Word: pension
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Dates: during 1980-1989
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Gore raised the injustice with IRS Acting Commissioner Michael J. Murphy, who agreed that the policy was wrong. Henceforth, he ruled, overly generous taxpayers will get refunds. The problem arises mainly for workers who retire or quit and get lump-sum pension payments but forget to claim a credit for the taxes that were withheld. Taxpayers who detect such an error as far back as 1985 can apply for repayment. The Government will even pony up interest on its unfair use of the citizens' money...
...companies carry an ominous obligation that they have never really acknowledged on their books: the health-care benefits promised to retirees. Unlike pension plans, which are backed by investment funds, companies usually pay for retiree health-insurance costs as they occur...
...problem with respect to lifting mandatory retirement is that the longer the annuity is there, the greater the sum will be, so at some point not too soon after age 70, the pension will be greater than income," says Joan Bruce, the University benefits director...
There are several different pension plans the University could choose to adopt, but administrators say choosing a new one is difficult because they must accomodate not only professors with lifetime posts at the University, but also junior faculty members who plan to leave Harvard and teach elsewhere...
...pension plan in a field like academia, where there is a high turnover, must be designed so that professors who stay at Harvard for only a few years can take a certain amount with them...