The news: Bank of America (BofA) recently introduced 401(k) Pay for plan sponsors and participants. It handles recordkeeping, flexible deposit options, retirement income planning, and financial advice.

Here’s how it works: For customers of BofA’s Personal Retirement Strategy investment advisory program, 401(k) Pay is a digital hub. Tools on the platform help employees create a retirement income plan by incorporating salary, savings, retirement age, sources of retirement income, and tax implications.. The bank supports participants in setting income goals and plan disbursements, adjusting income for their cost of living, estimating required minimum distributions, and choosing distribution frequency.

Zoom out: Wealth building depends not just on automatic enrollment and contributions to retirement plans (aka, the “set it and forget it” approach). “Forget it” can become a problem when consumers change jobs and don’t roll the funds into their new 401(k) or an individual retirement account.

Millions of Americans unknowingly give up potential retirement savings because they forgot about accounts left at previous employers, according to a Wall Street Journal survey. Employers frequently roll over these small balances into safe harbor accounts, which are often left in cash and eroded by fees. Retirement funds left behind for some consumers may as well not exist.

Our take: New experiences for retirement plans apply to all demographics. But retirement custodians have a particular opportunity to cater to Gen Zers, who often job hop, causing their retirement accounts to multiply. They also increasingly live frugally and save and invest aggressively.

To attract Gen Zers, plan custodians should distribute both traditional and nontraditional savings and investment products and offer tools like automated investing and financial education. They should also note that younger consumers prefer alternative investments, values-based investments, and personalization.