Word: pension
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...curriculum. We view this as a considerable improvement, and a vindication of the goals of the '69 strike. However, Harvard has become nationally and internationally known for its refusal to divest its holdings in companies doing business in South Africa. Long after many other universities, city and state governments, pension funds and other institutions have fully divested, long after Rev. Sullivan and other advocates of gradual change in South Africa have come to support full divestment, Harvard still holds $250 million in South Africa-related stocks. More than 10 thousand Harvard and Radcliffe alumni/ae have supported prodivestment candidates...
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...
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...