Illinois › Finance and insurance › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
BMO U.S. Pension Plan
Sponsored by BMO Financial Corp., Chicago, IL
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
BMO Financial Corp. of Chicago, Illinois sponsors BMO U.S. Pension Plan, a defined benefit pension plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 18,124 participants (5,932 active) and $1.25B in net assets.
Net assets came to $68,839 per participant, well below the $87,623 median for defined benefit plans with 5,000 to 24,999 participants and well below the $119,983 median for defined benefit plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Schedule C lists 5 service provider organisations paid $5,000 or more, with reported compensation of $2.6M: $144 per participant, well below the same-size median of $232. Administrative expenses charged to the plan were $4.5M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $1.20B in 2017 to $1.25B in 2024 (up 4%), and participants from 16,524 to 18,124 (up 10%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $68,839 | $87,623 | $119,983 | $86,221 |
| Employer contributions per active participant | — | $9,468 | $7,849 | $10,244 |
| Schedule C compensation per participant | $144 | $232 | $352 | $344 |
| Schedule C compensation, share of net assets | 0.21% | 0.30% | 0.32% | 0.42% |
| Administrative expenses per participant | $249 | $396 | $433 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 5,000 to 24,999 participants (651 plans), finance and insurance (690) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 18,124 | $1.25B | $68,839 | — | — | $2.6M |
| 2023 | 18,799 | $1.32B | $70,464 | — | — | $2.6M |
| 2022 | 11,558 | $953M | $82,418 | $10.0M | — | $1.7M |
| 2021 | 12,084 | $1.29B | $107,137 | $25.0M | — | $1.4M |
| 2020 | 14,293 | $1.42B | $99,476 | $50.0M | — | $807K |
| 2019 | 15,105 | $1.31B | $87,003 | $50.0M | — | $642K |
| 2018 | 15,863 | $1.15B | $72,388 | $50.0M | — | $491K |
| 2017 | 16,524 | $1.20B | $72,389 | $15.0M | — | $839K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$1,324,645,542
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions—
- Total contributions—
- Total income, including investment results$13,027,753
- Benefits paid$88,029,528
- Administrative expenses$4,516,987
- Total expenses$92,546,515
- Net income−$79,518,762
- Net transfers$2,509,855
- Net assets, end of year$1,247,636,635
Participants
- Active participants5,932
- Retired or separated, receiving benefits4,106
- Retired or separated, entitled to future benefits7,656
- Total participants, end of year18,124
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Nisa Investment Advisors | Investment advisory (plan) | $1,494,062 | $0 |
| Columbia Threadneedle Investments | Actuarial; Plan Administrator; Consulting (pension) | $760,499 | $0 |
| Bank of New York Mellon Corporation | Custodial (other than securities); Trustee (bank, trust company, or similar financial institution) | $265,258 | $0 |
| Groom Law Group Chartered | Legal | $52,963 | $0 |
| Willis Towers Watson U.S. LLC | Actuarial; Plan Administrator; Consulting (pension) | $45,506 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Other administrative expenses$2,704,704
- Investment advisory and management fees$1,494,062
- Trustee and custodial fees$265,258
- Legal fees$52,963
- Total administrative expenses$4,516,987
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Corporate debt instruments$866M · 66.6%
- Common/collective trusts$135M · 10.4%
- U.S. Government securities$118M · 9.0%
- Receivables$74.2M · 5.7%
- Corporate stocks$39.6M · 3.0%
- Other investments$32.6M · 2.5%
- Registered investment companies (mutual funds)$20.6M · 1.6%
- Insurance company general account$13.0M · 1.0%
- Cash (interest and non-interest bearing)$2.0M · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmGJC Cpa's & Advisors
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $34,845,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1ABenefits are primarily pay related
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522110: Commercial Banking.
Other plans of BMO Financial Corp.
| Plan | Participants | Net assets |
|---|---|---|
| BMO 401(k) Savings Plan | 29,464 | $4.97B |
Similar plans in Illinois
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Zurich American Insurance Company Retirement Account Plan | Zurich American Insurance Company | 18,921 | $1.20B | $63,657 |
| Carpenters Pension Fund of Illinois | Board of Trustees of Carpenters Pension Fund of Illinois | 17,735 | $2.23B | $125,643 |
| State Farm Insurance Companies Retirement Plan for United States Employees | State Farm Mutual Automobile Insurance Company | 114,467 | $37.7B | $329,660 |
| Discover Financial Services Pension Plan | Discover Financial Services | 11,889 | $482M | $40,531 |
| Arthur J. Gallagher & Co. Employees' Pension Plan | Arthur J. Gallagher (Illinois), LLC | 5,137 | $313M | $60,991 |
| Old Republic International Employees Retirement Plan | Old Republic International Corp. | 4,693 | $519M | $110,648 |
Defined benefit plans in finance and insurance closest in size.
Questions and answers
How big is BMO U.S. Pension Plan?
18,124 participants at the end of the plan year ending 31 Dec 2024, of whom 5,932 were active employees, with net assets of $1,247,636,635. Among defined benefit plans that places it in the 5,000 to 24,999 participants band, which held 651 plans in plan year 2024.
What does BMO Financial Corp. contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $2,618,288 in compensation to service provider organisations, $144 per participant or 0.21% of net assets. The same-size median among plans reporting any Schedule C compensation was $232 per participant. Administrative expenses on Schedule H were $4,516,987. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is BMO Financial Corp.. Recordkeeping or administration: Columbia Threadneedle Investments and Willis Towers Watson U.S. LLC. Investment advisory or management: Nisa Investment Advisors. Trustee or custodian: Bank of New York Mellon Corporation. The financial statements were audited by GJC Cpa's & Advisors. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 15 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 51-0275712, plan 002, received 15 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.