Industry: Education Location: Cambridge, Mass. Website: www.mit.edu
Winning Years: 2013, 2011, 2009, 2008, 2006, 2005, 2003
Highlights of 2013 Winning Strategies
MIT’s Phased Time Status program is offered to employees age 66-plus. In the program, employees work part time (50 percent time), and can collect pension, salary and 401(k) distributions while maintaining active employee benefits. Preretirement workshops are offered with information on Medicare, Social Security, MIT health and welfare benefits, MIT basic plan income options, 401(k) distribution, retirement income and estate planning, and long-term care.
Additional Policies and Practices
- Recruiting: MIT works with Operation A.B.L.E. of Greater Boston, which provides training and employment services to mature workers.
- Workplace Culture/Continued Opportunities: Learning and development programs such as tuition reimbursement, in-house classroom training, online training, certification classes and reimbursement for professional membership dues are offered to employees working 17.5-plus hours per week. Long-service anniversaries are celebrated with awards, and employees with 25 years of service become members of the Quarter Century Club. Employees have opportunities to gain new experiences by working on temporary assignments in other departments and on team projects. MIT’s Disabilities Services provides employees with disabilities accommodations such as assisted listening devices and flexible schedules.
- Benefits/Health: MIT employees working 17.5-plus hours per week are eligible for individual and family medical coverage, individual and family prescription drug coverage, individual and family vision and dental insurance, and short- and long-term disability. Health benefits for retirees pre-65 and retirees age 65-plus include individual and spouse medical and prescription drug coverage, individual and spouse dental coverage, as well as individual life insurance or other death benefit coverage. The services of an Employee Assistance Program (EAP) are offered to retirees age 65-plus. New hires are eligible for all of the above benefits upon retirement. Flexible spending accounts (FSAs) are available to assist in covering out-of-pocket health care costs. Full- and part-time employees are offered flu shots, health screenings, health risk appraisals, smoking cessation programs or counseling, health club discounts, physical activity and weight loss programs, and stress management training. Seminars on healthy relationships, demystifying mental health, eating healthy, and safer sex education are offered. EAP services are available to full- and part-time employees as well as their family members.
- Benefits/Financial: MIT employees working 17.5-plus hours per week are offered a 401(k) plan with employer match. Employees working 20-plus hours per week are eligible for a cash balance defined-benefit plan. Employees participating in the 401(k) plan may choose to invest in lifecycle funds that automatically reallocate assets based on age or proximity to retirement, and those who are age 50-plus can make catch-up contributions to their 401(k) accounts. Employees are offered financial education from the staff of the financial services firm that administers their 401(k) plan. Short- and long-term leaves of absence without pay and paid time off are offered to allow for caregiving. Employees are offered dependent care services such as on-site child care and grandchild care, as well as referral services and backup care to assist with child care, grandchild care and eldercare.
- Benefits/Alternative Work Arrangements: Alternative work arrangements such as flextime, compressed work schedules, job sharing and telecommuting are offered to employees working 17.5-plus hours per week. Full-time employees are eligible to move to part-time work on a permanent or temporary basis.
- Opportunities for Retirees: MIT has 5,000 retirees and an individual directly responsible for retiree relations. The university stays connected with its retirees by communicating on a regular basis, inviting retirees to organization events, providing retirees with ongoing access to retirement planning workshops and information, and by formally acknowledging employees on their retirement. Temporary work assignments, consulting or contract work, telecommuting, and full-and part-time work are employment opportunities offered to retirees.
- Age of Workforce: Thirty-nine percent of MIT employees are age 50-plus. The average tenure of employees age 50-plus is 13.7 years.
Also of Interest: More AARP Best Employers for Workers Over 50
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