if the algae doesnt seem to be a probolem anywhere else in the tank but that rock, I would assume the rock is phosphate laden and I personally would shave the polyps off, remount them to something else and either toss the rock altogether or toss it aside with any other rock you have and cook it at some point.
regardless, the algae isnt helping them, it needs pulled out with tweezers at a minimum. What kind of algae couold help knowing as well, but if it is just one rock like you say it probably doesnt matter