Does premium processing also apply to I-485 concurrently filed with I-140?

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My employer (a major University) is applying for my green card under EB2 (I have a PhD). The stage they are at now is currently preparing the recruiting report and are soon going to submit for Labor Certification. My employment authorization expires on August 12th but my employer does not anticipate bing able to file the I-140 until the end of July/first week of August (timeframe to get the PERM approved). The EB2 priority dates are current so the plan is to file the I-485 concurrently with the I-140.

1. Will the premium processing of the I-140 also expedite the processing of the I-485 (current processing time is a few months)?

2. If not, should I also file an I-765 with the other forms so I can get an EAD while the I-485 is being processed? I assume the EAD will arrive earlier?

I just want to be able to get back to working/earning my paycheck as soon as possible (since I have to stop working after Aug 12th). I have been in the US since 1997, I have always been in-status, and I have my complete immigration history documented (I-20s, H1Bs etc.)

Thanks in advance for your help!

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