Word: sums
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This problem came to my attention when a fellow church member, a woman age 61, who was a staff employee of Harvard, came to me for financial advice, as I am treasurer of her church. She was being forced to take early retirement and had been offered a lump sum settlement of approximately $100,000, of which she would be obliged to make an immediate payment of 40% in taxes, leaving roughly $60,000. I prepared for her a proposal for a 10-year payout that would more than double the value to her at no added cost to Harvard...
...least there was one argument in support of the lump sum policy that, fortunately, Human Resources did not make; namely, that since 60% of the settlement was the full amount that Human Resources felt the retiree was entitled to, why should there be an outcry if the remaining 40% went to the IRS. That would be a specious and cynical argument. Harvard's proposed settlement, even including the 40% to the IRS, fell far short of making up my friend's lost retirement income. Hence, it us obviously in the interest of both Harvard and the retirees that the funds...
Type: Lump sum...
...know, salaried employees have neither the tenure protection of faculty members nor the union protection available to hourly workers. My friend was therefore compelled to accept the offer of a lump sum payment, and has promised to sign a release stating that she will not contest the settlement. Her case, as far as I am concerned, is closed. My effort now is not directed at redressing the injustice done to her, but on seeking public opinion support to persuade Harvard, for the benefit of other employees in a like situation, to revise its restrictive policy on method of payment, which...
Although Human Resources' present policy of lump sum payments is obviously the easiest and fastest way to close the books on an older staff member who is no longer needed or wanted, in my judgment it is in Harvard's unlighted self-interest to move to a policy that permits multi-year payments and doubles the benefit to the employee, at no added cost to Harvard, except the administrative expense involved...