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.

Benefit What 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 for yourself and family members under COBRA.
    Learn more 

You may qualify for the Retiree Medical Program. To find out, review the
Blue Cross Blue Shield Medical SPD or UnitedHealthcare 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.

Learn how enrolling in Medicare will affect your HSA.

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.

Voluntary Benefits
  • Accident Insurance
  • Critical Illness Insurance
  • Hospital Indemnity Insurance
  • Group Legal

Coverage under voluntary benefits is portable. If you leave BMO for any reason, you can take your coverage with you.

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 Plan

If 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 Insurance
  • Life Insurance Plans
  • 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 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