Non-Qualified Savings Plan
Supplement your 401(k) Plan with additional before-tax contributions to the Non-Qualified Savings Plan (NQSP).
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.
| Features | |
|---|---|
| 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. |