Word: pensioners
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Dates: during 1930-1939
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Another superiority of the University's plan over other plans was considered the fact that employees who leave the University's service for any reason take the full value of their pension with them. Under many other plans, it was stated, the employee has to give up the amount his employer has contributed...
...pensions, of course, vary in amount according to the employee's length of service. Thus it was computed in the case of employees in the fifteen hundred dollar class that forty years service from the age of twenty-five would bring a pension 54% of the worker's salary, thirty years service 34%, 25 years...
When asked to comment upon the Pension plan, a University Hall pension authority issued the following statement...
...Social Security Act provided for the exemption of educational and other similar institutions. This was in part because the pension sections of the Act were not well adapted to such groups as college faculties, but principally because the application of the unemployment compensation sections of the Act to such institutions would have created a heavy tax on account of individuals not likely to receive benefits. It is believed that various features of the Act may be changed within the next few years, and it is possible that the institutional exemption may be modified...
...majority of the University's long-service employees the University pension and insurance plan now provides for larger pensions than would be received under the terms of the Social Security Act. The groups of long-service employees to whom this does not apply would not, if in similar non-exempt employment, become eligible for pensions under the Social Security Act for several years. The point has accordingly not been reached where University employees actually retiring receive smaller pensions than they would receive under the Social Security Act, and with the present possibility, of changes in the Act it does...