Bmo Financial Corp. 401(k) Review & Grade
Bmo 401(k) Savings Plan
Chicago, ILFinance & Insurance19,988 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$7,755Employer $ per active participant
$9,242Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$5.0BNet plan assets, end of year
$169,333Average balance per account
Score breakdown
- Employer generosity36.6 / 5073th percentile for employer $ per participant
- Low cost22.3 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving7.6 / 1551th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score64 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 73th |
| Lower admin cost | 89th |
| Employee saving | 51th |
| Peers that auto-enroll | 74% |
Red flags from the filing
Corrective distributions: the plan refunded $628,802 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Bmo Financial put in about $7,755 per active participant, more than the typical peer ($5,179). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $155,015,106 |
| Participant (employee) contributions | $184,725,308 |
| Other contributions (incl. rollovers in) | $32,958,053 |
| Administrative expenses paid from the plan | $1,094,082 |
| Other admin expenses | $5,880 |
| Benefits paid out | $564,157,450 |
| Net assets, start / end of year | $4.5B / $5.0B |
| Active participants, start / end of year | 20,280 / 19,696 |
| Participants with account balances | 29,352 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | GJC Cpa's & Advisors |
| Employer stock held by plan | $137,890,385 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $972,713 reported compensation |
| Conduent | $56,829 reported compensation |
| Mitchell & Titus LLP | $39,910 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014235357NAL0003889729001, received 2025-10-15, EIN 51-0275712, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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