Deferred Salary. An employee's deferred salary shall be equal to that percentage of said employee's annual salary and/or salary per pay period which is required by the State Teachers Retirement System to be paid as an employee contribution by said employee.
Deferred Salary. 2.01 Throughout the plan years preceding the leave, the University shall deduct the deferred salary from the participant’s earnings and entrust it to the Trustee, which manages the Fund. This withholding is pro-rated over the periodic payments of earnings made to the participant during the entire deferral period. In no case is the deferred salary to exceed 33 1/3% of the earnings. The percentage achieved by multiplying the deferral period by the percentage withheld is not to exceed 100%.
2.02 The trustee will establish and maintain on its books for the fund a separate account for each participant. He will hold and invest the deferred salary received in accordance with the provisions of the trust agreement. Investments will be made in the trustee's (type of investment) and will bear interest at the applicable rate for such an account.
2.03 Before the end of each calendar year, the Trustee shall pay the participant the interest earned on the total amount of deferred salary which the Trustee is holding in the Fund for the participant.
2.04 The Trustee shall remit an annual statement to each participant, setting out the total deferred salary that the Trustee is holding in the corresponding trust account and the interest earned and payments drawn from that account.
Deferred Salary a. It is desired to establish for the benefit of employees of the Board a plan to enable them to fund leaves of absence from employment of not less than 6 consecutive months through deferral of salary on such terms as may be set out in this agreement.
b. It is intended that such plans qualify as "prescribed plans" within the meaning of Regulation 6801 of the Income Tax Act (Canada).
Deferred Salary the percentage of the annual earnings that a participating employee, in agreement with the University, agreed to save during each year of the deferral period.
Deferred Salary. 2.01 During each plan year prior to the leave, the University will deduct the deferred salary from the participating employee's earnings and entrust such amount with the trustee responsible for the fund. These deductions are spread over the entire deferral period, and are prorated on the earnings periodically paid to the participant. The deferred salary cannot exceed 33 1/3 % of earnings. The product of the deferral period multiplied by the percentage of deduction cannot exceed 100%.
2.02 The trustee will establish and maintain on its books for the fund a separate account for each participant. He will hold and invest the deferred salary received in accordance with the provisions of the trust agreement. Investments will be made in the trustee's (type of investment) and will bear interest at the applicable rate for such an account.
2.03 Prior to the end of each calendar year, the trustee will pay to each participating employee, the interest earned on the aggregate amount of deferred salary which it holds in the fund in his name.
2.04 The Trustee will provide to each participating employee an annual statement showing the aggregate of deferred salary held in trust in the employee's account, interest earned, and payments made from the account.
Deferred Salary. The total annual salary for each employee shall be the salary otherwise payable under their contracts. The total annual salary shall be payable by the Board in two (2) parts: (1) deferred salary, and (2) cash salary. An employee’s deferred salary shall be equal to that percentage of said employee’s total annual salary which is required by STRS to be paid as an employee contribution by said employee and shall be paid by the Board to STRS on behalf of said employee as a “pickup” of the STRS employee contribution otherwise payable by the employee. An employee’s cash salary shall be equal to said employee’s total annual salary less the amount of the “pickup” for said employee and shall be payable, subject to applicable payroll deductions, to said employee.
Deferred Salary. The Company's Compensation Committee (if such a committee exists) or a subcommittee of the Board of Directors consisting only of members of the Board who are not employees of the Company (if a Compensation Committee does not exist) may, upon 30 days written notice to the Executive, defer for up to six months up to 50% of the Executive's Base Salary and up to 50% of the Executive's Deferred Compensation (collectively the "Deferred Salary"), if it determines, in its sole and absolute discretion that the Company has insufficient cash assets and cash flow to continue to pay the full amount of the Base Salary and Deferred Compensation. The Deferred Salary shall be immediately due and payable in full, along with interest at a rate of 10% per annum on the Deferred Salary on the earlier of (i) the end of the Initial Term or any such Renewal Term of the Agreement, unless terminated earlier pursuant to Section 7 below, or (ii) at such time as the Company's Compensation Committee (if such a committee exists) or a subcommittee of the Board of Directors consisting only of members of the Board who are not employees of the Company (if a Compensation Committee does not exist) determine, in its sole and absolute discretion that the Company has sufficient cash assets and cash flow to pay the Deferred Salary.
Deferred Salary. (1) The deferred salary leave plan enables Employees to take one year of leave from the Public Service and to finance this leave through a deferral of salary in previous years.
(2) Under this plan, participating Employees agree to defer a portion of their salary for four consecutive academic years and the Employer agrees to grant the employee leave in the fifth year, and to use the amounts deferred in the previous four years to pay the Employee's salary during the period of the leave. Participation in the plan is subject to operational requirements.
(3) During the period of leave, Employees may engage in whatever activities they wish.
(4) The individual plan for each participating Employee is a six academic year period consisting of the following:
(i) The first four consecutive years during which the Employee draws 80% of salary earned in each of the four years and defers the remaining twenty percent 20%;
(ii) The fifth consecutive year in which the Employee takes the leave, and is paid from the amounts deferred above plus any interest earned on the deferred funds; and
(iii) The sixth consecutive year in which the Employee returns to employment with the Public Service of Nunavut for a minimum of one year.
(5) There is no maximum number of employees allowed to enter the plan.
(6) Executive Directors ensure that approved leaves do not impair the future operation of their School Operations.
(7) Employees make written application to their Executive Director. Applications should state the proposed start of the salary deferral and the proposed period of leave.
(8) The Executive Director reviews the application and the requirements of the School Operations and notifies the Employee and the respective Department of Finance, Pay and Benefits Officer at least six (6) weeks prior to the start of salary deferral.
(9) Each participant will sign an agreement covering the details of the plan.
(10) In each year of the plan preceding the period of the leave, the Employee will be paid 80% of the applicable salary. The remaining 20% of salary will be deferred and this amount will be retained in trust by the Employer to finance payments during the period of leave.
(11) The deferred salary will be placed in a trust fund by the Government and any returns on the investment of the trust will be used to pay the participant during the period of leave.
(a) The money held in trust will be pooled with other Government funds and the Employee will be credited with the average rate of re...
Deferred Salary. A member's deferred salary shall be equal to that percentage of said member's annual salary or salary per pay period that is paid to the STRS by the member. This deferred salary shall be paid by the Board to the STRS on behalf of the member as a "pick-up" of the STRS Employee Contribution.
Deferred Salary. Until such time that the Company has consistent revenues or has sufficient funding to carry on it operations, the Executive’s Base Salary, or that portion of it that the Executive and the Board reasonably determine, shall be deferred, but shall continue to accrue on the books of the Company. Terms for repayment of the Executive’s deferred salary shall be reasonably agreed to by the Board and the Executive when the Company has available funds.
