| Faculty Benefit Program |
|
September 29, 2009,
Volume 56, No. 05
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A benefit program under Penn’s Faculty Income Allowance Program (FIAP) is now available, for a limited time, to selected senior faculty members.
FIAP is designed to provide senior members of the Standing Faculty with supplemental income when they retire, in recognition of their distinguished service to the University. Faculty members are typically eligible only between the ages of 60 and 69, and their standard eligibility period therefore generally expires when they reach age 70.
In light of the severe economic downturn and the adverse impact it may have had on faculty members’ financial resources for retirement, FIAP eligibility is now being reopened, for a limited time, to senior members of the Standing Faculty who are otherwise qualified but beyond the standard age limit. The program requires a faculty member to retire no later than June 30, 2010 and to notify his or her Dean in writing no later than December 15, 2009 of the intention to retire. If a faculty member declines the one-time offer, s/he will not be able to participate in FIAP in the future.
Aside from the one-time change in age eligibility and a slightly lower income allowance, all other terms of FIAP apply. For more information on FIAP, see www.hr.upenn.edu/Benefits/Retirement/FIAP_FAQs.aspx. All those eligible for the extended benefit have been contacted directly by the University. |
