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Retiring

Retirement is a big decision. Make sure you understand what happens to your BMO benefits as you transition to this next phase of life.

If you are an eligible retiree you may be able to participate in or receive certain benefits during retirement.

See if you’re financially prepared for retirement. Watch All About Saving and Planning for Retirement.

Here’s a high-level overview of how your benefits are affected when you retire. For details, review Your Benefits at Retirement.

Benefit What You Can Do
Health Care
Medical

Coverage continues until the last day of the month in which your employment ends.

  • Eligible retirees and dependents under age 65 may continue medical coverage through the Retiree Medical Program if:
    • ­You retire at age 55 or later,
    • ­You have 10 or more years of BMO service and
    • ­You are enrolled in a Company-sponsored medical plan immediately prior to retirement.

To help you calculate your share of the monthly cost for Retiree Medical coverage, review the full monthly premiums and refer to your retiree letter. Learn more about Retiree Medical Premiums.

    • You have the option to continue coverage for yourself and family members under COBRA. Learn more.
  • Eligible retirees and dependents over 65 can enroll in coverage through Via Benefits, a private Medicare marketplace.
    • Via Benefits can help you understand and navigate your Medicare plan options, giving you access to Medigap, Medicare Advantage, and Medicare Part D Prescription Drug plan from the nation’s leading health insurance carriers. Via Benefits has experienced, unbiased, licensed benefit advisors who will help you and your covered dependents select and enroll in plans from the Medicare marketplace. Via Benefits offers advice and guidance throughout your retiree medical insurance experience at no cost. For more information, visit the Via Benefits website or call 1-800-849-7016.
    • Once your termination date is entered into Workday, you will receive enrollment information from Via Benefits. You will work directly with Via Benefits to review plan options and costs.
    • If you are eligible for subsidized coverage, it will be provided through an HRA administered by Via Benefits. You will receive an enrollment packet from Via Benefits with HRA costs and other important information.
    • Contact Social Security to complete your Medicare Parts A and B enrollment.

Former Bank of the West Employees: You are eligible for retiree medical benefits if you were at least 55 with ten years of service as of 12/31/2016 and have been enrolled in an active employee medical plan for at least 12 months before retirement.
  • Dental
  • Vision

Coverage continues until the last day of the month in which your employment ends.

    • You can continue coverage for yourself and family members under COBRA. Learn more.
Tax Savings Accounts
Health Savings Account

You take your HSA and any account balances with you when you retire. You are responsible for any account fees associated with this account.

Learn how enrolling in Medicare will affect your HSA.
  • Health Care FSA
  • Limited Purpose FSA

Coverage continues until the last day of the month in which your employment ends.

  • Submit eligible claims incurred before the last day of the month in which your employment ends by completing a Health Care FSA Claim Form.
  • Unused dollars in your account will be forfeited.
  • If you elect COBRA coverage, you may continue contributing to your account on an after-tax basis and submit eligible expenses incurred through the duration of your COBRA continuation period.
Dependent Care FSA

Coverage continues until the last day of the month in which your employment ends.

  • You may submit eligible claims incurred through the end of the plan year, up to your available account balance by completing a Dependent Care FSA Claim Form.
  • Unused dollars in your account will be forfeited.
Commuter Benefits

Coverage ends on your last day worked.
Voluntary Benefits
  • Accident Insurance
  • Critical Illness Insurance
  • Hospital Indemnity Insurance
  • Group Legal
 Coverage under voluntary benefits is portable, you can take your coverage with you when you retire.
Retirement & Savings
401(k) Plan

Your vested account balance becomes payable when you retire. Choose from these payment options:

  • Lump sum distribution
  • Monthly, quarterly, semi-annual or annual installments
  • Partial withdrawals
  • Defer payments until age 73, when required minimum distributions begin
Non-Qualified Savings Plan

If you have participated in this plan you will automatically receive your vested account balance as follows:

  • Balance less than $50,000: Automatic lump sum distribution within 60 days following the end of your employment.
  • Balance $50,000 or more: A distribution according to the election you made at the time you enrolled in the plan (lump sum or annual installments over 5 or 10 years).
BMO U.S. Pension Plan

If you were hired before April 1, 2016, when you retire, choose from these payment options:

  • Lump sum distribution (mandatory if balance is $5,000 or less)
  • Single life annuity
  • Joint & survivor annuity
  • Cash refund
  • Defer payments until age 72, when required minimum distributions begin
Employee Share Purchase Plan

Your participation automatically ends when you retire.

  • If your employment-end date is before the last pay cycle of the quarter, your accumulated deductions for the quarter will be refunded.
  • If your employment-end date is the last pay cycle of the quarter, your current contributions for the quarter will be used to purchase shares.
  • For any shares held in your account, you may:
    • ­Sell your shares
    • ­Transfer your shares to a broker
    • ­Request shares in Direct Registration (DRS)
Life Insurance
  • Life Insurance
  • Business Travel Accident Insurance (BTA)
  • Coverage ends on your last day worked.
  • You may be eligible to convert your basic, supplemental or family life insurance to an individual policy. A conversion packet will be mailed to your home address.
Accident Insurance (2020) If you are retirement eligible, under age 70 and enrolled in Accident insurance at the time of retirement, BMO will automatically enroll you in Retiree Accident insurance coverage of $10,000 at no cost to you.
Time Off
Disability Eligibility for short-term disability and long-term disability coverage ends on the date your BMO employment ends.
  • Sick time
  • Vacation
  • Active coverage ends on your last day worked.
  • You will be paid out any earned, unused vacation on the paycheck following your last regular check, unless your state regulations require otherwise.
  • Unused sick time is not eligible for payout.
Work/Life
Employee Assistance Program (EAP)

You automatically receive 18 months of COBRA continuation for the EAP after your employment ends. The EAP, administered through Telus Health, is a free resource. No enrollment is required.

Here’s how to contact Telus Health:
Phone: 1-800-757-0327
TelusHealth: (user ID: bmous; password: lifeworks)
Best of BMO U.S. You will continue to have access to the same exclusive banking benefits provided to you as an employee.

COBRA coverage

You have up to 60 days after your active coverage ends to elect COBRA coverage for continuation of your health benefits.

Note: If you are eligible for the Retiree Medical Program and enroll in COBRA medical, you forfeit your future eligibility for the Retiree Medical Program.

LEARN MORE

Address change?

Keep BMO informed of your current address to ensure you get your W-2, account statements and other important communication.

Call the Human Resource Centre at 1-888-927-7700.

Related Links

COBRA

Retiree Premiums

Important Forms/Docs

Your Benefits at Retirement

Retiree Medical Premiums

Health Care FSA Claim Form

Dependent Care FSA Claim Form

Parking Cash Reimbursement Claim Form

BMO Medical Election/Waiver Form

Inspira Financial Depositor Authorization Form

Need assistance?

The Human
Resources Centre

1-888-927-7700

Monday – Friday, 8 a.m. – 5 p.m. CT.