Bank of America Corp. said it expects significant growth in 401(k) assets this year, but where and how it will generate new business is unclear.

Bank of America Merrill Lynch Retirement & Benefit Plan Services reported that its 401(k) assets increased 15.6% in 2009, to $81.5 billion. Analysts, however, say it could be difficult to generate additional 401(k) business in 2010.

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