Common use of Retirement Transition Option Clause in Contracts

Retirement Transition 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 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.

Retirement Transition 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 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.