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BMO U.S. Benefits

Retiring

Thinking about retiring? Here's what you need to know about your benefits as you transition to this next phase in your life.

Retiring is different from simply ending your employment at BMO. If you are an eligible retiree you may be able to participate in or receive certain benefits during retirement.

To be considered “retirement-eligible,” you must meet the minimum age and service requirements:

  • Normal Retirement: As early as age 65 with at least 3 years of service
  • Early Retirement: As early as age 55 with at least 10 years of service

See if your financial future is on track for retirement. Watch All about saving and planning for retirement.
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Here’s a high-level overview of how your benefits are affected when you retire. For details, review Your Benefits at Retirement.

BenefitWhat You Can Do
Health Care
Medical

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

  • You and your eligible dependents 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.

Be sure to take a look at the Retiree Premiums. For details, review the Retiree Medical Provisions.

  • You have the option to continue coverage for yourself and family members under COBRA. Learn more

Eligible retirees and dependents who are under age 65 will be covered under the Consumer Choice Plan. Those age 65 or older (Medicare-eligible) will be covered under the Medicare Secondary Plan. For more information, review the UMR Medicare Secondary Plan Overview.

  • 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
Spending Accounts
Health Savings Account (HSA)You take your HSA and any account balances with you when you retire. You are responsible for any account fees associated with this account.
  • 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

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

  • Lump sum distribution (mandatory if balance is $1,000 or less)
  • Annual installment payments
  • Partial withdrawals
  • Defer payments until age 70½, when required minimum distributions 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

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 70½, 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 & Accident
  • Life Insurance
  • Accident and Business Travel (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

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
DisabilityEligibility 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. 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)


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 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