Faculty Income Allowance Plan (FIAP)
What is FIAP?
FIAP is a “severance pay arrangement” under ERISA (the Employee Retirement and Income Security Act of 1974). It provides an opportunity for eligible senior faculty members to retire from active service. The plan provides income for two years.
Who is eligible for FIAP?
Tenured members of the Standing Faculty and Senior members (Associate Professor or Professor) of the Standing Faculty-Clinician Educator are eligible for FIAP.
Also, to be eligible:
The sum of the faculty member’s age and number of years of continuous service is equal to or greater than 75
- the faculty member is between 60 and 69
- has been on the faculty for at least 10 years
- the faculty member’s age is greater than 68 years and
- the faculty member retires no later than the last day of the academic year (June 30) in which the faculty member’s service with the University reached 10 years
What benefits are provided under FIAP?
FIAP provides income for two years, paid in 24 equal installments, subject to federal, state, local, social security, and Medicare taxes.
The income is equal to the greater of:
- 165% of the faculty member’s academic base salary as of date of termination or
- 165% of the average academic base salary for professors in the school
Please note that academic base salary does not include salary earned through CPUP and/or salary earned as an administrative stipend.
How do I apply for FIAP?
Eligible faculty must meet with the Senior Benefits Specialist in Human Resources. Written notice should be provided to the department chair and the Dean one year prior to the date of retirement.
A formal retirement agreement must be signed.
This summary is intended to give you a general description of the benefits provided under the Plan. Your rights to FIAP benefits are determined solely by the provisions of the official FIAP plan document.