Sign In
Invest in you.
BMO U.S. Benefits

401(k) Savings Plan

Understanding and taking full advantage of the 401(k) Savings Plan is a great way to financially prepare to retire when you're ready.

How the plan works

The 401(k) Plan gives you flexibility on how you save for retirement. The Plan offers tax advantages, BMO contributions and a variety of professionally managed investment funds.

Below is a high-level overview of the 401(k) Savings Plan. For details, review the 401(k) SPD.

Effective July 28, 2020, current and future 401(k) investments held in the BMO Stable Value Fund will automatically move to the Invesco Stable Value Trust.

For details, review the 401(k) Savings Plan Update.


Account Access

  • A 401(k) Plan account will be established for you shortly after you receive your first BMO paycheck.
  • You can access your account online directly from Workday or by calling the Human Resource Centre at 1-888-927-7700.
  • Information will be mailed to your home address within four weeks of your hire date on how to access your account.


You are eligible to enroll and begin making contributions immediately. You can review and change your contribution rate at any time. Your changes take effect with the next possible pay period.

Auto-Save for new hires:

  • You are automatically enrolled in the Plan with a 5% before-tax contribution through convenient payroll deduction. Your contributions will become effective in one to two pay periods following 60 days of employment.
  • Following your one-year anniversary, your before-tax contribution rate will continue to increase by 1% each January, until you reach a 10% savings rate.
  • If you do not want to participate in Auto-Save and make contributions to the Plan, you must decline enrollment within the first 60 days of employment. Your contributions cannot be refunded if you opt out at a later date.

Your Contributions

Choose before-tax 401(k) contributions, after-tax Roth 401(k) contributions or any combination of both.

  • You may contribute from 1% to 25% of your eligible pay, subject to IRS annual limits. The 2020 IRS limit is $19,500.
  • Catch-up contributions: You have the option to make additional, “catch-up” contributions starting the year you reach age 50. The 2020 IRS limit is $6,500.
  • Rollovers: The Plan accepts direct rollovers from other qualified retirement plans, including taxable and Roth accounts.

BMO Contributions

  • Core Contributions: BMO will credit your account with a Core Contribution equal to 2% of your eligible 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 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.

Investment Options

  • Your contributions, and any company contributions, will be automatically invested in the Plan’s Qualified Default Investment Alternative (QDIA), an age-appropriate target-date retirement fund.
  • At any time, you may change how your plan account is invested by choosing from a full suite of professionally managed investment options. Learn more >

Loans and Withdrawals

  • While working at BMO, you may have limited access to your account through loans and certain types of withdrawals, subject to Plan provisions and IRS rules and limits.

When You Leave BMO

  • Your account balance is generally payable following retirement or termination (other in-service options may be available).
  • You are required to begin receiving a Required Minimum Distribution (RMD) from your account annually once you reach age 70½.

Payment Options

  • Lump sum – cash or rollover
  • Partial withdrawals
  • Installments (if age 55 or older)

401(k) resources

Use these valuable resources to maximize the 401(k) Plan:


401(k) tools

Here are some tools to help you get the most from the 401(k) Plan.

  • The 401(k) Plan offers a broad range of investment options. Go to 401(k) Plan Investment Options.
  • Use myRetirement Insight to project your overall retirement savings, estimate expenses at retirement and see how long your savings can last. For tips on accessing and using the planning tool review myRetirement Insight guide.

Talk to your financial or tax advisor for further information and guidance on choosing the 401(k) investment options that meet your retirement savings needs.

Need assistance?

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