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Master Retirement Plan

The Deseret Mutual Master Retirement Plan is completely funded by Brigham Young University and is designed to enhance your retirement income when it is combined with other programs, such as Social Security and personal savings. At retirement, benefits are calculated based on your salary, years of service, age, and vesting credit.


You will automatically become a participant in the Master Retirement Plan (MRP) after you meet the requirements for eligibility. These include:

  • Age 21 or older
  • Work at least 1,000 hours within the first 12 months of employment or within any future year
  • Not be in an excluded class


Benefit credit means the number of years of credited service you have earned as a participant. This is used to calculate your retirement benefit. Benefit credit:

  • Begins the later of age 21 or your hire date,
  • Has a maximum of 33 years, and
  • Is calculated and awarded on a monthly basis.

All credited service begins on the first day of the month. If your participation date is:

  • The first day of the month, credited service begins that day.
  • After the first day of the month, credited service begins the first day of the following month.


Vesting means ownership of retirement benefits. In other words, you have worked long enough to qualify for a benefit at retirement, even if you terminate employment before then. Vesting credit begins at the later of age 18 or your hire date. Eligible participants are 100% vested after five years of credited service.

You may be entitled to the Master Retirement Plan benefits at normal retirement age, at early retirement age, or as a vested employee who terminated employment before retirement age.


Your final average salary is the average of the highest five years of salary.


For the Standard Retirement Benefit at age 65, the retirement benefit is calculated by using the following formula:

  1. Take your final average salary.
  2. Multiply your final average salary by .75%*
  3. Multiply that product by the number of years of benefit credit you have earned.
  4. Divide the result by 12 to get your monthly Master Retirement Plan Benefit.

Other factors (e.g. age at retirement) may affect the final benefit amount.

*Formula may differ based on prior eligible service with a Deseret Mutual company.


Several payment options are available upon retirement. Careful consideration of each option is recommended to determine which option best suits your needs. An appointment with the Retirement Specialist at 801-422-4486 should be scheduled at least four months prior to retirement to begin the retirement process.

See the DMBA Handbook for more complete information on the retirement programs.

Updated by the HRS Web Team, Brigham Young University, Provo, UT 84602 - Copyright 2008. All Rights Reserved.