FACULTY EARLY RETIREMENT PROGRAM
Eligible tenured faculty employees as defined in provision 2.13(d) and
tenured librarians who have reached the age of fifty-five (55) may, subject
to the conditions below, participate in a Faculty Early Retirement Program
(FERP). This program is not available to Counselor Faculty Unit
An eligible tenured faculty employee or tenured librarian shall notify the
President in writing at least six (6) months prior to the beginning of the
campus academic year that he/she opts to participate in the FERP. The
President may waive the required notice period.
The potential participant shall be provided with a FERP appointment letter
from the President. The FERP appointment letter shall indicate the
required period of employment as determined by the President. The
employee shall provide to the President a written statement of acceptance
of such a FERP appointment. If the President determines it is necessary,
due to program needs, to alter the period of employment, the President and
the participant shall attempt to reach mutual agreement on an alternative.
If mutual agreement is not reached, the President may alter the period of
employment, provided that the participant receives a one hundred and
twenty (120) day notice.
Participants in FERP shall have been granted a service retirement. Such
service retirement shall be in accordance with the requirements of PERS
Participation in FERP shall commence at the beginning of the campus
academic year. Service retirement shall begin concurrently with or prior to
the beginning of the campus academic year.
FERP employment shall be at the same rank, and salary (step) level of the
participant in the academic or fiscal year immediately prior to retirement.
Such employment shall be proportional to the time base of the participant
in the academic or fiscal year immediately prior to retirement.
An employee who opts to participate in FERP pursuant to 29.2 on
or after July 1, 1995, an