Faculty Phased Retirement Plan (FPRP) pay component posting rule change in Workday

March 17, 2021

Summary

  • Faculty Phased Retirement Plan (FPRP) pay component posting rule change in Workday
  • Update to Power BI Payroll Details Interactive Report to reflect FPRP change

Details:

The Power BI Payroll Details Interactive Report displays faculty salaries, all other salaries, and fellowship payments. It was recently discovered that the Faculty Phased Retirement Plan (FPRP) payment, used for eligible faculty members between ages 65 and 70, was posting to employee benefits rather than Faculty Salaries and was, therefore, missing from the interactive report. A change was implemented in Workday effective Monday, February 1, 2021; thus, the Faculty Phased Retirement Plan payment will now appear on the Payroll Details Interactive Report.

Corrections before Monday, February 1, 2021 will not be processed centrally; however, at your discretion, you can prepare a Payroll Accounting Adjustment (PAA) retroactive to Wednesday, July 1, 2020 (beginning of FY21). Corrections to previous Fiscal Years should not be made. The decision to process a PAA or not will have no impact to your respective department budget since this cost is generally charged to a central Cost Center. The advantage of processing a PAA is that you will then see the Fac Phased Ret Plan Pay Component on the Power BI reports. If you elect to process a PAA, please only select the Fac Phased Ret Plan Pay Component, do not change the COA.

Note:  The Workday posting rules have been updated, so the ledger account will be updated automatically.

For questions, contact Finance Support Center (FSC) at 203-432-5394 or via email at sharedservices@yale.edu.