{"id":2196,"date":"2019-03-14T16:43:32","date_gmt":"2019-03-14T16:43:32","guid":{"rendered":"http:\/\/www.rochester.edu\/provost-2019\/?page_id=2196"},"modified":"2021-10-15T12:47:13","modified_gmt":"2021-10-15T12:47:13","slug":"payment-calculation-example","status":"publish","type":"page","link":"https:\/\/www.rochester.edu\/provost\/faculty-support\/faculty-senior-associates-program\/payment-calculation-example\/","title":{"rendered":"Payment Calculation Example"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":0,"parent":2116,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"class_list":["post-2196","page","type-page","status-publish","hentry"],"acf":{"lead_in":"","display_title":"","subtitle":"","call_to_action":"","hero_image_placement":"no_image","hero_media":"images","hero_pattern_option":"","hero_video":"","hero_image_landing":"","hero_image_landing_two":"","hero_image_landing_three":"","content_modules":[{"acf_fc_layout":"text","anchor":"","css_class":"pt-0","title":"","content":"\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
FACULTY SENIOR ASSOCIATES PROGRAM<\/td>\r\n<\/tr>\r\n
Data and Calculation Sheet<\/td>\r\n<\/tr>\r\n
EXAMPLE ONLY<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/tr>\r\n
NAME:<\/td>\r\nJohn Brown<\/td>\r\n<\/td>\r\nEMPLOYEE ID NO.:<\/td>\r\n654321<\/td>\r\n<\/tr>\r\n
ACADEMIC TITLE:<\/td>\r\nProfessor<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
HOME ADDRESS:<\/td>\r\n<\/td>\r\nUNIVERSITY AFFILIATION:<\/td>\r\n<\/tr>\r\n
Street<\/td>\r\n44 Maple Street<\/td>\r\n<\/td>\r\nCollege\/School<\/td>\r\nArts, Sci & Eng<\/td>\r\n<\/tr>\r\n
City, State, Zip<\/td>\r\nRochester, NY 14610;<\/td>\r\n<\/td>\r\nDepartment<\/td>\r\nOceanography<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
BIRTHDATE:<\/td>\r\n11\/26\/1951<\/td>\r\n<\/td>\r\nSERVICE DATE:<\/td>\r\n7\/1\/1985<\/td>\r\n<\/tr>\r\n
Age at Entrance<\/td>\r\n62<\/td>\r\n<\/td>\r\nYears of Service<\/td>\r\n29<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
PROPOSED DATE OF ENTRANCE INTO PROGRAM:<\/td>\r\n7\/1\/2014<\/td>\r\n<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/tr>\r\n
SALARY AT ENTRANCE INTO PROGRAM:<\/td>\r\nINDIVIDUAL'S SALARY<\/td>\r\n$110,000<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\nGROUP MEDIAN SALARY<\/td>\r\n$130,000<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/tr>\r\n
\r\n\r\n
\r\n\r\n<\/td>\r\n<\/tr>\r\n
1. BASIC VALUE:<\/td>\r\n(a) Individual's Salary \/ Median Salary =<\/td>\r\n0.85<\/td>\r\n<\/tr>\r\n
<\/td>\r\n(b) 100 \/ Quotient of (a) =<\/td>\r\n117.6<\/td>\r\n<\/tr>\r\n
<\/td>\r\n(c) (b) minus 80 =<\/td>\r\n37.6<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
2. SERVICE BONUS: (Years of Service - 20) \/ 2 =\r\n(not valid if amount is less than zero)<\/td>\r\n<\/td>\r\n4.5<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
3. FACULTY SENIOR ASSOCIATES PROGRAM BONUS =\r\n(See schedule on reverse side.)<\/td>\r\n<\/td>\r\n12.0<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
4. Basic Value + Service Bonus + FSAP Bonus = Payment %<\/td>\r\n[54.1%]<\/td>\r\n54.1<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
5. Payment % x Individual's Salary = Payment for First Year<\/td>\r\n$59,510<\/td>\r\n<\/tr>\r\n
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.<\/td>\r\n<\/td>\r\n<\/tr>\r\n
6. PRIMARY SOCIAL SECURITY BENEFIT =\r\n(for Full Retirement Age (FRA) of individual)<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/tr>\r\n
7. Payment for First Year - Primary Social Security Benefit =<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
NET PAYMENT FOR FIRST YEAR<\/strong><\/td>\r\n<\/td>\r\n$59,510<\/strong><\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/tr>\r\n
ANNUAL PAYMENT:<\/strong><\/td>\r\n$59,510<\/td>\r\n<\/td>\r\nEFFECTIVE:<\/strong><\/td>\r\n7\/1\/14<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/tr>\r\n
Account Distribution (if other than 100% to FSAP account):<\/td>\r\nN\/A<\/td>\r\n<\/td>\r\n<\/tr>\r\n
<\/td>\r\n<\/tr>\r\n
Authorized by:<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
<\/td>\r\n(Department Chair)<\/em><\/td>\r\n(Date)<\/em><\/td>\r\n<\/tr>\r\n
Authorized by:<\/td>\r\n<\/td>\r\n<\/td>\r\n<\/tr>\r\n
<\/td>\r\n(Dean)<\/em><\/td>\r\n(Date)<\/em><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n","background_color":"#ffffff","width":"width-large"}]},"yoast_head":"\nPayment Calculation Example - Office of the Provost<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rochester.edu\/provost\/faculty-support\/faculty-senior-associates-program\/payment-calculation-example\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payment Calculation Example - Office of the Provost\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rochester.edu\/provost\/faculty-support\/faculty-senior-associates-program\/payment-calculation-example\/\" \/>\n<meta property=\"og:site_name\" content=\"Office of the Provost\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-15T12:47:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rochester.edu\/provost\/wp-content\/uploads\/2022\/02\/Link-Preview-Provost-1200x630.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/provost\\\/faculty-support\\\/faculty-senior-associates-program\\\/payment-calculation-example\\\/\",\"url\":\"https:\\\/\\\/www.rochester.edu\\\/provost\\\/faculty-support\\\/faculty-senior-associates-program\\\/payment-calculation-example\\\/\",\"name\":\"Payment Calculation Example - 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