Word: retirees
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Chapus calls the Harvard track experience paradoxical. "Every year there is a rumor that McCurdy will retire. Every year it doesn't happen. He'll never retire--at least not for those of us who ran for him. It's like saying that Harvard's endowment is going broke."
...bolster the troubled Social Security system by trimming benefits-especially for those who retire at age 62. The Senate last week issued Reagan a stinging rebuke by passing, on a 96-to-0 vote, a "sense of Congress" resolution opposing any "precipitous and unfair" reductions in benefits for early retirees and any package of cuts that is more severe than necessary to keep the system solvent in the short run. Congressman Claude Pepper of Florida, chairman of the House Select Committee on Aging, told Health and Human Services Secretary Richard Schweiker, "You have chosen a solution that violates the sacred...
> The formula for calculating initial benefits for those who retire at 65 or over after 1982 would be jiggered downward over the next five years. The average worker retiring in 1987, for example, would get $719 a month under the present law, but would receive only $691.90 under Reagan'...
> Federal and some state employees who are not covered by Social Security are now permitted to retire from their government jobs, work in positions covered by Social Security for a few years and then draw these benefits as well as their government pensions. The Administration proposes reducing Social Security benefits...
Many fear that the cuts will most deeply hurt those who can least afford them. "Over 50% of all the people who retire on Social Security do not have private pensions," argues Frank Cassell, 64, a professor of industrial relations at Northwestern University. "That means whatever cuts turn out to...