Faculty Early Retirement Program (FERP) and Pre-Retirement Reduction In Time Base (PRTB)
Eligible tenured faculty who have reached the age of 55 may elect to participate in the Faculty Early Retirement Program (FERP). This program allows participants to be granted a service retirement and continue to be employed full-time for one semester in the academic year or to be employed half-time both semesters in the academic year. Article 29 of the Faculty Collective Bargaining Agreement for additional information.
The current collective bargaining agreement between the California State University and the California Faculty Association provides in Article 29.1 that eligible tenured faculty members who have reached the age of 55, “the normal retirement age”, may participate in the FERP. However, effective January 1, 2011, CalPERS, state and federal law placed additional restrictions on “the normal retirement age” which increased the age at which the 2% retirement formula would apply from 55 to 60 for those hired between January 1, 2011 and December 31, 2012 and age 62 for those hired after January 1, 2013.
FERP AGE REQUIREMENTS
|Hire Date||Minimum FERP age||Minimum Retirement age||Min. Service to Continue Medical Insurance*|
|1/1/2011 to 12/31/2012||60||50||5|
|1/1/2013 to Current||62||52||5|
|7/1/2017 to Current||62||52||10|
*Based on the Public Employer's Pension Reform Act (PEPRA)
Pre-Retirement Reduction in Time Base (PRTB)
Pre-Retirement Reduction in Time Base (PRTB) is a program that allows eligible faculty to work less than full- 30 time for up to five years prior to retirement while continuing to accrue full service credit toward retirement. Eligible faculty members must be tenured and employed in the Cal State University (CSU) for at least 10 years full-time with the five years immediately preceding PRTB having been continuous full-time employment, and must meet the age requirement of 55 years of age through 64 years of age (63 years if a member of the State Teachers’ Retirement System) at time of request.
For further information on these programs, contact HRDI at 657-278-2425.