Leaving MIT

Leaving MIT

When your employment ends at MIT, your eligibility for benefits will change. This page describes the impact on each of your benefits if you leave the Institute. 

First Things First

In addition to reviewing your benefits here, be sure to see MIT's guidelines for employees leaving the Institute. We also provide information for managers.

Update Your Address

Remember to change your address if you move, so we can keep you up to date on your benefit entitlements.

  • Active Employees: Use Atlas to update your contact information.
  • Former Employees, Employees on Long-term Disability, and Retirees: Use this form.

Health, Dental, Vision Coverage, and COBRA

  • Coverage under MIT health, dental, and vision plans ends at the end of the month in which you leave your MIT employment.
  • You and your eligible family members may be able to continue coverage under your MIT medical, dental, and vision plans for an extended period as a result of a federal statute called the Consolidated Omnibus Budget Reconciliation Act (COBRA).
  • COBRA requires that you be given the opportunity to maintain your coverage for up to 18 months after your termination date. You are responsible for the cost of this coverage, which is generally 100% of the full cost of the plan plus a 2% administration charge. If you have been laid off, special provisions apply and you should consult your MIT Human Resources Officer.
  • The MIT COBRA administrator, Crosby Benefits Systems, Inc., will send you a packet with instructions for continuing your coverage through COBRA.
  • You also may be able to extend your participation in an MIT Health Care Flexible Spending Account (FSA) as a result of COBRA. Learn more about COBRA.

Life and Accident Insurance

  • Your Basic, Accidental Death & Dismemberment Insurance, Supplemental, and Dependent Life Insurance coverage eligibility ends on your termination date.  However, coverage protection will continue for 31 days after your termination date.
  • Your Business Travel Accident Insurance coverage will end on the day you leave MIT.
  • You may convert all or part of your Basic, Supplemental and Dependent life insurance coverage to an individual policy with MetLife Insurance Company within 31 days after you end your employment. Use the Conversion Form below or call (617) 253-6151 or toll-free at (855) 253-6151.
  • Your Supplemental Life Insurance is portable and can be continued under your existing group term life and accidental death and dismemberment insurance policies from MetLife® within 31 days after you end your employment. If your Portability Application (available below) is received within this 31-day period, you will not have to provide evidence of insurability. Contact MetLife® at (888) 252-3607 for details.

Long-term Care Plan

  • If you participate in the MIT Long-Term Care Plan, your coverage will continue after your employment ends.
  • John Hancock Mutual Life Insurance Company will bill you automatically for your coverage.
  • Genworth will continue billing you for your coverage.
  • To cancel coverage with John Hancock please contact the Customer Service Center directly at (888) 453-2030.
  • To cancel coverage with Genworth please contact the Customer Service Center directly at (800) 416-3624.

Flexible Spending Accounts

Health Care FSA

  • You have until April 30 following the end of the plan year to file claims against the money in your FSA.
  • You can be reimbursed only for those services received before your termination date.
  • If you are participating in an FSA at the time of your termination, you may be eligible to extend your dates of participation by making payments to the existing account on an after-tax basis because of the federal COBRA statute.
  • If you have already received reimbursement for the whole amount you contributed for the plan year, you will not be eligible to continue under COBRA.
  • After termination, if you choose not to extend your dates of participation by making after-tax payments, you will be eligible to receive reimbursement only for services received before your date of termination.
  • Any account balance remaining after the end of the plan year is forfeited. Example: If you terminate employment with MIT on July 5, 2014, you have until April 30, 2015 to file reimbursement claims for services received before July 5, 2014.
  • Find out more about Health Care FSA stipulations.

Dependent Care FSA

  • You have until April 30 following the end of the year to file claims for services received by the end of the year. Example: If you terminate employment with MIT on July 5, 2014 you have until April 30, 2015 to file claims for reimbursement for services received before December 31, 2014.
  • You may not continue this account through COBRA.

Retirement Plans

MIT Supplemental 401(k) Plan

  • You are immediately vested in (completely own) all 401(k) contributions made by you and MIT.
  • Any time after your employment at MIT ends, you may withdraw funds from your account.
  • If your balance equals $1,000 or less, you are required to withdraw your entire balance. Fidelity Investments will contact you regarding your withdrawal options.
  • If your account balance is more than $1,000, you are not required to withdraw your funds until April 1 following the year you reach age 70½ or the April 1 following the year your employment ends — whichever is later.
  • You may elect to withdraw funds in a single lump-sum payment, as a series of scheduled payments, or as a monthly lifetime income (annuity).
  • Learn more about 401(k) withdrawals.

MIT Pension Plan (Basic Retirement Plan)

  • Employees hired after July 1, 2011 are subject the Plan's 3-year vesting schedule. You are fully vested, or have full ownership of your pension accruals, upon completion of 3 years of vesting service. Please read the Summary Plan Description for a detailed explanation of the vesting provisions.
  • Your benefit payments may begin at any time after your employment at MIT ends; however, federal law requires that payments begin the April 1 following the year you reach age 70 ½, or the April following the year your MIT employment ends – whichever is later.
  • If you have more than 15 years of vested service credit, your MIT Pension Plan benefit must be paid to you in the form of a monthly lifetime income or annuity.
  • If you have 15 or fewer years of vested service credit, or if your cash balance account is $75,000 or less at the time you receive a distribution, your MIT Pension Plan benefit may be paid to you as either a monthly lifetime income or annuity or a single lump-sum payment.
  • If your Pension Plan benefit has a lump-sum value of less than $1,000, it must be paid to you as a single lump-sum payment.
  • Learn more about the MIT Pension Plan payment options.

Tax-Deferred Annuity (TDA) or 403(b) Program

Any time after your employment at MIT ends, you may withdraw funds from your TDA account. Contact your TDA investment provider directly for more information:

Fidelity (800) 343-0860
Prudential (800) 458-6333
TIAA-CREF (800) 842-2776
Vanguard (800) 523-1188

Questions?

If you have additional questions, contact the Benefits Office.

Additional Resources

Forms & Publications

Life Insurance Conversion & Portability

TitleType
Portability Applicationpdf
Group Life Insurance Conversion Formpdf