This is the fourth in a series of articles submitted by the Benefits Office to give the MIT community answers to frequently asked questions about the Special Retirement Incentive Program. Today's article responds to the numerous inquiries received about MIT's rehire policy with respect to employees who elect to retire under the Incentive Program.
Q: Can I take the Special Retirement Incentive and continue to work on the Institute's voucher payroll?
A: If you elect to take the incentive earlier than the normal retirement date (the July 1 following your 65th birthday), you must leave MIT, which precludes continued employment on the voucher payroll.
If you elect to take the incentive after normal retirement date, you may work up to 49 percent time at the discretion of your department. If this continued employment is on the voucher payroll, you may not work more than 1,000 hours in any 12 month period.
Q: Can I work at the Sterling Temporary Agency for MIT?
A: Generally, you may work for MIT through Sterling because Sterling would be your employer, not MIT. However, if you have not reached your normal retirement date, you may not retire from MIT with an arrangement that you will return to your old department in your previous position as a Sterling employee.
Q: Can I consult for the Institute?
A: Consulting for MIT may be possible; however, under Massachusetts law, a consultant must meet each of the following requirements:
- the individual has been and will continue to be free from the employing party's control and direction in connection with the performance of the service;
- the service performed by the individual is either outside the usual course of the employer's business or, if not, is performed outside of the employer's place of business;
- the individual performing the service is customarily engaged in an independently established occupation, profession or business of the same nature as that involved in the service performed.
The Benefits Office also notes that anyone who has reached age 70.5 and has started taking mandatory distributions from the MIT Retirement Plan and continues to work at least 50 percent time is not considered a retired employee.
Finally, the Benefits Office again reminds employees considering the Incentive Program to make an appointment with a retirement counselor now. The election period for the program ends April 30. On campus, call x8-7777; at Lincoln, call x2717.