Common use of Early Retirement Option Clause in Contracts

Early Retirement Option. This option provides that a tenured academic employee with 15 or more years of Full-time tenured academic employee service at TCC who retires at age 55, but prior to reaching age 60, or to those under age 55 with 30 years of service, will receive an amount equal to 126% of the employee's base salary at the time of retirement to be paid in equal installments over the 3 budget years following retirement. An employee who retires after reaching age 60, but prior to reaching age 67, who has 15 or more years of full-time tenured academic employee service at TCC will receive an amount equal to 118% of the employee's base salary at the time of retirement, to be paid in proportional installments over the 3 budget years following retirement. For example, a full-time tenured academic employee who retires effective the end of fall quarter of the academic year shall be paid two-thirds of a year’s payment with the remaining one-third distributed evenly over the payments for the remaining two budget years.

Early Retirement Option. This option provides that a tenured academic employee with 15 or more years of Full-full- time tenured academic employee service at TCC who retires at age 55, but prior to reaching age 60, or to those under age 55 with 30 years of service, will receive an amount equal to 126% of the employee's base salary at the time of retirement to be paid in equal installments over the 3 budget years following retirement. An employee who retires after reaching age 60, but prior to reaching age 67, who has 15 or more years of full-time tenured academic employee service at TCC will receive an amount equal to 118% of the employee's base salary at the time of retirement, to be paid in proportional installments over the 3 budget years following retirement. For example, a full-time tenured academic employee who retires effective the end of fall quarter of the academic year shall be is paid two-two- thirds of a year’s payment with the remaining one-third distributed evenly over the payments for the remaining two budget years.