Retirement Transition Option Sample Clauses
The Retirement Transition Option clause establishes a framework for employees approaching retirement to transition out of their roles in a structured manner. Typically, this clause allows eligible employees to reduce their working hours or modify their responsibilities over a set period before fully retiring, often in coordination with the employer to ensure business continuity. Its core practical function is to provide flexibility for both the employee and employer, facilitating knowledge transfer and smoother workforce planning while supporting employees in adjusting to retirement.
Retirement Transition Option. This option provides that a tenured academic employee with 15 or more years of full- time academic employee service at TCC who retires after reaching age 62 but prior to reaching age 70 may choose either to receive income equal to full pay for a period of six months following retirement or income equal to ½ pay for 12 months following retirement. The employee's base salary at the time of retirement will be used to determine the amount of income to be received.