Benefit Options

BMO invests in a comprehensive benefits program that supports your well-being, financial health and learning. You can choose the benefits that matter most to you and your family.

For details about your 2024 benefit options, review Introducing Your Benefits.

You have 31 calendar days from your hire date to elect your health and insurance plans. Elections take effect the first day of the month following 30 days of employment.

If you don’t enroll during your 31-day window, your next opportunity to enroll will be during Annual Enrollment, unless you experience a qualifying life event. Learn more.

Benefits Requiring Enrollment
Health Care Coverage
Medical, Dental, Vision
  • Review the plan highlights and 2024 premiums.
  • Check your dependent’s eligibility.
  • Learn about the HSA.
  • Enroll on Workday.
  • Save a copy of your final enrollment elections.
Health Savings Account (HSA)
Spending Accounts
Health Care Flexible Spending Account (HCFSA)
  • Review the plan highlights.
  • Decide if a before-tax account meets your personal situation.
  • Enroll on Workday.
  • Save a copy of your final enrollment elections.
Dependent Care Flexible Spending Account (DCFSA
Commuter Benefits
Supplemental Life Insurance
Supplemental Life and Family Insurance
  • Review the plan highlights and 2024 premiums.
  • Decide if you need Supplemental Life insurance for yourself, spouse/domestic partner and children.
  • Designate your beneficiaries if you enroll in Supplemental Life.
  • Enroll on Workday during the next quarterly enrollment opportunity.
  • Save a copy of your final enrollment elections.
Supplemental Long Term Disability
Supplemental Long Term Disability (LTD) Insurance
  • Review the plan highlights and 2024 premium.
  • Decide if you need Supplemental LTD insurance.
  • Enroll on Workday.
  • Save a copy of your final enrollment elections.
Employee Share Purchase
Employee Share Purchase Plan (ESPP)
  • Review the plan highlights.
  • Decide if you want to purchase BMO stock at a 10% discount.
  • Enroll on Workday during the next quarterly enrollment opportunity following six months of employment.

Watch your BMO email for the next ESPP quarterly enrollment opportunity.

Voluntary Benefits
Accident, Critical Illness, Hospital Indemnity Insurance
  • Visit the informational website for each plan, then review highlights and 2024 premiums.
  • Decide if you need voluntary benefits.
  • Enroll on Workday.
  • Save a copy of your final enrollment elections.
Legal Plan

BMO automatically provides the following benefits to eligible employees.

Automatic Benefits
Life & Accident
Basic Life Insurance

Company-provided coverage equal to two times your total compensation, up to $500,000.

Don’t forget to designate your beneficiaries on
Workday.

Business Travel Accident Insurance (BTA) Financial protection for you and your family while traveling on BMO-related business.
Retirement & Savings
401(k) Plan

You may enroll and begin making contributions to the Plan immediately. If you don’t take action, you are automatically enrolled with a 5% before-tax contribution through convenient payroll deductions. Your contributions will begin in one to two pay periods following 30 days of employment. If you do not want to contribute to the Plan, you must decline enrollment within the first 30 days of employment. Your contributions cannot be refunded if you opt-out at a later date.

There are two types of BMO contributions:

  • BMO Core Contribution: BMO will make a Core Contribution equal to 2% of your eligible pay, even if you don’t contribute.
  • BMO Matching Contribution: BMO will match your contribution up to 5% of eligible pay.

You can make changes to your 401(k) account at any time.

Work/Life
Employee Assistance Program (EAP) A free and confidential resource to support the health and well-being of  you and your family.
Time Off
Sick Time 80 paid sick hours each calendar year. Your sick time may be prorated in your year of hire or if you are a part-time employee.
Short Term Disability (STD) Replaces 70-100% of your total compensation for 100 days (depending on service).
VacationHolidaysMaternity and Parental Leaves Paid time off to take a break or spend time with your family, celebrate a holiday and care for and bond with a new baby.
Basic Long Term Disability (LTD) Replaces 60% of your pre-disability total compensation after 110 consecutive business days of non-work related disability.

Important Forms/Docs

Introducing Your Benefits

Need assistance?

The Human
Resources Centre

1-888-927-7700

Monday – Friday, 8 a.m. – 5 p.m. CT.