Enrolling in the 401(k) Plan

You can enroll in the 401(k) Plan either online or by phone.

To enroll online

  1. Log on to Fidelity Investments' NetBenefits website.
  2. Follow the instructions under "New User Registration."
  3. Once you have established a Customer ID, the website will guide you through the enrollment process.

Fidelity Investments has designed NetBenefits to be a secure environment. To use the NetBenefits website, you must have the U.S. security versions of one of the following Web browsers:

  • Netscape Navigator, 128-bit released versions of 3.01 or higher for Windows 3.1, Windows 95, NT 4.0, UNIX, or MAC operating systems.
  • Microsoft Internet Explorer, 128-bit released versions of 3.02, 4.0, and 4.01 for Windows 95 and NT 4.0 operating systems (NT 4.0 users need Service Pack 3.0).
  • International customers may use 40-bit copies of Microsoft Internet Explorer or Netscape Navigator 4.0 or higher.
  • Lincoln Laboratory employees must call the Lincoln Lab Benefits office at (781) 981-7055 for instructions on accessing NetBenefits from Lincoln Laboratory.

To enroll by phone

  1. Call toll-free: (877) MIT-SAVE or (877) 648-7283. For TTY service, call (800) 259-9243.
  2. International toll-free service is available by dialing the country code for your location followed by (877) 343-0860.
  3. Provide your Social Security number, date of birth, and home zip code when prompted.
  4. Follow the automated instructions to set up a new account.

When to enroll

The time for enrollment in the MIT Supplemental 401(k) Plan depends on whether you are paid monthly or weekly.
If you are paid on a monthly basis
  • You must enroll or make deferral changes by 4 p.m. ET on the 15th day of the month in order for the initial enrollment or deferral percentage change to take effect for that month's pay.
  • When you enroll, you should complete a 401(k) Plan Beneficiary Designation form so that, in the event of your death, your benefits are paid according to your wishes.
If you are paid on a weekly basis
  • Generally, you must enroll or make deferral percentage changes by 4 p.m. ET on Thursday in order to have the initial enrollment or deferral percentage change take effect for the following week's pay.
  • When you enroll, you should complete a 401(k) Plan Beneficiary Designation form so that, in the event of your death, your benefits are paid according to your wishes.

Receiving your retirement payments

You may choose to begin receiving retirement payments any time after your employment ends or you reach the age of 59½ and are permanently scheduled to work 50% or less of the normal full-time work schedule.

Federal law requires that you begin receiving payments by April 1 following the year in which you reach the age of 70½, unless you are actively employed by MIT. If you are not actively employed past age 70½, you must start receiving minimum required distributions (referred to as MRDs) or you will incur severe tax penalties if you fail to receive payments. The IRS waived 401(k) MRD requirements for 2009 and may do so again at its discretion.

Keep track of your MIT 401(k) account

  • Pay close attention to your quarterly 401(k) statements so that you can monitor your account.
  • Need help reviewing your portfolio or unsure which funds might accomplish your investment goals? Schedule an appointment with MIT's Fidelity onsite representative to review your 401(k) investment selections. E-mail paul.gunning@fmr.com or call 617-258-8872.
  • Check on your account at any time by visiting the Fidelity Investments NetBenefits website.
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