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Faculty Senior Associates Program

Faculty Senior Associates Program

Who is eligible to enter the Faculty Senior Associates Program?

The Program is available only to tenured, full-time faculty members at least 62 years of age with a minimum of ten years of service.

Is there financial incentive to join the Faculty Senior Associates Program?

The participant receives an annual payment under the Program. The initial payment is based on a calculation incorporating the individual’s final salary in relation to the individual’s cohort group, age, length of service, and Primary Social Security benefit when applicable.

Does the payment remain the same while in the Program?

After the first year, the payment is adjusted each fiscal year by the increase, if any, in the median salary of continuing faculty in the rank of the participant’s school and discipline group where applicable. The payment is reduced at Full Retirement Age (FRA) by the amount of the full Primary Social Security benefit the participant is entitled to receive at FRA whether or not the individual chooses to receive it.

Are the Faculty Senior Associates Program payments affected by outside income?

Payments are not affected by any outside earnings a participant might make after entering the Program. Payments are also not affected by part-time appointments offered by a school or department of the University provided that the combination of FSAP payment and part-time salary does not exceed the final full-time salary.

How long does an individual participate in the Faculty Senior Associates Program?

Payments cease at the end of the month in which the participant reaches age 70. If a participant dies before the age of 70, the payments cease upon death.

How is a participant in the Faculty Senior Associates Program paid?

Payments are processed through the normal University payroll system and are subject to withholding requirements for federal and state income taxes and FICA taxes.

How is benefits coverage affected for a participant in the Faculty Senior Associates Program?

Benefits coverage for participants between the ages of 62 and 70 is the same as for active faculty except for income maintenance programs such as long-term disability, sick pay benefits, and retirement contributions, which do not pertain. Benefits provided to participants are (like the benefits provided to all active faculty, staff, and retirees) subject to the right of the University to amend or terminate its benefits plan.

Will the Faculty Senior Associates Program be offered in the future?

It is the University’s policy not to discontinue offering the Program to new entrants or make substantial changes in the terms offered to new entrants without written notification to full- time faculty at least one year in advance of the effective date of the change. Any person already participating in the Program or who enrolls in it prior to the effective date of such a change would continue under the terms of the existing Program.

Last modified: Monday, 04-Aug-2014 13:42:53 EDT