The amount provided for the retirement recognition award is based on the individual's length of service as follows:
|Years of Service||Total Funds Available
to Employees for Gift,
Cash, or Retirement Event
|Retirement Event Funds
Available to Departments
|5 - 9||$320||$80|
|10 - 14||480||120|
|15 - 19||640||160|
|20 - 24||800||200|
|25 - 29||960||240|
An individual retiring from the university may choose any combination of gift, cash or retirement event (recognition and farewell) expense according to the years of service listed above.
Departments may use the amount shown above for departmental retirement events.
IT IS IMPORTANT TO NOTE:
* In order for a retirement gift to be non-taxable, it must be presented to an individual in a public and meaningful way. The presentation need not be elaborate, but should honor the recipient's length of service to the university. A web site is available with a wide range of gift options.
* All cash is taxable.
* Individuals who select the cash option and participate in the Deseret Mutual Thrift Plan will have a designated amount deducted which BYU will match.
Retiring personnel, who desire to take advantage of the cash only award option or need assistance with gift orders, should contact Benefits Services, 422-5723.
Departments should submit all invoices to Benefits Services, D-243 ASB.
If an individual does not wish to have a reception, receive a gift, or accept the cash award, he/she may donate the cash award check as a gift to the respective college, library or scholarship fund. The check will still go through the payroll process to comply with IRS regulations.