Under the MIT Pension Plan, also known as a Basic Retirement Plan, MIT provides a basic retirement benefit that will be paid to you upon your retirement as a monthly income for the rest of your life. If you work for MIT for 10 years or fewer, you will have the option of taking your benefit as a single lump sum. Enrollment is automatic, and you do not contribute. MIT pays the full cost of the Pension Plan.
The details of your Pension Plan, including eligibility and distribution options, depends on your date of hire.
You can schedule a one-on-one session with an MIT Retirement Counselor. Learn More.