How can I access my Total Compensation statement? This year your statement is available both on paper and online. The paper statement will be sent to your home and a printer friendly PDF version will also be available on line on the PensionConnect site and via the Money Matters tab through Employee Self-Service. The PDF will be our primary delivery method going forward.
Who is getting this statement? We are sending this personalized total compensation statement to all current MIT and Lincoln Laboratory faculty and staff who were active at work and who were eligible for standard MIT benefits for the entire 2012 calendar year.
What time period does the total compensation statement cover? The statement covers your pay and benefits during 2012.
Can I receive cash instead of the MIT paid benefits? No, you can’t.
Is this the same thing as a Total Rewards statement? Yes, this statement can be referred to as a total reward or a total compensation statement.
Why aren’t all my benefits shown on the statement? The benefits shown on this statement are only the benefits that you were enrolled in and that MIT paid for during 2012. The statement shows a snapshot of those enrolled benefits as of 12/31/2012.
How does this statement relate to my paycheck? The total gross pay and employee paid figures found on this statement are the same figures you see on your final 2012 paystub.
How does this statement relate to my W-2? Your W-2 is used to report your federal and state taxable income and may not include deferred or non-taxable compensation. For example, your pre-tax 401(k) contributions or medical premiums are non-taxable compensation. Please review your final 2012 paystub for the total gross pay and employee paid figures found on the 2012 statement.
Can I get another statement with different assumptions? Retirement date? You can model and compare your MIT retirement benefit using different assumptions and dates. Log on to PensionConnect. If you need assistance with MIT PensionConnect, please contact the MIT Pension Service Center at 1-855-464-8736 between 9 am – 7 pm EST.
What is PensionConnect? PensionConnect is an online retirement resource designed to help you understand your MIT pension benefits and plan for your future.
I cannot access/log into PensionConnect. If you need assistance with MIT PensionConnect, please contact the MIT Pension Service Center at 1-855-464-8736 between 9 am – 7 pm EST.
Why doesn’t my retirement projection on the statement match what I see on PensionConnect? The retirement projections on your statement are calculated as of 12/31/2012 using pay and account balances as of that date. The PensionConnect online tool is updated monthly. When you log on to your PensionConnect home page, use the instructions on the right hand side under "Your 2012 Total Compensation Statement" to help you model your benefits with the same assumptions as your statement. The numbers may not be exact but they should be close.
Do I have to retire at age 65? You may retire at any age and access your vested pension and 401(k) benefits. (If you received a statement this year, you are vested in both your pension and 401(k) benefits.) To be eligible for MIT-subsidized retiree medical benefits, however, you must be 55 years old and have at least 10 years of health-plan eligible service after age 45.
What if I want part of my pension to continue to my spouse/partner after I die? How will this affect my pension projection? If you would like part of all of your benefits to continue to a surviving spouse/partner or other beneficiary after your death, there will be a reduction in the amount of your retirement income. The amount of the reduction will depend on your age and the age of your beneficiary at the time of retirement as well as the percentage of your benefit you would like continued after your death. Log on to PensionConnect and check out the "Did You Know" section in the bottom center of the home page to confirm or edit your retirement plan beneficiary information.
Why is the assumption for salary increases 2%? Your pay is assumed to increase at the same rate as the assumed inflation rate of 2%. This means your pay is projected to maintain its purchasing power over time. If you would like to change the underlying inflation assumption, or project pay increases that are higher or lower than the assumed inflation rate, visit PensionConnect.
Can I change my medical/dental plan enrollment/coverage type? You are able to change your medical/dental plan during the Open Enrollment period or if you experience a qualifying life event.
Can I change my basic life insurance/AD&D coverage amount? MIT provides basic life insurance up to $50,000 and an accidental death & dismemberment insurance plan with coverage up to $100,000, depending on your age and other limitations. The Basic Life and AD&D coverage is automatic and MIT pays the full cost of the coverage. You can change your supplemental life insurance at any time by completing a life insurance change form.