Faculty members who are contemplating retirement in the near future may find the following information of use in making retirement decisions. The following summarizes two faculty benefit programs that allow faculty to work less than full time, either before or after retirement.
Faculty employees may reduce their time base prior to retirement by participating in the Pre-Retirement Reduction in Time Base program (PRTB). The PRTB program allows a faculty member to reduce their time base to two thirds, one half, or one third, prior to retirement, while still earning full service credit with CalPERS; faculty members who enter the PRTB program may participate for a maximum of five years. Please note that you must be at least 55 years of age to enter the PRTB program, and you must enter PRTB prior to your 65th birthday.
If you intend to participate in the PRTB program in a given academic year, you must declare your intention to do so by the end of the previous Winter quarter (i.e., six months prior to the beginning of the academic year in which you participate). For more information on the PRTB program, see Article 30 of the CSU/CFA Collective Bargaining Agreement*: http://www.calstate.edu/LaborRel/Contracts_HTML/CFA_CONTRACT/article30.shtml,
Faculty members who are ready to retire may elect to participate in the Faculty Early Retirement Program (FERP) for up to five years post-retirement. A faculty member who elects to participate in FERP may continue to work up to 50% of the time base they worked during the year prior to retiring. (For CSULA faculty, this means a maximum of 22.5 WTU/academic year, assuming a full-time appointment the year prior to retirement.) Please note that you must be at least 55 years of age to enter the FERP; there is no maximum age for entry into this program.
If you intend to participate in the FERP in a given academic year, you must declare your intention to do so by the end of the previous Winter quarter (i.e., six months prior to the beginning of the academic year in which you participate). For more information on the FERP, see Article 29 of the CSU/CFA Collective Bargaining Agreement*: http://www.calstate.edu/LaborRel/Contracts_HTML/CFA_CONTRACT/article29.shtml.
*Please note that the CSU and the CFA are bargaining a new contract; future participation in PRTB and FERP will be subject to the conditions in the new Agreement. Any faculty member who declares an intent to participate in either PRTB or FERP may rescind that declaration any time prior to retirement and/or entry into the program(s).
If you would like to discuss your options, you can drop in to the Faculty Affairs office hours or make an appointment by contacting us at (323) 343-3810 or firstname.lastname@example.org. If you have questions about retirement (and not just about the FERP or PRTB programs), it is strongly recommended that you contact CalPERS at (888) 225-7377.