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.
New! Add your beneficiary designation on Workday. See how.
If you previously designated a 401(k) beneficiary by submitting a paper form to the Human Resources Centre (HRC), your designation remains in-force.
To verify your 401(k) beneficiary designation, call the HRC at

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.
New! Add your beneficiary designation on Workday. See how.
If you previously designated a 401(k) beneficiary by submitting a paper form to the Human Resources Centre (HRC), your designation remains in-force.
To verify your 401(k) beneficiary designation, call the HRC at
Features | |
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Account Access |
Inside BMO network:
Outside BMO network:
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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:
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Your Contributions | Choose before-tax 401(k) contributions, after-tax Roth 401(k) contributions or any combination of both.
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BMO Contributions |
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Vesting |
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Investment Options |
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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 |
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Payment Options |
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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:
- Go to 401(k) FAQs to learn more about before-tax contributions and after-tax Roth contributions.
- For tips on maximizing BMO’s matching contributions, automatically increasing your contribution rate and reviewing your investments, take a look at Your guide to understanding the BMO 401(k) Savings Plan.
- To learn how to assess your investment risk tolerance and choose the investments that best fit your needs and savings goals, review Your guide to investing in the BMO 401(k) Savings Plan.
- To see if you’re on track for your financial future, watch a 15 minute interactive video, All about saving and planning for retirement (check back soon for updated video).
- For help managing your retirement and savings plans, review Choosing the right retirement resource.

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