Under our current Collective Bargaining Agreement (CBA), CFA has continued to defend and secure the Faculty Early Retirement (FERP) program, after management spent over a year of effort in negotiations trying to trim it from five years down to three years. CFA prevailed, and FERP remains in place without changes or cuts to its provisions.
With our current CBA in effect through the 2023-2024 academic year, a faculty member in the latter part of their career in the CSU may begin contemplating a retirement plan. You have options on the path to retirement from the CSU.
As a result of our work in fighting off retirement takebacks from CSU management, our CBA continues to provide two programs for tenured faculty who are close to retirement. Article 29 covers the provisions for the FERP program, and Article 30 covers the Pre-Retirement Reduction in Time Base (PRTB) program.
The FERP program allows eligible faculty to retire and continue teaching for a time base of up to 50 percent. Participating faculty may draw their retirement and 50 percent of their annual salary for up to five years.
The PRTB program allows eligible faculty to phase into retirement through a reduction in time base before retiring while maintaining full retirement credit and other benefits for a maximum of five years. Pre-tax income and sick leave are reduced proportionally during the period of participation in PRTB, but retirement service credit and final retirement benefits are calculated based on the full-time equivalent salary at the time of retirement.
Determining which program is the best fit for you is key, as faculty employment and life situations vary. You can read Articles 29 and 30 to see the specific provisions. To learn more, contact your campus human resources department.
You can also find additional help on CFA’s Retirement Resources page, including FAQs and a webinar, here.
Want to learn more? Become active with your local CFA chapter Faculty Rights team. Find your representative here.