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Massachusetts Institute of Technology

The mission of MIT is to advance knowledge and educate students in science, technology, and other areas of scholarship that will best serve the nation and the world in the 21st century.

The Institute is committed to generating, disseminating, and preserving knowledge, and to working with others to bring this knowledge to bear on the world’s great challenges. MIT is dedicated to providing its students with an education that combines rigorous academic study and the excitement of discovery with the support and intellectual stimulation of a diverse campus community. We seek to develop in each member of the MIT community the ability and passion to work wisely, creatively, and effectively for the betterment of humankind.

The Institute admitted its first students in 1865, four years after the approval of its founding charter. The opening marked the culmination of an extended effort by William Barton Rogers, a distinguished natural scientist, to establish a new kind of independent educational institution relevant to an increasingly industrialized America. Rogers stressed the pragmatic and practicable. He believed that professional competence is best fostered by coupling teaching and research and by focusing attention on real-world problems. Toward this end, he pioneered the development of the teaching laboratory.

Today MIT is a world-class educational institution. Teaching and research—with relevance to the practical world as a guiding principle—continue to be its primary purpose. MIT is independent, coeducational, and privately endowed. Its five schools and one college encompass numerous academic departments, divisions, and degree-granting programs, as well as interdisciplinary centers, laboratories, and programs whose work cuts across traditional departmental boundaries.

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The emphasis on the lump sum in superannuation unfairly moves risk to individuals. Image sourced from www.shutterstock.com

Superannuation: make income the outcome

Having led the world in the 1990s in embracing defined contribution retirement plans, Australia now is rightly reviewing whether the design of its retirement income system is meeting the needs of Australians…

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