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.
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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 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. |
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 > |

Need assistance?
Call the Human Resources Centre
1-888-927-7700
Monday through Friday, from 8 a.m. to 5 p.m. CT