Faculty Savings Program – for new hire Faculty
During the first year of employment at the University of Miami, faculty and staff are not eligible to participate in the Retirement Savings Plan (RSP). The RSP has a one year waiting period.
However, during the one year waiting period, new hire faculty will receive monthly payments* equal to 10% of pay. These monthly payments will be included in your payroll check in the month following the month in which you begin working. These payments will continue until the earlier of the end of your one year waiting period or once your pay reaches the IRS compensation limit ($250,000 for 2012). Lecturers, Instructors and visiting faculty are not eligible.
*Monthly payments received are equal to the amount that would have been contributed on your behalf to the RSP had you been eligible and contributed the maximum amount. Federal income tax and FICA will be automatically deducted from your payroll check for these payments.