Benefits

Health & Wellness

 

Medical coverage

• Several pre-tax medical plans at various cost and coverage levels, as well as dental and vision plans.

 

Wellness

• Access to MIT athletic facilities
• Annual Wellness Fair
• On-site health assessments
• Bicycle competitions (secure on-site bicycle facility)
• Corporate fitness challenges
• Shower facilities on-site
• Total Life Commitment program

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial

 

Retirement
Draper provides a generous retirement plan that is managed by TIAA-CREF. For salaried employees, Draper contributes 10% of the employee’s salary and the employee contributes 5%. For the Draper portion of this contribution, half vests your first day on the job, with full vesting after 5 years. Group and individual financial and retirement planning sessions are scheduled throughout the year. Free retirement planning reports are also available through Ibbotson Associates.

 

The 5% employee’s contribution to this plan is not included in calculating the maximum limit that can be contributed to a 401(k)/403(b) Plan. Employees can contribute to a Supplemental 403(b) Retirement Plan with pre-tax contributions or Roth after tax contributions up to the maximum annual IRS limits.

 

Insurance:

• Short-and Long-term Disability at no cost to employees
• Basic Life and Accidental Death & Dismemberment at no cost to employees
• Supplemental Life insurance up to five times annual salary
• Discounted group and individual l long term care options
• Discounted  auto and home insurance available through payroll deduction
• Pet insurance at discounted group rates
• $500,000 free business travel accident insurance
• Subsidized retiree medical insurance

 

Flexible Spending Accounts:

• Optional participation in Flexible Spending Accounts (FSA) for both medical and dependent care expenses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Childcare /Eldercare

• Up to $1,000 dependent care subsidy per year for care of a qualified dependent (child or adult)
• Near-site day care is available at a reduced rate with Bright Horizons in Cambridge
• Mother’s lounge on-site
• Adoption assistance up to $5,000 per finalized adoption
• Free emergency ride home program
• Free childcare and eldercare referral service
• Flexible work arrangements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Career Development

• Tuition reimbursement up to $5,250 per year for undergraduate courses
• Unlimited tuition reimbursement for Masters degrees as well as Ph.D.s in engineering disciplines
• Workplace flexibility to attend classes and complete course requirements
• 50% reimbursement for membership in professional societies
• Mentoring program
• Additional on-site programs to assist in your career development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commuting

• Cambridge and Washington D.C. sites are easily accessible via public transportation (link to: maps & directions) with subsidized T passes and SmartBenefits® vouchers available up to $115 per month, with a pre-tax parking benefit available at all commuter stations.
• Free transportation to local commuter stations
• Parking available at all sites, including Cambridge, where the garage parking fee can be paid through a pre-tax payroll deduction.