BMO U.S. Pension Plan

The Employees’ Retirement Plan of the Bank of Montreal/Harris (BMO U.S. Pension Plan) is a company provided benefit that pays retirement benefits to eligible employees.

For employees hired prior to April 1, 2016: On March 1, 2017, the BMO U.S. Pension Plan was frozen. Any benefits you earned through February 28, 2017, if vested, will still be payable when you are eligible to retire or leave BMO, with the same payment options the plan offered before the freeze.

For employees hired on or after April 1, 2016: The BMO U.S. Pension Plan Plan is closed to new hires.

Here’s a high-level overview of the BMO U.S. Pension Plan for employees hired prior to April 1, 2016.  For details, review the BMO U.S. Pension Plan SPD.

Features
Vesting On completing three years (36 months) of service
Who Contributes BMO
How Benefits Grow
  • Benefit formula is based on your pay and service; or
  • Interest earnings (account-based)
When Benefits are Paid At retirement or termination (reductions based on age and service may apply)
Beneficiaries

Here’s how you can update your beneficiary online: 


Inside BMO network:

  • Go to Workday, click My Benefits & Retirement application
  • Click Employees in Canada and U.S, then Pension

Outside BMO network:

  • Login to Workday, click My Benefits & Retirement application
  • Click Employees in Canada and U.S. (login with your myBenefits & Retirement user ID and password)
  • Click Pension

Pension planning tools

Get a detailed pension calculation, compare payment options, or initiate payment of your pension benefit at retirement online. Go to Workday and open the My Benefits & Retirement App. Go to the Pension menu > Retirement Hub > select the Project your Retirement Income tool.

Need assistance?

The Human
Resources Centre

1-888-927-7700

Monday – Friday, 8 a.m. – 5 p.m. CT.