Non-Qualified Savings Plan (NQSP)
Supplement your 401(k) Plan with additional before-tax contributions to the Non-Qualified Savings Plan (NQSP).
For more information about the NQSP, review
Your Guide to Understanding the Non-Qualified Savings Plan.
Review the NQSP FAQs for plan details.
Below is a high-level overview of the NQSP.
| Features | |
|---|---|
| Participation | To participate in the NQSP, you must be eligible for the 401(k) Savings Plan and earn pay above the eligible IRS limit for the 401(k) Savings Plan.If BMO determines you are eligible to make personal contributions, you will receive an invitation from Empower at the start of the annual enrollment period. |
| Account Access | You can access your NQSP account through your Empower account, directly through Workday or call Empower at 1-800-824-0040. |
| Your Contributions | You may contribute from 1% to 75% of your eligible excess pay before-tax in an amount that is between the IRS limit for the 401(k) Savings Plan and $600,000. |
| Vesting | Your contributions are 100% vested immediately. |
| Investments | You can invest in a variety of funds and can change your investment election at any time. If you don't choose a fund, contributions will be automatically invested for you into a target date retirement fund nearest to the date you turn age 65. |
| When you leave BMO | Your account balance will be paid automatically in accordance with the distribution election you make when you enroll in the plan. Payments from the plan are not eligible for rollover. |
| Payment Options |
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| Beneficiaries | Your beneficiary is the same as your 401(k) Savings Plan beneficiary, unless you make an alternate designation. Learn more. |
Important Forms/Docs
