Bmo Financial Corp.
Updated Filing received by DOL
Bmo Financial Corp., a finance & insurance employer in Chicago, Illinois, reported 20,223 participants in its health and welfare plans for plan year 2024. Its Form 5500 shows $9.1M in insurance premiums across 20 contracts and $225,898 in broker commissions and fees. The plan is a mix of insured and self-funded coverage. The Department of Labor received an amended filing on November 19, 2025; the original filing date is not in the public dataset.
Who was paid on Bmo Financial Corp.'s plan
Schedule A, Part I lists each broker or agent paid on each insurance contract and the amount. Totals below add every contract Bmo Financial Corp. filed for 2024.
| Broker or agent | Commissions | Fees | Total | Contracts |
|---|---|---|---|---|
| Willis Towers Watson · New York, NY | $176,548 | $30,000 | $206,548 | 6 |
Source: DOL Form 5500 Schedule A, Part I (broker commissions and fees), plan year 2024, as published in EBSA's 2024 "Latest" dataset. Part I names whoever the carrier paid, which can be a firm or an individual agent; both are public record. Amounts exclude pay from carriers not tied to a listed contract.
Insurance contracts and carriers
Every insurance contract reported on Schedule A: carrier, what it covers, people covered at year end, earned premium, and broker compensation.
| Carrier · coverage | Covered | Premium | Broker pay | Rate |
|---|---|---|---|---|
| Kaiser Foundation Health Planhealth | 672 | $4.8M | $49,195 | 1.0% |
| VSP Vision Carevision | 13,174 | $2.9M | — | — |
| Express Scriptsprescription drug | 393 | $872,563 | — | — |
| Kaiser Foundation Health Planhealth | 71 | $459,285 | $4,186 | 0.9% |
| Reliastar Life Insurance Companylife · amount flagged as implausible, excluded | 30,964 | — | — | — |
| Blue Cross Blue Shield of Illinoishealth | 29,784 | — | $30,000 | — |
| Express Scriptsprescription drug | 29,784 | — | — | — |
| Aig Insurance Company of Canadacoverage not coded | 19,050 | — | — | — |
| Kaiser Foundation Health Planhealth | 1,333 | — | $121,982 | — |
| Kaiser Foundation Health Planhealth | 319 | — | — | — |
| Delta Dental of Illinoisdental | 15,633 | — | — | — |
| Four Ever Life Insurance Company (geoblue)health | 7 | — | — | — |
| First Reliance Standard (matrix)long-term disability | 1,992 | — | — | — |
| Sun Life Insurance Companycoverage not coded | 429 | — | — | — |
| Metropolitan Life Insurance Companylife | 2,246 | — | $19,350 | — |
| Blue Cross Blue Shield of Illinoishealth | 393 | — | — | — |
| Kaiser Foundation Health Planhealth | 8 | — | $1,067 | — |
| Kaiser Foundation Health Planhealth | 1 | — | $118 | — |
| Delta Dentaldental | 19 | — | — | — |
| Via/Extend Healthcoverage not coded | 1,842 | — | — | — |
Source: DOL Form 5500 Schedule A, plan year 2024. Self-funded medical coverage has no premium; amounts shown for it are stop-loss or administrative contracts.
How Bmo Financial Corp. compares
Medians across employers for plan year 2024, the most recent complete year. Commission rates use fully insured medical contracts only; dollar medians use every employer that disclosed broker pay.
Not computable: no insured medical premium on the filing.
Premium per covered person on medical contracts: $7,111 a year (national median $7,274).
Source: BenefitsLedger benchmarks from 58,547 employer health plans with 100 or more participants, plan year 2024. Methodology.
Year over year
| 2023 | 2024 | Change | |
|---|---|---|---|
| Participants | 10,452 | 20,223 | +93.5% |
| Premiums filed | $121,662,198 | $9,086,398 | not comparable |
| Broker commissions + fees | $1,812,193 | $225,898 | −87.5% |
| Commission rate | — | — | — |
Source: DOL Form 5500 filings for plan years 2023 and 2024.
Filings and timeliness
Plans this employer filed under its EIN with a health benefit code. Large plans are due seven months after the plan year ends, or two and a half months later with an extension; amended filings carry the amendment date, so no timing is asserted for them.
| Plan | Plan year end | Received by DOL | Timing | Participants |
|---|---|---|---|---|
| Bmo U.S. Health and Welfare Plan#507 · amended · insurance, trust | December 31, 2024 | November 19, 2025 | amended filing; original date not in data | 20,223 |
| Bmo Retiree Medical and Life Insurance Plan#508 · amended · insurance, trust | December 31, 2024 | November 19, 2025 | amended filing; original date not in data | 3,498 |
Source: DOL Form 5500 Part I and signature dates; "late" means received after the extended deadline (the 15th day of the tenth month after plan year end). What a late Form 5500 costs.
How much did Bmo Financial Corp. pay in health insurance broker commissions in 2024?
Bmo Financial Corp.'s 2024 Form 5500 reports $225,898 in broker commissions and fees across 20 insurance contracts ($176,548 in commissions, $49,350 in fees), with Willis Towers Watson receiving the largest share.
Is Bmo Financial Corp.'s health plan self-funded or fully insured?
The 2024 filing indicates the plan is a mix of insured and self-funded coverage. Medical coverage is written by Kaiser Foundation Health Plan, Blue Cross Blue Shield of Illinois, Four Ever Life Insurance Company (geoblue).
How does Bmo Financial Corp.'s broker compensation compare with similar employers?
A commission-to-premium ratio cannot be computed for Bmo Financial Corp. because the filing does not report medical premium on Schedule A (usual for self-funded plans). In dollars, employers with 5,000+ participants that disclosed broker pay reported a median of $458,262.
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Record built October 24, 2026 from U.S. Department of Labor, EBSA Form 5500 datasets (2025, 2024, 2023 plan years, 'Latest' files). Filings can run 7 to 10 months behind the plan year; always confirm against current plan documents. BenefitsLedger is not affiliated with the U.S. Department of Labor. Open the DOL filing search.