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BMO U.S. Benefits

Beneficiary Designation

When you regularly review your beneficiary designations, you can feel confident that your benefit payouts will be distributed as you intended.

Update your designation

Always review your beneficiary designations after any major life event. You can update your beneficiary at any time. Here’s how:

  • Life and Accident insurance: Go to Workday and click My Retirement & Benefits application. Select your network status (on or off the BMO network). Click Review your beneficiaries-Life and Accident tile.
  • 401(k) Plan: Complete the 401(k) Beneficiary Designation Form.
  • Non-Qualified Savings Plan (NQSP): Your beneficiary is the same as your 401(k) Plan beneficiary, unless you make an alternate designation. Review/update on ACCESSBenefits or call
    1-800-738-2323.
  • Employee Share Purchase Plan: Complete the Employee Share Purchase Plan Beneficiary Designation Form.
  • BMO U.S. Pension Plan: Go to Workday and click My Retirement & Benefits application. Select your network status (on or off the BMO network). Click Review your beneficiaries-Pension tile. Or, call the Human Resources Centre at 1-888-927-7700.

If you don’t designate a beneficiary, the plans have default rules that determine to whom benefits would be paid. Refer to the Summary Plan Descriptions for further details.

A beneficiary is a person, trust or an estate that will receive payouts from your life insurance, retirement accounts and other plans upon your death.