Payment Calculation Example

FACULTY SENIOR ASSOCIATES PROGRAM
Data and Calculation Sheet
EXAMPLE ONLY

NAME:	John Brown	EMPLOYEE ID NO.:	654321
ACADEMIC TITLE:	Professor

HOME ADDRESS:		UNIVERSITY AFFILIATION:
Street	44 Maple Street	College/School	Arts, Sci & Eng
City, State, Zip	Rochester, NY 14610;	Department	Oceanography

BIRTHDATE:	11/26/1951	SERVICE DATE:	7/1/1985
Age at Entrance	62	Years of Service	29

PROPOSED DATE OF ENTRANCE INTO PROGRAM:		7/1/2014

SALARY AT ENTRANCE INTO PROGRAM:		INDIVIDUAL’S SALARY	$110,000
		GROUP MEDIAN SALARY	$130,000


1. BASIC VALUE:	(a) Individual’s Salary / Median Salary =		0.85
	(b) 100 / Quotient of (a) =		117.6
	(c) (b) minus 80 =		37.6

2. SERVICE BONUS: (Years of Service – 20) / 2 = (not valid if amount is less than zero)			4.5

3. FACULTY SENIOR ASSOCIATES PROGRAM BONUS = (See schedule on reverse side.)			12.0

4. Basic Value + Service Bonus + FSAP Bonus = Payment %		[54.1%]	54.1

5. Payment % x Individual’s Salary = Payment for First Year			$59,510
Payment for the first year cannot exceed 66.7% of the Individual’s Salary immediately before entering Program nor be less than 20% of the Group Median Salary shown above.
6. PRIMARY SOCIAL SECURITY BENEFIT = (for Full Retirement Age (FRA) of individual)

7. Payment for First Year – Primary Social Security Benefit =
NET PAYMENT FOR FIRST YEAR			$59,510

ANNUAL PAYMENT:	$59,510	EFFECTIVE:	7/1/14

Account Distribution (if other than 100% to FSAP account):		N/A

Authorized by:
	(Department Chair)		(Date)
Authorized by:
	(Dean)		(Date)