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Office of the Provost

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:
Street44 Maple Street College/SchoolArts, Sci & Eng
City, State, ZipRochester, NY 14610; DepartmentOceanography
     
BIRTHDATE:11/26/1951 SERVICE DATE:7/1/1985
Age at Entrance62 Years of Service29
     
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)