Word: lumped
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...injustice is not in the amount of the termination settlement, but in the method of payment; i.e., a lump sum payment which imposes on the employee an immediate, up-front, 40% tax liability...
This problem came to my attention when a fellow church member, a woman age 61, who was a staff employee of Harvard, came to me for financial advice, as I am treasurer of her church. She was being forced to take early retirement and had been offered a lump sum settlement of approximately $100,000, of which she would be obliged to make an immediate payment of 40% in taxes, leaving roughly $60,000. I prepared for her a proposal for a 10-year payout that would more than double the value to her at no added cost to Harvard...
...least there was one argument in support of the lump sum policy that, fortunately, Human Resources did not make; namely, that since 60% of the settlement was the full amount that Human Resources felt the retiree was entitled to, why should there be an outcry if the remaining 40% went to the IRS. That would be a specious and cynical argument. Harvard's proposed settlement, even including the 40% to the IRS, fell far short of making up my friend's lost retirement income. Hence, it us obviously in the interest of both Harvard and the retirees that the funds...
...Type: Lump...
...ingenious minds of the Capitol will not stand by while the greatest deliberative body in the world becomes a lump of couch potatoes. Already a large loophole in the Senate version permits gifts motivated by friendship. The proper sincerity attending these presents will be defined by the Senate Ethics Committee. Watch out for a tautological modification of the old Capitol proverb: If you want a friend in Washington, buy a dog -- or bring a gift...