Retiring
Retirement is a big decision. Make sure you understand what happens to your BMO benefits as you transition to this next phase of life.
If you are an eligible retiree you may be able to participate in or receive certain benefits during retirement.
See if you’re financially prepared for retirement. Watch All About Saving and Planning for Retirement.
Here’s a high-level overview of how your benefits are affected when you retire. For details, review Your Benefits at Retirement.
Benefit | What You Can Do |
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Health Care | |
Medical |
Coverage continues until the last day of the month in which your employment ends.
To help you calculate your share of the monthly cost for Retiree Medical coverage, review the full monthly premiums and refer to your retiree letter. Learn more about Retiree Medical Premiums.
Former Bank of the West Employees: You are eligible for retiree medical benefits if you were at least 55 with ten years of service as of 12/31/2016 and have been enrolled in an active employee medical plan for at least 12 months before retirement. |
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Coverage continues until the last day of the month in which your employment ends.
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Tax Savings Accounts | |
Health Savings Account |
You take your HSA and any account balances with you when you retire. You are responsible for any account fees associated with this account. Learn how enrolling in Medicare will affect your HSA. |
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Coverage continues until the last day of the month in which your employment ends.
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Dependent Care FSA |
Coverage continues until the last day of the month in which your employment ends.
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Commuter Benefits |
Coverage ends on your last day worked.
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Voluntary Benefits | |
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Coverage under voluntary benefits is portable, you can take your coverage with you when you retire. |
Retirement & Savings | |
401(k) Plan |
Your vested account balance becomes payable when you retire. Choose from these payment options:
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Non-Qualified Savings Plan |
If you have participated in this plan you will automatically receive your vested account balance as follows:
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BMO U.S. Pension Plan |
If you were hired before April 1, 2016, when you retire, choose from these payment options:
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Employee Share Purchase Plan |
Your participation automatically ends when you retire.
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Life Insurance | |
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Accident Insurance (2020) | If you are retirement eligible, under age 70 and enrolled in Accident insurance at the time of retirement, BMO will automatically enroll you in Retiree Accident insurance coverage of $10,000 at no cost to you. |
Time Off | |
Disability | Eligibility for short-term disability and long-term disability coverage ends on the date your BMO employment ends. |
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Work/Life | |
Employee Assistance Program (EAP) |
You automatically receive 18 months of COBRA continuation for the EAP after your employment ends. The EAP, administered through Telus Health, is a free resource. No enrollment is required. Here’s how to contact Telus Health: |
Best of BMO U.S. | You will continue to have access to the same exclusive banking benefits provided to you as an employee. |
COBRA coverage
You have up to 60 days after your active coverage ends to elect COBRA coverage for continuation of your health benefits.
Note: If you are eligible for the Retiree Medical Program and enroll in COBRA medical, you forfeit your future eligibility for the Retiree Medical Program.
Address change?
Keep BMO informed of your current address to ensure you get your W-2, account statements and other important communication.
Call the Human Resource Centre at 1-888-927-7700.