Phased Retirement Program (PRP) Clause Samples

Phased Retirement Program (PRP). ‌ Eligibility and Program Provisions (1) Faculty who have accrued the required number of Years as determined by the Florida Legislature, of creditable service in the Florida or Teachers Retirement System (FRS or TRS) or Optional Retirement Program (ORP), except those Faculty referenced in Section 26.6(c) (Ineligible Faculty), are eligible to participate in the Phased Retirement Program. Such eligibility shall expire on the Faculty Member’s sixty-sixth (66th) birthday. Faculty Members who decide to participate must provide written notice to the University of such a decision prior to the expiration of their eligibility, or thereafter forfeit such eligibility. Faculty Members who choose to participate must retire with an effective date not later than 180 Days, nor less than 90 Days, after they submit such written notice, except that when the end of the 180 Day period falls within a Semester, the period may be extended to no later than the beginning of the subsequent term (Semester or Summer, as appropriate). (2) All participants must retire and thereby relinquish all rights to tenure/permanent status as described in Article 16 (Tenure), except as stated otherwise in this Article. Participants’ retirement benefits shall be determined as provided under Florida Statutes and the rules of the Division of Retirement.