To enroll online
- Log on to the Fidelity NetBenefits website.
- Follow the instructions under "New User Registration."
- 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. 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
- Call toll-free: (877) MIT-SAVE or (877) 648-7283.
- International toll-free service is available by dialing the country code for your location followed by (877) 343-0860.
- Provide your Social Security number, date of birth, and home zip code when prompted.
- Follow the automated instructions to set up a new account.
When To Enroll or Change Your Contribution
The time for enrollment in the MIT Supplemental 401(k) Plan depends on whether you are paid semimonthly or weekly.
If you are paid on a semimonthly basis
- You must enroll or make deferral changes by 4 p.m. ET on the 15th day of the month for the end of the month paycheck, and by the 1st day of the month for the 15th of the month paycheck, in order for the initial enrollment or deferral percentage election change to take effect for that paycheck.
- 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. If you leave MIT, you can start taking withdrawals from the 401(k) without tax penalty after age 55.
Federal law requires that you begin receiving payments by April 1 following the year in which you turn 72 (age 70½ if you attained age 70½ prior to January 1, 2020), unless you are actively employed by MIT. If you are not actively employed past age 72 (age 70½ if you attained age 70½ prior to January 1, 2020), you must start receiving minimum required distributions (referred to as MRDs) or you will be subject to severe tax penalties.
Keep Track of Your MIT 401(k) Account
- Pay close attention to your quarterly 401(k) statements so that you can monitor your account.
- Check on your account at any time by visiting Fidelity NetBenefits.
Need Help or Have Questions?
Contact MIT Benefits or see the additional contact options below.
| Vendor | Phone | Website |
|---|---|---|
| Fidelity – 401(k) Plan | 1-877-MIT-SAVE or 1-877-648-7283 |
NetBenefits |
