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- Early Exit Program
Frequently Asked Questions (FAQ)
The following questions and quick responses have been assembled to help you learn more about the CSUEB 2020-2021 Early Exit Program (EEP) and assess if this opportunity is right for you. This page will be updated regularly. Check back in and make sure to read all EEP web-pages and documents before contacting Human Resources with questions.
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The EEP is a program designed to create an incentive for CalPERS retirement eligible employees who have 10 years of CSUEB experience to separate from the University on or before December 30, 2020
No, an employee does not have to retire after separating from CSUEB through the EEP. Eligibility to
participate only requires that an employee be CalPERS retirement eligible, but there is no requirement
to retire. However note, you must retire within 120 days of your separation from CSUEB to maintain
benefits in retirement.
If you are considering retirement as part of this process, use the CalPERS resources found in the FAQ
below to guide you in exploring that option.
The first installment (20%) of the severance package will be paid within thirty (30) calendar days after the separation date as indicated on the First Separation Agreement and Release and the Final Separation Agreement and Release, provided the signed First Separation Agreement and Release is received by Human Resources within 14 days of the document being sent to the employee.
The second installment (remaining 80%) of the severance package will be paid within thirty (30) calendar days after the separation date, provided the Final Separation Agreement and Release is executed on the Employee's separation date. This will be provided as one payment combined with the first installment if received within 14 days of the separation date. If the employee fails to sign and submit the Final Separation Agreement and Release on the employee’s established separation date, the 80% will be forfeited.
The severance package is taxable income and is to be paid through the State Payroll System. This income is not considered compensation earnable for purposes of calculating CalPERS retirement benefits.
The severance package will be paid 30 days after separation. Depending upon the employee's separation date, the severance package could be paid in 2021, a new tax year.
Pursuant to the IRS, severance payments may not be deferred into a retirement savings account unless it is paid when the employee is still active - meaning the deferral cannot take place after the employee has separated from the CSU.
However, vacation payouts may (subject to contribution maximums) be deferred after separation.
Upon separation, when Payroll calculates your final earned pay, it will also calculate and authorize for payout, your:
- Unused vacation hours balance, if applicable;
- A Personal Holiday not taken by your separation date; and
- Comp Time Earned cash value.
- Unused sick leave hours are not paid out. Read more about sick leave HERE.
Please sign into your CalPERS account and use the retirement calculator tool to determine an estimate of your retirement benefit package. You can log onto your CalPERS account by following this link to the myCalPERS Login Page.