Word: pensioned
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...When the law takes effect, our current plan will overachieve the objective," says Scott. "You'll have faculty leaving with a pension higher than their salary. No company is interested in having that kind of a situation...
...University's most pressing concerns about lifting the mandatory retirement age is that the current pension plan is designed for a set retirement age, Scott says...
Under Harvard's current faculty pension plan, each year the University and a faculty member make a contribution to an interest-earning fund. When a professor retires, the fund--converted to an annuity and combined with Social Security--should provide about 70 to 80 percent of the faculty member's final income. The yearly amount is determined by the size of the fund, and the life expectancy of the faculty member...
Retirement after 70 would change the pension in two ways, Scott says. First, the University and the professor would each be contributing to the fund for several more years, so the fund would be larger in real dollars...
...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...