Rudolph Dylan Rudolph Elizabeth L. In his letter, MIT’s Schmidt says, «We are proud of the retirement benefits offered to our employees and the processes in place to oversee those benefits. In order to avoid that continued drain of MIT resources, we have reached an agreement to settle the dispute. Given that history, assuming the settlement deal holds together and is approved by the court, it could include agreements from the university to change the way it manages its retirement plan. Professional malpractice insurance can be relatively inexpensive and should be used to save professionals around the U. For those late in their careers, a lawsuit could potentially wipe out their retirement savings.