EMPLOYEE BENEFITS

Retirement Overview

MIT Supplemental 401(k) Plan

The Supplemental 401(k) Plan is a "defined contribution" plan that provides an opportunity for you to invest for your future through pre-tax contributions. When you contribute to the 401(k) Plan, you save for retirement while enjoying significant current and ongoing tax benefits. MIT will match your contribution up to 5% of your salary. You choose how your contributions and MIT’s matching contributions are invested.

Each year, federal law limits the dollar amount you may contribute to the 401(k) Plan. For calendar year 2008, the maximum contribution is $15,500 if you are under age 50, and $20,500 if you are age 50 or older any time in 2008. The annual contribution limits remain the same as they were in 2007.

Learn more about the Supplemental 401(k) Plan.

MIT Basic Retirement Plan

The Basic Retirement Plan is a "defined benefit" plan that provides you with a benefit payable as lifetime, monthly income at retirement. MIT pays the full cost of the Basic Plan and enrollment in the Plan is automatic. You are vested in your benefit after you are employed by MIT for three years.

Learn more about the Basic Retirement Plan.

Preparing to Retire

Thinking about retiring? Learn about distribution options under both the MIT Basic Retirement Plan and the MIT Supplemental 401(k) Plan as well as other important retiree health and welfare benefits.

Learn more about preparing for your retirement.

Tax-Deferred Annuity Program (TDA)

The TDA Program -- also known as the 403(b) Program -- is no longer offered to employees for future contributions.

If you have a TDA account, your balances will remain at your TDA investment provider and continue to perform tax-deferred. You may continue to reallocate your TDA balances among the different investment options within your TDA account and you may, at any time, transfer your balances to any other MIT TDA investment provider.

If you have questions regarding your TDA account, contact your TDA investment provider: