1

Weiskotten Hall

2

State University of New York (SUNY) at Upstate (Syracuse, NY)

Distinguished Faculty Recognition Program (DFRP)

Purpose was to identify and reach out to long term tenure faculty who met eligibility

criteria allowing the University to RECOGNIZE their long service as a bridge to

retirement

3

DFRP Highlights•Required Campus President and Executive Team approval of enrollment criteria and review of eligible faculty roster•Reviewed by University Counsel’s Office and SUNY Central Office•Authorization by Dean and presentation to faculty chairs•Notice to faculty local union leadership

4

DFRP HighlightsVOLUNTARY Participation in DFRP

provided for:

• Option of either a full-time 6-month leave OR a ½ time equivalent 12-month leave for which full pay would be provided and all benefits maintained•An additional bonus payable throughout duration of leave•Submission of irrevocable letter of resignation to be effective at the end of the selected leave•Emeritus appointment provided at the end of leave for faculty in “good standing”

5

DFRP HighlightsEligibility Criteria included:

•Current NYS (SUNY) faculty with permanent appointment;•Minimum of 25 or more years of SUNY Upstate full-time and/or equivalent part-time service;•Must not had previously retired or have current or pending disciplinary action (including imposed settlement agreement);•Excluded chairs, librarians, & Management Confidential appointments.

6

“ANATOMY” OF THE SUCCESSFUL DFRP

THE FEET (movement)Encourage eligible faculty to:• participate/enroll in the one-time DFRP and agree on a time line for leave/retirement• call to set up appointments with Human Resources, SUNY ORP investment providers (TIAA-CREF), Social Security, etc.• discuss with colleagues, departmental chair, and union leadership•ask questions, and more questions, and still additional questions

7

“ANATOMY” OF THE SUCCESSFUL DRFPTHE HEAD (processing)

•Adequate explanation and notice of the DFRP•Understanding the advantages associated with the DFRP•Meet one-on-one with faculty•Comprehension of retirement plan options and other retiree benefits (i.e. retiree health insurance)•Emeritus status appointment

8

“ANATOMY” OF THE SUCCESSFUL DFRP

THE HEART (emotional commitment)Getting eligible faculty to:•Confidently move to the next phase of their professional career (it’s not necessarily about the money)•Settle their emotions that retirement is just the beginning•Sign off on their voluntary enrollment•Feel comfortable with their decision•Trust in the integrity of the program

9

POINTS OF INTERESTTHE “NUMBERS”

The SUNY DFRP included:•61 eligible faculty from 13 different departments•HR-Benefits Office held over 30 individual meetings during the three-month open enrollment period that included discussion with financial planners, TIAA-CREF investment providers reps. as well as spouses and adult children of faculty members•15 faculty from 8 different depts. voluntarily (approx. 25 %) elected to participate in this one-time program• 7 out of 25 elected a 6 month continuous leave with the remaining 8 out of 25 elected the 12 month ½ time leave

10

POINTS OF INTERESTTHE “NUMBERS”CONTINUED

•15 eligible faculty members who elected to participate in the DFRP had a combined years of service of 547 years of service with 5 members having over 40 years of service •Average annual salary for all 15 faculty members was $142,000•Projected university savings (NOT including benefits-51% fringe rate) is estimated at over $2.129 million dollars subsequent to the last retirement date

11

POINTS OF INTEREST•Met with one eligible faculty member 6 separate times during the open enrollment period•All qualified for a service retirement as a member of a retirement system administered by New York State which provides for retiree health insurance at the end of the designated leave•Provided the President’s Executive Team with on-going updates regarding enrollment activity•Worked directly with department chairs to secure terms of emeritus status and leave time frame arrangements•Pre-scheduled retirement benefits sign up date prior to end of Leave•Assist enrollees to add to or open a supplemental retirement savings plan (i.e. 403b) to defer taxes on bonus