Non-Qualified Savings Plan (NQSP)
If your pay exceeds the IRS limit for the 401(k) Savings Plan, you may be eligible to continue to save for retirement before-tax and earn BMO Core and Matching Contributions through the Non-Qualified Savings Plan (NQSP).
Here’s a high-level overview of the Non-Qualified Savings Plan. For more information, review Your Guide to Understanding the Non-Qualified Savings Plan and the NQSP FAQs.
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.
|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 25% 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.|
|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.|
|Beneficiaries||Your beneficiary is the same as your 401(k) Savings Plan beneficiary, unless you make an alternate designation. Learn more >|