BYU-Idaho Early Retirement Program

 

BYU-Idaho has an early retirement program available to long-term employees who wish to retire early to pursue other interests. Here is a summary of what this benefit provides.

 

Employees who have a minimum of 20 years of full-time service at age 62 or above may receive a benefit from this program. There are two parts to the benefit:

• Employees receive a social security bridge payment which is the lesser amount of 25% of their current annual salary or their social security benefit at retirement. The payment starts at retirement and continues through the end of the month the employee reaches their full social security retirement age. It is paid through regular payroll twice a month.
• Employees with at least 20 but less than 30 years of service retiring prior to age 65 will have a 3% per year reduction in their DMBA retirement benefit. BYU-Idaho has DMBA calculate the benefit loss for that reduction factor and gives the employees a one-time payment to make up that loss at the time of retirement.

 

Employees can review their current and projected retirement benefits through the DMBA Web site. You may also contact Human Resources with any questions about this benefit.