Word: pension
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Harvard will lower its annual contribution to the faculty pension plan by one percentage point...
...similar layering effect happens in the pension-fund corner of the financial world. Workers entrust their savings to trustees, who hire professional managers, who allot their assets among professional-inves tment firms, so that the investment firms can in turn allot them among various stocks and bonds. And there's a whole subindustry of pension-fund consultants who get paid to tell the managers which investment firms to allot their assets among...
Among the faculty, law instructors have spoken out most about the plan. They have focused their ire on Harvard's proposal to reduce the University's contribution to the faculty pension plan by one percentage point annually...
...Faculty Pension Plan...
Harvard's funding of the pension plan, effective July 5, 1994. Age Harvard's annual contribution under 40 4% of pay up to wage base, 9% of pay over wage base 40 or older 10% of pay up to wage base, 15% of pay over wage base...