Massachusetts Institute of Technology: 2009 AARP Best Employers for Workers Over 50

By: AARP.org | Source: AARP.org | September 2009

Winning Years: 2009, 2008, 2006, 2005, 2003
Industry: Education – Post-Secondary
Location: Cambridge, Mass.
URL: www.mit.edu

Highlights of 2009 Winning Strategies

This year, the Massachusetts Institute of Technology makes its fifth appearance on AARP’s list of Best Employers for Workers Over 50. By creating a positive work environment through a generous benefits package, progressive programs such as MITemps, and internal-hiring practices, MIT has been able to foster growth in its employees and to maintain high levels of employee retention. Thirty-seven percent of MIT employees are ages 50 or older, with an average tenure of 15.9 years. 

Recruiting: MIT uses a number of recruiting outlets, including the services of Operation A.B.L.E. (Ability Based on Long Experience) of Greater Boston, which is an employment resource for older workers (ages 45+) that helps them find professional opportunities to match their skills and abilities.

The Institute also relies for recruitment on its own MITemps program, which includes retirees and older employees, to help fill new, existing, and temporary positions. 

Workplace Culture and Continued Opportunities: MIT offers tuition reimbursement to full- and part-time employees who work more than 17 hours per week. All employees can take advantage of in-house classroom training, online training, and certification classes.

The school has used employee feedback to create a number of new seminars for employees, such as: "Caring for Ourselves While Caring for Aging Relatives," "Managing Your Career for Work/Life Balance," "Meeting Your Financial Goals," and "Caring for Elders at a Distance."

Their departments and the Institute as a whole recognize employees' long-service anniversaries at the Quarter-Century Club . The club celebrates employees who have 25 years of service by publicly recognizing them and awarding them a gift of their choice.

Current employees can gain enhanced professional experience through team projects, temporary assignments in other departments, cross-functional team projects, and task groups.

Through its Disabilities Services Department, MIT works hard to assist its employees with disabilities. This department provides various accommodations to enable all MIT employees to perform the tasks necessary to be productive in their jobs.

Benefits/Health: All employees working more than 17 hours per week are eligible for a number of health benefits, including individual and family medical, prescription-drug, dental, vision, long-term-care, and short- and long-term disability coverage. Retirees, both those younger than 65 and those 65+ are eligible for individual and spousal medical and prescription-drug coverage, dental coverage, long-term-care insurance, access to employee assistance program (EAP) services, and individual life insurance. MIT also offers its employees flexible spending accounts (FSA) so that staff can pay out-of-pocket medical expenses with pre-tax dollars.

Benefits/Financial: MIT also offers its full- and part-time employees an employer-matched 401(k) plan and a defined-benefit plan. All employees have the option to invest in life-cycle funds, and those ages 50 or older are eligible to make catch-up contributions. Members of the MIT staff, employees from the financial-services firm that administers the retirement plan, and pre-retirement planning workshops provide financial-planning information to MIT employees.

Employees with caregiving responsibilities can take paid time off and unpaid short- and long-term leave. MIT also offers its employees the following wellness benefits: flu shots, health screenings, smoking-cessation programs, health-risk appraisals, discounts at local health clubs, physical-activity and weight-loss programs, and stress-management programs. In the last 12 months, eight percent of employees took part in at least one of MIT’s wellness activities. 

Full- and part-time employees are also eligible for the following dependent-care benefits: on-site and backup care for children, grandchildren, and elders, and referral services for such care.   

Benefits/Alternative-Work Arrangements: MIT offers its full- and part-time employees a number of alternative-work arrangements, including flextime, job sharing, telecommuting, and access to a compressed-work schedule. Full-time employees can move to part-time work on a temporary or permanent basis.

All MIT employees are eligible to take part in MIT’s phased-time-status program. This program allows employees to phase down to 50 percent of their previous work schedules and continue receiving benefits. Employees age 65+ are allowed to collect pension, salary, 401(k) distributions, and to maintain all other benefits.

Opportunities for Retirees:  The Massachusetts Institute of Technology has 5,000 retirees, and a retiree association at MIT keeps in contact with them. The Institute also stays in contact with its retirees through invitations to school events and continued access to retirement-planning workshops and information. Retirees are also eligible for full- and part-time jobs, contract positions, telecommuting, and temporary assignments.

Age of Workforce: Thirty-seven percent of MIT employees are ages 50+, with an average tenure 15.9 years.