4.71 Phased Retirement Program (PRP)See version history
Policy suspended as of 2/20/2006
The CPCC Phased Retirement Program (PRP) provides the opportunity for full-time employees (faculty and staff), who meet certain age and service conditions, to voluntarily retire and change from full-time to half-time employment at the College for up to three years. Phased Retirement Program employment consists of a half-time workload and a half-time salary based on the salary in the final year of full-time service (minus any administrative salary supplement). Upon entering the PRP, a full-time employee relinquishes his or her full-time contract in exchange for a Phased Retirement Program part-time contract renewable up to three (3) years based on needs of the College.
A. A current full-time employee with five years of continuous employment at CPCC who meets either of the following sets of conditions for full retirement or early retirement benefits is eligible to apply for participation in the PRP.
1. Full Retirement (Unreduced Benefits)
a. Category A – 30 years of creditable service in the Teachers’ and State Employees’ Retirement System (TSERS).
b. Category B – age 65 with 5 years of creditable service in the TSERS.
c. Category C – age 60 with 25 years of creditable service in the TSERS.
2. Early Retirement (Reduced Benefits)
Early retirement is determined by the same formula as a full retirement benefit. However, because benefits may be paid over a longer period of time, they will be reduced. The amount of reduction depends on the employee’s age at retirement.
a. Category D – age 50 and above with at least 20 years of creditable service in the TSERS.
b. Category E – age 60 and above with at least 5 years of creditable service in the TSERS.
B. Any PRP employee who falls into category D, or E, must demonstrate retirement from the College by a clear break in service of at least thirty days between cessation of full-time state employment and return to CPCC employment under the PRP.
A. Limitations on Participation in the PRP
1. Participation in the PRP shall be limited subject to the affected department or program having sufficient full-time employees to meet operational needs. An exception may be considered for an employee who functions as a single person department commensurate with the needs of the College.
2. Participation in the PRP shall be confined to the original department from which an employee worked prior to retirement, except that the President may approve a part-time assignment in other areas of the College to address institutional needs.
3. If financial exigency is declared, CPCC may prevent further enrollment in the PRP. For the purposes of financial exigency and employment termination, persons in the PRP will have the same standing as part-time employees.
4. Prior to the beginning of each PRP year, the College will identify specific programs, departments, and certain critical positions where limits on PRP participation have been established.
5. The College retains the right to terminate any PRP Agreement at the end of any applicable contract year for performance deficiencies as outlined in PPM 4.07 and PPM 4.08 or for lack of appropriate project.
B. Application Process
1. It is the employee's responsibility to determine whether to apply for participation in the PRP. It is the employee’s responsibility to ensure that CPCC has all information necessary to determine his/her eligibility regarding years of service at CPCC, service within TSERS, and date of birth.
2. An employee must formally apply for participation in the PRP by submitting a Phased Retirement Program Application and Reemployment Agreement (the "Agreement") to his or her department head at least six months prior to projected employment date. Participation in the PRP will be effective in the program year following the submission of the Agreement.
3. After receipt of the Agreement, the department head will verify through Human Resources the employee's qualifying conditions, i.e., age, years of creditable service in TSERS, and years of full-time CPCC service.
4. The department head will advise a PRP eligible employee as soon as practical whether or not an established limitation outlined in Item III will prevent PRP participation.
5. After the employee and the department head agree upon the half-time work plan, the employee will be provided a finalized version of the Agreement by the department head and a finalized version of the Phased Retirement Program General Release (the "Release") to consider and sign. As required by the Age Discrimination in Employment Act (ADEA), the employee has up to forty-five calendar days to sign and return the Agreement and the Release to the department head.
6. The department head will then sign the Agreement and submit the Agreement and the Release through supervisory channels up to the President for approval. An employee electing to participate in the PRP has the right under the ADEA to revoke the Agreement and the Release anytime within seven calendar days of the date all required signatures have been obtained. A revocation shall be in writing, personally signed by the employee, and shall be effected by personal delivery or posting by United States Mail to the department head. If the Agreement and the Release are revoked, then the Agreement is void.
7. After the Agreement is approved, the employee will notify Human Resources of the pending retirement and complete all necessary paperwork.
8. The department head is responsible for ensuring that a contract is generated for the employee in each of the PRP years following annual renewal of the part-time contract.
III. Exceptions to this program must be approved by the President.