With the recent ratification of our newest Collective Bargaining Agreement (CBA), CFA has once again secured the Faculty Early Retirement (FERP) program, after management spent over a year 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 new CBA extended into the 2023-2024 AY, 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 staving off retirement takebacks from CSU management, the new 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%. Participating faculty may draw their retirement and 50% 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 will vary. You can read Articles 29 and 30 to see the specific provisions. To learn more, contact your campus human resources department.
Want to learn more? Become active with your local CFA chapter Faculty Rights team. Find your representative here.