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Beneficiary Designation

Regularly review your beneficiary designations so you can feel confident that your benefit payouts will be distributed as you intended.
A beneficiary is a person, trust or estate receiving payouts from your life insurance, retirement accounts, and other plans upon your death.
If you don’t designate a beneficiary, the plans have default rules. Refer to the plan’s Summary Plan Description.

Below is a high-level overview about updating your beneficiaries.

Benefit Steps to Update
401(k) Plan

Login to your 401(k) Plan account online:

  • Inside BMO network: Go to Workday, click Pay application. Under External Links, click 401(k) (On BMO Network)
  • Outside BMO network: Go to Workday, click More Tools application, then HR Intranet. Under the Benefits tab, click Retirement, then U.S. Retirement Savings Program. From the menu on the right, click Login to 401(k)
  • Empower Online: Login to Empower directly using your username and password

Note: To view a 401(k) designation made before 2021, contact the HRC or open an e-service ticket in Workday. To ensure the accuracy of your 401(k) beneficiary designation, update your information online. To report a death, contact Empower at 1-844-SAV-401K (1-844-728-4015).
BMO U.S. Pension Plan

Login to your Pension account online:

  • Inside BMO network: Go to Workday, click My Benefits & Retirement application. Click Employees in Canada and U.S, then Pension
  • Outside BMO network: Login to Workday, click My Benefits & Retirement application. Click Employees in Canada and U.S. (login with your myBenefits & Retirement user ID and password), then click Pension

If you don’t designate a beneficiary, the plans have default rules that determine to whom benefits would be paid. Refer to the Summary Plan Descriptions for further details.
Employee Share Purchase Plan Your shares (and any cash) will become the property of your estate. The executor of your estate should report the death to Computershare at 1-800-545-7996.
Health Savings Account (HSA)

Go to the Account Summary page on the Smart-Choice website and choose View Beneficiaries.

To access Smart-Choice:

  • Go to Workday, click My Benefits & Retirement application
  • Select your network status (on or off the BMO network)
  • Click Reimbursement Accounts tile
Life Insurance Go to Workday and click My Benefits & Retirement application. Select your network status (on or off the BMO network). Click Review your beneficiaries-Life and Accident tile.
Non-Qualified Savings Plan Your beneficiary is the same as your 401(k) Plan beneficiary, unless you make an alternate designation. Review/update by following the 401(k) Plan instructions above.