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.
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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:
- The 401(k) Plan offers a broad range of investment options. Go to 401(k) Plan Investment Options.
- 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.
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).