FOREWORD - Wentworth Institute of Technology

WIT Employee HandbookSection IV: BenefitsIV I. SOCIAL SECURITY (FICA - FEDERAL INSURANCECONTRIBUTIVE ACT)All employees of Wentworth, except part-time students working under financial aidprograms, participate in the Social Security program. This government insuranceprogram provides an eligible worker with a monthly income when he/she retires.There are also provisions for survivor benefits, disability insurance and Medicare.The employee and Wentworth pay an equal amount towards this coverage, with theemployee's share paid as a payroll deduction. Since the rate of deduction and thesalary base for deduction are periodically revised by the federal government, specificinformation about present rates and salary bases may be obtained from the PayrollOffice. Each employer is required to deduct the Social Security contribution from anemployee's base salary during each calendar year. If the employee works for two ormore employers in a given year, any deduction paid by the employee which is abovethe base percentage is recoverable by the individual. The employer's contribution isnot recoverable. Social Security rates and benefits are subject to change by federalaction.1. SOCIAL SECURITY AND AGE 65Anyone approaching age 65 should contact the nearest Social Security Office atleast three months prior or three months subsequent to turning age 65 to enroll inMedicare A and become familiar with the Social Security benefit system. Thisrecommendation is effective whether the employee is planning to retire at age 65 ornot.March 200952