The University of Pennsylvania announces a revised Faculty Income Allowance Policy (FIAP), effective July 1, 2023. The revised policy provides an improved cash benefit, while recognizing that some Penn faculty members may be seeking to retire later and have more flexible retirement options.

The revised FIAP offers a cash benefit of 200% of a faculty member’s academic base salary (defined by the academic salary plan for faculty in the Perelman School of Medicine), with two payment options: the Immediate FIAP, which distributes the cash benefit in one lump sum shortly after termination of employment, and the Phased Work FIAP, which distributes the cash benefit first during a two-year phased work period and then in a lump sum in the calendar year after the completion of that two-year phased work period.

Individual faculty members have been contacted directly about their eligibility for benefits related to the revised FIAP. Senior faculty members are eligible to participate in the revised FIAP if they fit within one of the following age and service categories. Age is determined by the date of employment termination.

• Ages 60-64: Senior faculty members who have 10 or more years of full-time continuous service and are between the ages of 60 and 64 as of June 30, 2024.
• Ages 65-72: Senior faculty members who have 10 or more years of full-time continuous service and who terminate their employment on or after age 65 but before June 30 of the academic year in which they reach age 72.
• Ages 72 or later: Senior faculty members who have 10 years of full-time continuous service on or after age 72. The faculty member must terminate employment as of June 30 in the academic year in which the eligibility requirements are satisfied.

You can find more details about the revised FIAP in the FAQs (https://faculty.upenn.edu/wp-content/uploads/FIAP-FAQ.pdf) and the detailed booklet (https://faculty.upenn.edu/wp-content/uploads/FIAP-Booklet.pdf).

—Office of the Vice Provost for Faculty