Systems, with the result being a boosted performance of the learning and training across the entire company by managing the delivery, tracking and administrating of all aspects of the training process around the globe.

Although they lost the human resources contract, Fidelity will continue to manage the retirement services of Bank of America, which is part of their existing contract, which presumably is being extended.

Bank of America Merrill Lynch Retirement and Philanthropic Services will continue to administer the retirement plan for Merrill Lynch associates, while Bank of America administration for their associates will transfer to RPS by the end of the year.