Common use of Transition Benefits Clause in Contracts

Transition Benefits. Teachers who are eligible for the severance option listed in Section 7.3 and retire will receive transition income as described in the following. The annual payment of $6300 shall be in one

Transition Benefits. Teachers who are eligible for the severance option listed in Section 7.3 and retire will receive transition income as described in the following. The annual payment of $6300 shall be in oneone (1) sum per year, for five (5) years. The payments will begin no later than December 31 following retirement and will be made in each successive year no later than December 31. All cash payments will be subject to applicable taxes. See Section 7.9, Section 7.10, and Section