Non-Qualified Savings Plan

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 NQSP. 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.

  • You will automatically receive the Core Contribution from BMO on eligible pay between the IRS pay limit and $500,000.
  • If you are eligible to make your own contributions, you will receive an invitation from BMO. You may elect to contribute your own pay and get BMO’s Matching Contribution.
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
  • Core Contributions: BMO will credit your account with a Core Contribution equal to 2% of your eligible excess pay each pay period, whether or not you contribute.
  • Matching Contributions: BMO will match your contributions dollar-for-dollar, up to the first 5% of annual eligible excess pay.
  • Your contributions and BMO Matching Contributions are 100% vested immediately.
  • BMO Core Contributions become 100% vested after you complete three years (36 months) of vesting service.
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
  • Lump sum
  • 5-year annual
  • 10-year annual
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

Monday through Friday, from 8 a.m. to 5 p.m. CT