Full-time faculty who are retiring at the end of this academic year, (2012/13) should be aware of the following:
- That last paycheck for faculty retiring is June 28, 2013. This is deferred pay earned during 175-day academic year, which ends 5/24/13.
- Faculty retiring should indicate 5/25/13 as their CalSTRS retirement date. Your first defined benefit pension check would be for the month of June, 2013. (This includes Willie Brown/Reduced Workload Program participants, who will also receive a 6/28/13 paycheck.)
- Under the June 12, 2012 Agreement whereby faculty salaries were reduced by 2.85% for the 2012/13 academic year, faculty who retire before June 30, 2013 shall be refunded this salary reduction. On January 3, 2013, the District unilaterally imposed an additional retroactive 4.4% salary reduction, bringing the total annual salary reduction to 7.125%. Retiring faculty should request a refund of the 4.4% reduction as well.
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