RETIREMENT INFORMATION

The University sponsors a retirement program in conjunction with Deseret Mutual. As an employee, service for vesting purposes begins at age 18 or hire date, whichever is later. However, benefit credit begins at age 21 or hire date, whichever is later; has a maximum of 33 years; is earned on a monthly basis while working in an eligible class of employment and begins the first day of the month following hire date. An employee becomes 100 percent vested after five years of eligible service.

Under the Deseret Mutual plan, the University pays the full cost of the program and no employee contributions are required. The normal retirement age is sixty-five; however, one may retire as early as fifty-five, depending upon the number of years of continuous service rendered to the University.

Benefits are calculated on the average salary for the highest five of the last ten years of continuous service.