"Heck, we were part of the policy formulation, " says Collins, now 76 and semiretired.

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The bulk of that came as a loan from her father, Jay Topkis, a semiretired partner at the New York firm of Paul, Weiss.

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Ten years ago semiretired executives like Heller or Maples would have had a hard time finding much to do here other than play golf.

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Al Horrigan, a 69-year-old semiretired real estate broker in Sarasota, Fla.

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"That is one of the only times that, yes, they actually announced something in advance, " said Jeff Powell, a semiretired software engineer from Los Gatos, Calif.

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Oil companies could use it to let a semiretired engineer, lounging poolside with his laptop, help a roughneck fix a broken valve on a platform in the Gulf of Mexico.

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In a Vanguard survey, only a third of the semiretired had stayed with their current employer, even though more of those planning partial retirement expressed a desire to do so.

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When Steve and Jenny Chang semiretired from Trend Micro in 2005, it was well established in major corporate sectors like automotive and telecom, and with big government clients, including the Pentagon.

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