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ERIC Number: ED215606
Record Type: Non-Journal
Publication Date: 1981-Aug
Pages: 124
Abstractor: N/A
Reference Count: N/A
An Analysis of the California State University and Colleges Early Retirement Incentive Program: A Report Pursuant to Chapter 656 of the Statutes of 1979.
Reinhard, Raymond M.
The California State University and Colleges' (CSUC) Early Retirement Incentive (ERI) Program is described, and information is presented of those who retire during a three-month period with an incentive bonus of two additional years of (unearned) retirement service credit. During the eligibility period 1,047 CSUC employees retired, and it appears that from 865 to 925 of these retirements would not have occurred in the absence of the ERI program. Of the 1,047 employees who retired under the ERI program, faculty members constituted the single largest occupational group, with 416 retirees. The 169 secretarial employee retirees were the next largest group, followed by service employees and technical employees. While white males represented 49.1 percent of all full-time CSUC employees in 1979, they comprised 59.9 percent of the ERI program participants. Most of those who retired under the ERI program indicated that the two years' additional service credit bonus was significant factor in their decisions to retire. A statistical model of retirement behavior identified four factors as the primary determinants of retirement on 1978-79 and 1979-80: age, final compensation, the value of the retirement annuity, and whether the ERI program was in effect. The total cost of funding the two years' additional service credit bonuses was $11.1 million, with $6.6 million attributable to faculty and $4.5 million to nonfaculty retirements. Questionnaires are appended. (SW)
State of California, Legislative Analyst's Office, 925 L Street, Suite 650, Sacramento, CA 95814.
Publication Type: Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: California State Legislative Analyst's Office, Sacramento.