What’s New
Here is a high-level overview of what’s new and changing for 2024.
To help you make enrollment decisions, review the 2024 Enrollment Guide and 2024 Premiums.
You must enroll in the Consumer Choice Medical Plan, Health Savings Account, and Flexible Spending Accounts (Health Care, Limited Purpose, Dependent Care) to participate in 2024. Otherwise, your next opportunity to enroll will be during 2025 Annual Enrollment unless you experience a qualifying life event during the year.
Benefits Based on Total Compensation
In 2024, benefits will be based on your total compensation (base salary, overtime, shift differential, variable pay related to performance) to better align with industry standards. This change will affect life insurance, short-term and long-term disability, and Maternity and Parental Leave. It will also impact medical rates and BMO’s HSA contributions.
For 2024, your total compensation is based on eligible pay from October 1, 2022, to September 30, 2023. Log in to Workday to view your total compensation. Then go to your Profile, select Actions > Benefits > View Benefits Annual Rate.
Medical Plans
- Medical plan rates will be based on a five-tier total compensation structure.
- We will offer legacy Bank of the West Kaiser high deductible health plans to employees in eligible zip codes in Northern California, Southern California, Colorado, and Oregon.
Learn more about the Medical Plan and 2024 Premiums.
Tax Savings Accounts
- Health Savings Account (HSA): The HSA contribution maximum has increased to $4,150 for employee-only coverage and $8,300 for all other coverage levels per IRS requirements.
- BMO HSA Contributions: BMO’s Core Contribution to the HSA will be based on total compensation. Eligible employees will continue to receive a Core Contribution and Match Contribution.
- Enhanced HSA Core Contribution: If your total compensation is under $130,999 (as of September 30, 2023), BMO will make a one-time enhanced $250 Core Contribution for employee-only coverage and $500 for all other coverage levels.
- FSAs: The Health Care FSA maximum contribution is $3,200 in 2024 for eligible medical, prescription, dental, and vision expenses. The Limited Purpose FSA limit is also $3,200 for eligible dental and vision expenses (if enrolled in the HSA).
Learn more about the Tax Savings Accounts.
Vision Plan
BMO is offering a new Premier vision plan option that includes reduced exam fees, increased allowance for frames and more.
Learn more about the Vision Plans.
Voluntary Benefits
Accident, Critical Illness, and Hospital Indemnity Insurance will be enhanced with coverage for new conditions and treatments and increases to benefit amounts.
Learn more about the Voluntary Benefits.
Life Insurance
- Basic life coverage will increase to two times your total compensation, up to $500,000 with the option to cap at $50,000 to avoid imputed income.
- There will be more coverage options and increases in coverage for supplemental life, spouse/domestic partner life, and supplemental life.
Learn about the Life Insurance options.