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Changes in payment
There are two situations that may cause changes in payment: annual payment adjustments, and social security benefit reductions. Learn more about both of these scenarios below.
Annual payment adjustments
Beyond the initial year, the FSAP payment is adjusted each fiscal year (effective July 1 through June 30) by the increase, if any, in the median salary of continuing faculty in the rank of the participant’s school and discipline group if applicable. (The payment will not be reduced if the median salary is reduced.)
The adjustment is made to the total payment, i.e., the payment prior to the reduction of the Social Security benefit, and any reduction for the Social Security benefit is made from the adjusted total payment.
In June of each year, the dean of each school is asked to submit to the Deputy to the Provost the increase in median salaries for continuing faculty in her or his school for the following fiscal year. The adjustment in FSAP payments is made in the Deputy to the Provost’s office and submitted to the Human Resources Service Center.
Example year 1: If your gross FSAP payment is $50,000, and your primary social security benefit is $0, your annual FSAP payment will be $50,000
Example year 2: If your gross FSAP payment is $51,500, and your primary social security benefit is $28,000, your annual FSAP payment will be $23,500
Example year 3: If your gross FSAP payment is $52,788, and your primary social security benefit is $28,000, your annual FSAP payment will be $24,788
Social security benefit reduction
The FSAP payment is reduced at the 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 draw upon the benefit). Similarly, if an individual draws Social Security early (before FRA), it is not that amount but the amount of the full Primary Social Security benefit the participant would have been entitled to receive at FRA that is used in the calculation of the reduction. The FSAP payment is not adjusted for subsequent cost-of-living increases instituted by the Social Security Administration. The reduction begins the first day of the month following the month in which the individual reaches FRA. For example, if an individual were to reach FRA in February, her or his payment would be reduced by the amount of her or his Social Security benefit effective March 1.
A letter is sent from the Office of the Deputy to the Provost reminding the participant to send a copy of the notification obtained from the Social Security Administration that indicates the amount of the benefit the individual is entitled to receive at FRA. If a copy of the notification is not received by the 15th of the month in which the participant reaches FRA, the payment is reduced by the maximum Primary Social Security benefit an individual retiring at FRA could receive, as published by the Social Security Administration.
If the Primary Social Security benefit exceeds the FSAP payment an individual is receiving, the FSAP payment ceases. However, the calculation continues to be made each year to age 70. Should the amount of the payment reach the point of exceeding the Social Security benefit, the FSAP payment would be reinstated. One of the changes contained in the Social Security Amendments of 1983 was that the FRA would be gradually raised from age 65 beginning with persons born in 1938 to age 66 finally to age 67 (for those born in 1960 and after). The implementation schedule used by the Social Security Administration has been and continues to be used in the Faculty Senior Associates Program for making the Primary Social Security benefit reduction at FRA.
Part-time employment
Payments are not influenced by any outside earnings a participant might make after entering the Faculty Senior Associates Program. Payments are also not affected by part-time appointments offered by a school or department of the University provided that the participant’s total compensation from the University does not exceed 100% of the final full-time salary before entering the Program. That is, the combination of FSAP payment and part-time salary may not exceed the final full-time salary immediately before entering the Program. The FTE for part-time appointments should be less than 50% (based on final full-time salary).
Termination
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.
Benefits
Benefits coverage for participants between the ages of 62 and 70 is the same as for active, full-time faculty members except for income maintenance programs such as long-term disability, sick pay benefits, and retirement contributions, which do not pertain. If an individual is enrolled in the health care plans, premiums can be deducted on a pre-tax basis. Participants also may elect a Flexible Spending Account (FSA) to pay for unreimbursed medical and dental expenses with pre-tax dollars.
Individuals in the FSAP are eligible for the same health care plans at the same premium rates as active, full-time faculty members. Upon attainment of eligibility for Medicare, the individual may elect to have Medicare either primary or secondary to the University of Rochester health care plans (i.e., the individual may elect to be treated as an active, full-time faculty member or as a University of Rochester “Medicare-eligible” retiree).
Questions about benefits coverage should be directed to the Human Resources Benefits Office. 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.
Changes to the program
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.