Deferred Salary Arrangement. 10.06.1 In accordance with Canada Revenue Agency regulations an Employee may finance a leave of absence by taking a reduction in his or her regular salary over a given period prior to the leave (e.g., by taking 75% of salary for three years, an Employee would receive a payment of 75% of the normal salary during an approved leave of absence during the fourth year). An Employee who wishes to self fund a leave must initiate the procedures contained in Article 10.05.1 and receive approval for the leave prior to the period of reduced salary.
Deferred Salary Arrangement. With the written agreement of the University, the Staff Member may elect to receive, over a 4 year period, 80% of the salary they would otherwise be entitled to receive in accordance with this Agreement. In such case, the period of attendance over the 4 year period will count as service on a proportionate basis for all purposes. The University will assess each application for deferred salary on its merits and give consideration to the personal circumstances of the Staff Member seeking the leave. On completion of the 4th fourth year, the Staff Member will be entitled to 12 months’ leave and will receive an amount equal to 80% of the salary they were otherwise entitled to in the 4th fourth year of deferment. Where the Staff Member completes 4 years of deferred salary service and is not required to attend duty in the following year, the period of non-attendance will not constitute a Break in Service and will count as service on a proportionate basis for all purposes. The Staff Member may withdraw from this arrangement prior to completing a 4 year period by written notice. The Staff Member will receive a lump sum payment of salary forgone to that time but will not be entitled to equivalent absence from duty. A Staff Member who applies for deferred salary is expected to have considered the implications of this deferral on any other benefit to which they are entitled, or may be receiving, as well as any taxation effects. Variation of the Arrangements As an alternative to Clauseclause 5351.8.5, and only by mutual agreement of the University and the Staff Member, the provisions of the deferred arrangement may be varied subject to the following: the term of the arrangement will not extend beyond that contemplated by this Clause clause53.8; the variation will not result in any consequential monetary or related gain or loss to either the University or the Staff Member; the percentage of salary to apply during the 12 months leave as specified in Clauseclause 5351.8.3 will be calculated as 80% of the average ordinary hours of work over the previous 4 years. Salary Packaging
Deferred Salary Arrangement. 53.8.1 With the written agreement of the University, the Staff Member may elect to receive, over a 4 year period, 80% of the salary they would otherwise be entitled to receive in accordance with this Agreement. In such case, the period of attendance over the 4 year period will count as service on a proportionate basis for all purposes.
