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UMB 401(k) Savings/Profit Sharing and ESOP Plans

At UMB, we are committed to helping you plan for your financial future. Please read the following FAQs to learn more about our Plan.


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What is a 401(k) plan?

A 401(k) plan is a retirement savings program established by an employer to which associates may contribute on a pre-tax basis, Roth after-tax basis or a combination of both. When you contribute to a 401(k) plan, you decide how much you want to contribute into your account. Your contributions can grow to become a significant part of your future retirement income.

Why should I participate in the Plan?

Contributing to the Plan is an easy way to save; your contributions are deducted from your paycheck each pay period and invested in the funds you select in the Plan. When you become eligible to participate, you are automatically contributing three percent of your compensation on a pre-tax basis to your account. This means you will be paying less in taxes than you would if you did not participate in the Plan. You may elect to save a different amount, including a zero deferral, at anytime. Your contributions will be invested in the Plan’s default investment option, a balanced fund, if you do not make your own investment election. Another benefit to participating in the Plan is the matching1 contribution made at the discretion of the Company.

Salary Deferral Calculator

Where can I get more information?

Our Plan service provider, BMO, will send you an Enrollment Booklet that features Plan benefits, details on available investment options and other important retirement planning information. The Summary Plan Description can be viewed on mybmoretirement.com. BMO will also send you a copy of the Automatic Enrollment Qualified Default Investment Alternative Notice, Fee Disclosure and a letter that contains your Personal Identification Number (PIN). Going forward, this PIN will allow you to access your retirement plan account.


Profit Sharing and ESOP

UMB may make discretionary Profit Sharing contributions to the 401(k) and/or ESOP Plans.  Your contribution is dependent upon 1000 hours of service each calendar year.  You must be employed the last day of the calendar year in order to receive the contribution.  Associates are automatically enrolled either January 1 or July 1 following one year of service and 100% vested after three years.


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