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 | |||
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| 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) |
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| 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) | |||