Retiree
As a BMO retiree, you may still be participating in certain BMO benefit plans. Here is some useful information about your retiree benefits.
Retiree Medical
If you enrolled in the Retiree Medical Program at retirement, here’s what you need to know:
- If you and your eligible dependents are under age 65, you are eligible for the same medical plan options as active employees. For an overview, review the Medical Highlights.
- Review the full monthly premiums for pre-65 plans to calculate your share of the monthly premiums. To determine your share of the monthly premium, refer to your retiree letter. Inspira Financial will bill you for your Retiree premiums.
- Each November, an Annual Enrollment packet will be mailed to your home address on file if you or your dependents are under age 65. It includes a confirmation of your coverage and premiums for the next year.
- When you or your covered spouse/domestic partner turn age 65 and become Medicare eligible, your current coverage will end, and you will be eligible for coverage through Via Benefits, a private Medicare marketplace.
- If you or your covered spouse/domestic partner are over age 65, you can enroll in coverage through Via Benefits. They operate the country’s largest private Medicare marketplace ― giving you access to Medigap, Medicare Advantage, and Medicare Part D Prescription Drug plans, all from the nation’s leading health insurance carriers. Think of Via Benefits as your “coach” ― offering retiree medical insurance advice and guidance at no cost.
- Via Benefits will mail enrollment information to your address on file. You can work directly with Via Benefits to understand and review your Medicare plan options and costs. If you are eligible for subsidized coverage, Via Benefits administers an HRA. You will find costs and other important HRA information in the enrollment packet from Via Benefits. Via Benefits and the carrier selected will handle your medical premiums.
- You must also contact Social Security to complete your Medicare Parts A and B enrollment.
- For more information, visit the Via Benefits website or call 1-800-849-7016.
Enrollment for Special Circumstances
If you waived Retiree Medical coverage at retirement and would like to enroll now due to a qualifying condition, contact the Human Resources Centre at 1-888-927-7700 to request enrollment.
If you meet the requirements for Retiree Medical at the time of your death, your eligible dependents can enroll in the Retiree Medical Program. However, if your dependents choose to enroll in COBRA for medical coverage, they forfeit the right to enroll in the Retiree Medical Program.
What You Need to Know
Retiree Accident Insurance
If you retired before December 30, 2020, and were eligible for Retiree Accident insurance, you may have $10,000 of coverage. Your coverage will continue through the end of the year in which you turn 70 years old. To apply for benefits under the 2020 Accident Insurance Plan, you or your beneficiary should notify the Human Resources Centre at 1-888-927-7700. You or your beneficiary will be sent a claim form to complete and submit. You may also need to submit a police report or other proof of loss, if requested.
BMO U.S. Pension Plan
Your vested account balance becomes payable when you retire, but you can choose to defer payment until Normal Retirement Age (age 65), or until minimum distributions are required (age 72). To apply for benefits under the BMO U.S. Pension Plan, contact the Human Resources Centre at 1-888-927-7700.
To access your BMO U.S. Pension Plan Account, login to myBenefits & Retirement with your myBenefits & Retirement username and password.
401(k) Savings Plan
Your vested account balance becomes payable when you retire, but you can choose to defer payment until minimum distributions are required (age 73). To request a distribution under the 401(k) Savings Plan, access your account on Empower or call 1-844-SAV-401k (1-844-728-4015).
To access your 401(k) Savings Plan account, login to Empower with your username and password.
Important Retiree Contacts
Address change?
Keep BMO informed of your current address to ensure you get your Annual Enrollment packet, W-2, account statements and other important communication.
Call the Human Resource Centre at 1-888-927-7700 to update.
More information
- As a Retiree, take advantage of the exclusive banking benefits available through the Best of BMO U.S. program.
- Review the Retiree Premiums.
- Take a look at what happens to your BMO benefits when you retire, including the 401(k) Savings Plan and Employee Share Purchase Plan.
- BCBSIL publishes machine-readable files on behalf of BMO to provide transparency in coverage.
Mobile Apps
Inspira Mobile™
Make Retiree Medical payments and view account information.
Via Benefits
Manage your health care benefits, look up providers, contact the Via Benefits member support team and more.