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What is the difference between the Master Retirement Plan and the Thrift Plan?
What is the earliest age I can retire and receive my Master Retirement Plan benefit?
How many retirement options are available from the Master Retirement Plan?
When is a lump sum available?
Why does DMBA require birth, marriage, and divorce paperwork at retirement?
When I retire, am I eligible to continue my medical and life insurance coverage?
Which of the Master Retirement Plan payment options would be best for me?
When can I elect or change the beneficiary for my Master Retirement Plan benefit?
What is a joint annuitant and can I change my joint annuitant at any time?
Do I have to pay taxes on all of my retirement benefits?
Can I transfer my Master Retirement Plan lump sum benefit to my Thrift Plan at Deseret Mutual?
Is my Master Retirement Plan benefit an individual account?
Can I borrow from the Master Retirement Plan?
What do I need to do to begin receiving my retirement benefits?
What is the Qualified Joint and Survivor Annuity (QJSA) payment option?
Can I roll over my Master Retirement Plan benefits if I take the lump sum payment option?
What happens to my Master Retirement Plan benefits if I die while I'm actively employed?
May I deduct my medical-insurance premium from my retirement check before taxes the same way I deducted it from my paycheck as an active employee?
What is the difference between the Master Retirement Plan and the Thrift Plan?
The Master Retirement Plan is a pension plan that is completely funded (100 percent) by your employer. At the time you retire, the benefit is based on your age, years of service, and final average salary. The Thrift Plan, on the other hand, is a 401(k) savings plan. When you contribute a percentage of your salary, your employer makes a matching contribution to your account. What is the earliest age I can retire and receive my Master Retirement Plan benefit?
You can begin receiving a monthly benefit at age 55 if you have terminated employment. If you terminate employment before age 55, you may be eligible to receive a lump sum benefit, as long as the present value of your benefit is less than $15,000. How many retirement options are available from the Master Retirement Plan?
Nine different payment options are available to married participants. If you are single, four options are available. Please refer to the Master Retirement Plan section of your Benefits Handbook for more information about the payment options. When is a lump sum available?
As long as the present value of your Master Retirement Plan benefit is less than $15,000 at retirement or termination, you may elect to receive a lump sum benefit. Why does DMBA require birth, marriage, and divorce paperwork at retirement?
This information is used to calculate your benefit amount as well as determine the payment options available to you at retirement. We use legal documents to verify that the person who signed the Spousal Consent form is your legal spouse, and to verify that a prior spouse does not have a legal claim on your benefit. When I retire, am I eligible to continue my medical and life insurance coverage?
You are eligible to continue medical and life insurance if you were covered for at least one year immediately before you retired and if you have at least 10 years of benefit credit in the Master Retirement Plan. If you were 55 or older and actively employed on September 1, 1996, you must have at least five years of benefit credit in the plan. Please call Deseret Mutual's Retirement Department for more information. Which of the Master Retirement Plan payment options would be best for me?
No one payment option will satisfy the financial needs of all retirees. The Master Retirement Plan offers a variety of payment options. The best option for you depends on your individual financial needs and circumstances. When am I vested in the Master Retirement Plan?
Depending on your hire date, generally you must work at least five years to earn a vested Master Retirement Plan benefit. For more information, please contact the Retirement Department at Deseret Mutual. When can I elect or change the beneficiary for my Master Retirement Plan benefit?
You may designate a beneficiary(ies) in writing at the time you retire. You can change your beneficiary(ies) in writing at any time after that by completing a Master Retirement Plan Beneficiary Form. What is a joint annuitant and can I change my joint annuitant at any time?
A joint annuitant is the spouse to whom you are legally married at the time you retire. You cannot change your joint annuitant, even if you divorce, remarry, or die. Do I have to pay taxes on all of my retirement benefits?
Yes. Your employer has contributed 100 percent of the money to fund your benefit, and taxes have never been paid on this money. Can I transfer my Master Retirement Plan lump sum benefit to my Thrift Plan at Deseret Mutual?
No. You cannot contribute to the Thrift Plan after your employment ends. Is my Master Retirement Plan benefit an individual account?
No, your Master Retirement Plan benefit is not a separate account like your Thrift Plan account. Rather, it's a benefit that is determined by a specific formula and is based on your age, years of service, and final average salary. Can I borrow from the Master Retirement Plan?
No. Defined benefit plans, such as the Master Retirement Plan, do not offer loans. What do I need to do to begin receiving my retirement benefits?
At least 90 days before your retirement date, request a calculation of retirement benefits, which will include the necessary forms and instructions. To do so, please contact Deseret Mutual's Retirement Department. What is the Qualified Joint and Survivor Annuity (QJSA) payment option?
As required by law, the QJSA option is a Joint and Survivor payment option that provides monthly payments to you for your lifetime and then 50 percent of the monthly amount to your spouse for their lifetime after your death. If you choose any other payment option, your spouse must waive his/her right to the QJSA option in writing. Can I roll over my Master Retirement Plan benefits if I take the lump sum payment option?
Yes you can, if you roll all of your retirement benefits into an IRA or another qualified plan in which you are an active participant. What happens to my Master Retirement Plan benefits if I die while I'm actively employed?
If you are vested in the plan, your spouse will be eligible to receive the Qualified Preretirement Survivor Annuity (QPSA) benefit. Special rules apply if you have filed forms with Deseret Mutual to waive this benefit. For more information, please see the Master Retirement Plan section of your Benefits Handbook or call Deseret Mutual.
May I deduct my medical-insurance premium from my retirement check before taxes the same way I deducted it from my paycheck as an active employee?
No. Federal regulations do not allow a premium only plan (POP) for retirees.
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