"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 Thrift Plan and Master Retirement Plan
Master Retirement is a benefit plan provided by the University. It is designed to be a supplement to your other 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 (including 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 ending salary and your years of service.
(Specific rules and regulations govern this process. Please refer to you DBMA handbook for the specifics.)
The Thrift Plan is a supplemental retirement savings plan provided by the University and DMBA where you may, if you choose, deposit a percentage of your paycheck into a retirement program (typically a 401(k) program). The University then "matches" a defined amount to be added to your account. The Thrift Plan includes three tax-based methods for how to invest your money:
With these methods are options to invest certain percentages of your money toward stocks, bonds, etc.
For more information on the Thrift Plan and Master Retirement Plan, please refer to the DMBA handbook.
