Common use of Administration of Deferred Salary Clause in Contracts

Administration of Deferred Salary. The administration of an employee's deferred salary will be done by the employer, during the period prior to commencement of the leave of absence. The employer will establish an arrangement with a financial institution to ensure that amounts deferred by an employee are held in trust; and that income earned by the trust will be paid to and taxed annually in the hands of the employee.

Administration of Deferred Salary. The administration of an employee's ’s deferred salary will be done by the employerSociety, during the period prior to commencement of the leave of absence. The employer Society will establish an arrangement with a financial institution to ensure that amounts deferred by an employee are held in trust; and that income earned by the trust will be paid to and taxed annually in the hands of the employee.