Word: pensionable
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...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...
...analysis of criticisms levelled at the University Pension plan and the explanation given by its authors makes clear both the good intentions of the University and the inadequacy of its pension system. Despite the fact that the administration contributes 126% as much as the employees, a maid who pays premiums for twenty years may at the end of that time receive only four dollars a month. Such a small return is merely a caricature of the security which a pension system is supposed to provide. It returns to the recipient just enough money to supply carfare to the relief bureau...
...many of Harvard's higher paid employees, like carpenters, the University plan is more advantageous than the federal act. But as a matter of plain statistical fact the provision which the University makes for its lowest paid employees does not equal the pensions set by the Social Security Act for workers on the same low wage level. Thus a maid who receives a pension of ten dollars a month after thirty-five years under the Harvard plan, would under the Social Security Act receive twenty-five dollars a month...
This illustrates the difference in emphasis between the two plans. The federal act weights the returns in favor of the lowest paid workers by applying to their pensions some of the money contributed by their more fortunate comrades. But while the Social Security Act redistributes the security, the University plan perpetuates without any amelioration the extraordinary inequality which a pension system should correct...