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BMO U.S. Benefits

Leaving BMO

If you leave BMO for any reason, it’s important to understand how your benefits are affected and what you can expect as you transition out of the company.

Here’s a high-level overview of when your benefits end and options you may have to continue coverage. For details, review When Employment Ends.

BenefitWhat You Can Do
Health Care
  • Medical
  • Dental
  • Vision
  • Coverage continues until the last day of the month in which your employment ends.
  • You can continue coverage under COBRA. Learn more

You may qualify for the Retiree Medical Program. To find out, review the Medical SPD.

Health Savings Account (HSA)

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

Spending Accounts
  • 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.

    Retirement & Savings
    401(k) Plan

    You may choose from these account options:

    • Lump sum distribution (mandatory if balance is $1,000 or less)
    • Annual installment payments if you’re age 55 or older
    • Partial withdrawals
    • Defer payments until age 70½, when Required Minimum Distributions must begin
    Non-Qualified Savings PlanIf 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
    • You’re eligible for a benefit if:
      • You were hired before April 1, 2016 and
      • Have 3 or more years of vesting service when your employment ends
    • A Statement of Deferred Vested Benefit will be sent to your home address about 30 days after your employment ends.
    Employee Share Purchase Plan

    Participation automatically ends when your employment ends.

    • If your termination date is before the last pay cycle of the quarter, your accumulated deductions for the quarter will be refunded.
    • If your termination date is after the last pay cycle of the quarter, your current contributions for the quarter will be used to purchase shares.
    • For shares held in your account, you may:
      • Sell your shares
      • Transfer your shares to a broker
      • Request shares in Direct Registration (DRS)
    Life & Accident
    • Life Insurance Plans
    • Accident and Business Travel Accident Insurance
    • 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 mailed to your home address.
    Time Off
    • Disability (STD and LTD)
    • Sick time
    • Vacation
    • Coverage ends on your last day worked.
    • You will be paid out any earned, unused vacation.
    • 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 from LifeWorks after your employment ends. This program is free of charge and no enrollment is required.

    Contact LifeWorks:

    Phone: 1-800-757-0327

    LifeWorks website: (user ID: bmous; password: lifeworks)


    COBRA Coverage

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

    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 Resources Centre at 1-888-927-7700 to update.

    Need assistance?

    Call the Human Resources Centre
    1-888-927-7700
    Monday through Friday, from 8 a.m. to 5 p.m. CT