A Personal Assistant Program is available for employees and their families to help them deal with a variety of personal and work-related problems.
Flexible spending accounts (FSAs) are available to assist in covering out-of-pocket health care costs.
Benefits/Financial: Employees working 17 or more hours per week are automatically enrolled in a pension plan, also known as a defined-benefit plan. Employees working 17 or more hours per week are offered a 401(k) plan with a 100 percent match on each participant's voluntary contributions each year up to 5 percent of pay. Through the 401(k) Plan, employees can invest in lifecycle funds that automatically re-allocate assets based on age or proximity to retirement, and those age 50 and over can make catch-up contributions to their plan.
Staff members and staff from the financial services firm that administers the retirement plan provide financial information and training to employees. Specifically, information on asset allocation, pre-retirement planning, market updates, college savings plans, estate planning, and retirement benefits are provided. MIT has a designated retirement counselor who meets with employees planning for retirement.
Short- and long-term leaves of absence without pay and paid time off are offered to allow for caregiving.
Full- and part-time employees are offered flu shots, health screenings, health risk appraisals, smoking cessation programs, health club discounts, physical activity and weight loss programs, as well as stress management training.
MIT offers its employees who work 17 or more hours per week on-site child care for children and grandchildren of employees, as well as referral services and back-up care to assist with childcare, grandchild care and eldercare.
Benefits/Alternative Work Arrangements: Employees working 17 or more hours per week can participate in flextime, compressed work schedules, job sharing and telecommuting.
Opportunities for Retirees: MIT has 5,000 retirees and an individual who coordinates the retiree association. The university stays connected with its retirees by communicating regularly, inviting retirees to organization events, by providing ongoing access to retirement planning workshops and information, and by formally acknowledging retirees upon retirement. Work arrangements offered to retirees include temporary work assignments, consulting or contract work, telecommuting, as well as full- and part-time work.
Age of Workforce: Thirty-nine percent of MIT employees are age 50 and over. The average tenure of those employees is 14.7 years.
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