Non-Qualified Savings Plan
Supplement your 401(k) Plan with additional before-tax contributions to the Non-Qualified Savings Plan (NQSP).
As of May 1, 2023 the NQSP administration and recordkeeping has moved from ACCESSBenefits to Empower. Learn more.
For more information about the NQSP, review Your Guide to Understanding the Non-Qualified Savings Plan.
Take a look at how to update your beneficiary designation on Workday. Learn more.
Below is a high-level overview of the NQSP. For details, review the NQSP FAQs.
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Participation | To participate in the NQSP, you must be eligible for the 401(k) Savings Plan and earn pay above the eligible IRS limit for the 401(k) Savings Plan.
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Account Access | You can access your NQSP account through your 401(k) Savings Plan account – online directly from Workday or by calling the Human Resource Centre at 1-888-927-7700. |
Your Contributions | You may contribute from 1% to 75% of your eligible excess pay before-tax in an amount that is between the IRS limit for the 401(k) Savings Plan and $500,000. |
BMO Contributions |
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Vesting |
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Investments | You can invest in a variety of funds and can change your investment election at any time. If you don’t choose a fund, contributions will be automatically invested for you into a target date retirement fund nearest to the date you turn age 65. |
When you leave BMO | Your account balance will be paid automatically in accordance with the distribution election you make when you enroll in the plan. Payments from the plan are not eligible for rollover. |
Payment Options |
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Beneficiaries | Your beneficiary is the same as your 401(k) Savings Plan beneficiary, unless you make an alternate designation. Learn more. |