{"id":2935,"date":"2025-05-16T12:13:43","date_gmt":"2025-05-16T16:13:43","guid":{"rendered":"https:\/\/web.uri.edu\/hr\/?page_id=2935"},"modified":"2025-05-16T12:13:43","modified_gmt":"2025-05-16T16:13:43","slug":"farp","status":"publish","type":"page","link":"https:\/\/web.uri.edu\/hr\/benefits\/retirement\/farp\/","title":{"rendered":"FARP (FICA Alternative Retirement Plan)"},"content":{"rendered":"\n<p>A new retirement plan, the FICA Alternative Retirement Plan (FARP), was established effective December 15, 2013, for most part-time, seasonal, and temporary employees. This retirement plan replaces participation in social security.\u00a0 Employees will continue to contribute 1.45% of wages for Medicare which is matched.<\/p>\n\n\n\n<p>The FARP plan is mandatory for employees hired\u00a0after\u00a0July 1, 2013, who do not participate in the Employees\u2019 Retirement System of RI, or a 403(b) Alternative Retirement Plan due to their ineligibility for benefits. Eligible employees will be automatically enrolled and will begin their pre-tax contributions of 7.5% of wages beginning with the January 3, 2014 paycheck.<\/p>\n\n\n\n<p>Upon enrollment, TIAA, the plan administrator, will send participants a Welcome Kit.\u00a0 Contributions will be invested in the age-appropriate Vanguard Target Retirement Trust and the employee\u2019s estate will be set up as the beneficiary. However, employees will have the option to update future investment choices and beneficiary information.<\/p>\n\n\n\n<p>Employees can learn about the FARP Plan, investment choices, access retirement planning tools, and make transactions by going to\u00a0<a href=\"http:\/\/www.tiaa.org\/ri\">www.tiaa.org\/ri<\/a>, choosing the \u201cFICA Alternative Retirement Plan\u201d, and selecting the \u201cInvestment Options\u201d tab.<\/p>\n\n\n\n<p>Employees may also speak with a TIAA consultant by calling (800)897-1026, 8 a.m. to 10 p.m. on Monday through Friday, and 9 a.m. through 6 p.m. on Saturdays.<\/p>\n\n\n\n<p>Questions about Social Security should be directed to the local Social Security office a 1-877-402-0808.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new retirement plan, the FICA Alternative Retirement Plan (FARP), was established effective December 15, 2013, for most part-time, seasonal, and temporary employees. This retirement plan replaces participation in social security.\u00a0 Employees will continue to contribute 1.45% of wages for Medicare which is matched. The FARP plan is mandatory for employees hired\u00a0after\u00a0July 1, 2013, who [&hellip;]<\/p>\n","protected":false},"author":5286,"featured_media":0,"parent":189,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-2935","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/pages\/2935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/users\/5286"}],"replies":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/comments?post=2935"}],"version-history":[{"count":1,"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/pages\/2935\/revisions"}],"predecessor-version":[{"id":2936,"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/pages\/2935\/revisions\/2936"}],"up":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/pages\/189"}],"wp:attachment":[{"href":"https:\/\/web.uri.edu\/hr\/wp-json\/wp\/v2\/media?parent=2935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}