CARNEGIE PENSION FUND MAKES CUT
Harvard, Yale, and Columbia are Chief Institutions Concerned-Older Men Not Hit
Harvard professor will not be materially affected by the cut in pensions to college professors which has just been put into effect by the Carnegie Foundation for the Advancement of Teaching.
The cut amounting to between $16,000,000 and $17,000,000 will be borne by 2,800 men, most of whom are professors at Harvard, Yale and Columbia.
In regard to the matter, College authorities stated last night that steps would be taken by the Corporation to compensate all Harvard professors who might be injured by the cut.
Under the revised plan a normal retiring salary has been set up based on reports of salaries covering the period from 1917 to 1926.
The cut under this plan will be about one-fourth that of the original pension plan.
A system of scaling allowances has been devised which will not affect the more aged professors.
Harvard University leads other institutions in the number of professors coming under the system, and, therefore, will receive a larger share of the cut. To late, Harvard professors have received $1,411,397 in pensions. Although they will get considerably less in the future, the exact amount is not known.
Yale which has received $1,204,472 and Columbia which was given $1,132,474 are second and third respectively. During last year alone the foundation paid out a total of $1,386,000 to 838 persons.
Since the free pension list was closed in 1915, the foundation hoped to close its books by 1973, it was announced by Clyde Furst, the secretary of the foundation. At the rate that the money of the fund has been pouring out in the last eight years, the fund would have been exhausted by 1942.