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Master Retirement Plan

The Deseret Mutual Master Retirement Plan is a traditional defined benefit pension plan that gives you a monthly income for your lifetime. It is completely funded by Brigham Young University–Hawaii and it is designed to work hand in hand with other retirement programs like your employer savings plan, social security benefits, and your personal savings. At retirement, benefits are calculated based on your salary, years of service, age, and benefit credit.


You are eligible to participate in the Master Retirement Plan (MRP) after you meet the requirements for eligibility. These include:

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

Benefit Credit

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:

  • On 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.

Final Average Summary

Your final average salary is the average of the highest five (5) years of salary.

Benefit Calculation

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. If you were hired (or became benefits-eligible) before April 1, 2010, this rate is 1.5%.

Benefit Payment Options

Several payment options are available upon retirement. Careful consideration of each option is recommended to determine which option best suits your needs. You can make an appointment with the Benefits and Compensation Manager at (808) 675-4845 at least four (4) months prior to retirement to begin the retirement process.