Word: pensioneer
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Life insurance for the living, some faculty members use their pension funds to purchase annuities, plans that guarantee them a certain regular income until death. Annuities often vary in how they account for the cost of living. Some plans disburse a fixed amount, irrespective of inflation, while others are designed to account for a devalued dollar. The cost of an annuity with a COLA is usually a lower fixed income: Security has its price...
Axing state employees left and right, Malone has straightened out the lottery, vastly expanded pension plans for state workers and regained respectability for the state's once-dismal bond rating...
...treasurer's most extensive projects has been restructuring the pension program for state employees...
Malone's former Pennypacker Hall proctor, Director of the Harvard Alumni Association John P. Reardon Jr. '60 says that soon after his election, the treasurer asked him to serve on a committee to oversee the redevelopment of the pension program...
Reardon says that Malone's process was highly effective, shifting the pension plan's focus from savings accounts and universal life insurance plans to more lucrative mutual funds and resulting in a doubling of assets...