"This is a special [university] .... The people you meet and the spirit you feel here will be one of your greatest treasures."
(Past President Steven D. Bennion)
General Information about DMBA's Master Retirement Plan and Thrift Plan
The Master Retirement Plan is an employer-funded, defined benefit plan. It is supplemental to personal retirement preparations. To prepare for retirement you should consider a variety of sources for income. These sources generally include:
• Master Retirement
• Supplemental Retirement Savings - YOUR contributions, usually through a 401(k)
• Social Security
• Personal Savings - such as savings accounts, investments, property, etc.
To be eligible for the Master Retirement Plan you must be "vested." In general, this means that you have worked for 5 years of eligible service at the University. Upon retirement, you receive a retirement benefit from the University based on your earnings and years of service.
View DMBA's Annual Form 5500 Financial Report - Form 5500 is a report to the federal government. In this report is Schedule SB which contains technical data about whether a plan has enough funds to pay promised benefits and is complying with federal pension funding rules.
The Thrift Plan is a long-term, defined contribution plan - otherwise known as a 401(k) investment plan. Eligible employees can contribute a percentage of their gross income for retirement and receive matching contributions from the University. Employees can defer taxes on contributions or pay them upfront. A number of investment funds are available to diversify contributions to meet personal circumstances and investment preferences.
