401(k) Savings Plan

Save for your future with the BMO 401(k) Savings Plan.

As of May 1, 2023 the 401(k) administration and recordkeeping has moved from ACCESSBenefits to Empower. Learn more

Get a quick overview of the investment options, including allocation funds, indexed funds, actively managed funds, and specialty funds.

Take a look at how to update your beneficiary designation on Workday. Learn more

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

Account Access
  • A 401(k) Plan account will be established for you shortly after you join BMO.
  • Information will be emailed shortly after your hire date on how to access your account.
  • Access your account by calling the Human Resource Centre at 1-888-927-7700 or go online:

Inside BMO network:

  • Go to Workday click Pay application
  • Under External Links, click 401(k) (On BMO Network)

Outside BMO network:

  • Go to Workday, click More Tools application, then HR Intranet
  • Under the Benefits tab, click Retirement, then U.S. Retirement Savings Program. From the menu on the right, click Login to 401(k)
Enrollment 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 30 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 30 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 75% of your eligible pay, subject to IRS annual limits. The IRS limit is $22,500 for 2023.
  • Catch-up contributions: You have the option to make additional, “catch-up” contributions starting the year you reach age 50. The IRS limit is $7,500 for 2023.
  • 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 73.
Payment Options
  • Lump sum – cash or rollover
  • Partial withdrawals
  • Monthly, quarterly, semi-annual or annual installments
Beneficiaries Go to Workday to make changes to your beneficiary designation. Learn more >

401(k) resources

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

Useful beneficiary information

If you designated a 401(k) beneficiary before 2021 by submitting a paper form to the HRC, your designation remains in force. You cannot view any prior designations you made via a paper form online. Instead, contact the HRC or open an e-service ticket in Workday.

To ensure the accuracy of your 401(k) beneficiary designation, update your information online.To report a death, please contact Empower at 1-844-SAV-401K (1-844-728-4015).

Need assistance?

The Human
Resources Centre


Monday – Friday, 8 a.m. – 5 p.m. CT.