RULING ON EARLY RETIREMENT PAYMENTS

From: Academe | Date: January 1, 2008| Author: Bradley, Gwendolyn | Copyright information

An appeals court ruled in November that payments made to faculty as part of early retirement deals are taxable even if the deals include relinquishment of tenure rights. The case, University of Pittsburgh v. United States of America, involved payments made to administrators and faculty members in the 1980s and 1990s. The university had paid Social security taxes on the payments, but in 2001 requested a refund of $2.2 million paid for tenured faculty membere. When the Internal Revenue Service ...

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