EXECUTIVE ORDER S-8-04


WHEREAS, Government Code section 20901 and Education Code section 22715 permit California State University employees who are members of the Public Employees' Retirement System and State Teachers' Retirement System to receive an additional two (2) years of service credit whenever the Governor determines by executive order that: 1) Because of an impending curtailment of or change in the manner of performing services, the best interests of the state would be served by encouraging the retirement of California State University employees; and 2) Sufficient economies could be realized to offset any cost to the California State University resulting from award of such credit; and WHEREAS, the impact of changes in funding levels and methods of providing services to achieve program efficiencies may result in curtailment of employees in the California State University; and WHEREAS, the best interests of the state would therefore be served by encouraging the retirement of California State University employees through an additional two years of service credit; and WHEREAS, sufficient economies could be realized to offset any cost to California State University resulting from the award of such credit. NOW, THEREFORE, I, ARNOLD SCHWARZENEGGER, Governor of the State of California, by virtue of the power and authority vested in me by the Constitution and statutes of the State of California, do hereby issue this order to be implemented according to the following criteria: A. The California State University is authorized to participate in the Early Retirement Program in accordance with Government Code section 20901 and Education Code section 22715. B. The California State University shall submit a Program Participation Plan to the Department of Finance for fiscal review and approval. C. The Program Participation Plan shall include documentation of personnel reductions, associated costs of participating in the Program, anticipated savings and other relevant information supporting the Participation Plan. D. The Early Retirement Program is available to California State University employees in the California Faculty Association with whom an agreement to participate has been negotiated. E. For employees retiring pursuant to Government Code section 20901 and Education Code section 22715, payment of Public Employees' Retirement System and State Teachers' Retirement System costs will be made in a manner and time acceptable to the California State University, the Public Employees Retirement System and the State Teachers' Retirement system and the Department of Finance. F. The eligibility period established by the California State University for Faculty will not exceed 120 days -- March 31, 2004 through July 28, 2004. G. Employee participation is voluntary. H. An approved Participation Plan is subject to the provisions of Government Code section 20901.