Deferred Salary Leave. Each employer ratifying this Agreement will establish or, as necessary, review and update a deferred salary leave plan consistent with Regulations issued by Canada Revenue Agency under the Income Tax Act. The parties may use the Application, Agreement, and Approval Form as a template (see Appendix H) for the deferred salary leave plan.
Deferred Salary Leave. The Employer ratifying this Agreement will continue a deferred salary leave plan consistent with Regulations issued by Canada Revenue Agency under the Income Tax Act.
Deferred Salary Leave. The Deferred Salary Leave agreed to by the Parties on October 6, 2004, will remain in effect for the duration of this Agreement.
Deferred Salary Leave. 9.13.1 The College will continue to provide a deferred salary leave plan consistent with Regulations issued by Revenue Canada under the Income Tax Act.
Deferred Salary Leave. The objective of a Deferred Salary Leave Program (DLSP) is to provide employees with an opportunity to self-finance a planned period of absence for any reason, such as continuation of educational studies, travel or other interests.
Deferred Salary Leave. With the exception of Compassionate Leave, Court Leave, Pregnancy and/or Parental/Adoption Leave and Sick Leave, at least two (2) years of full-time continuous service shall elapse between any two successive Leave periods, and a Member shall not be on Leave for more than twenty-four (24) months in any seven (7) year period. These restrictions may be modified in individual cases by the Xxxxxxx on recommendation from the Chief Librarian or Xxxx, at the request of the Member. Approval of any such request shall not be arbitrarily withheld.
Deferred Salary Leave. OC shall offer a deferred salary leave plan consistent with Regulations issued by Canada Revenue Agency under the
Deferred Salary Leave. The terms of the Deferred Salary Leave Plan are detailed in Appendix “D”.
Deferred Salary Leave. Employees who have a minimum of one (1) year continuous service in the bargaining unit, and are not currently serving an assessment period, may apply to Human Resources for approval of a Deferred Salary Leave.
Deferred Salary Leave. 11.11.1 An employee desiring such leave shall make a written application to the Employer at least one (1) month prior to entry to the plan. Approval of entry to the Deferred Salary Leave plan shall not be unreasonably withheld, and where approval is not granted, the reason shall be given to the employee in writing.
11.11.2 The maximum period for salary deferral is six (6) years. During this period, the maximum percentage of salary deferred shall not exceed the following: one year 33 1/3% two years 33 1/3% three years 33 1/3% four years 25% five years 20% six years 16 2/3% The participant may alter the percentage amounts for the next or any subsequent year by providing written notice to the College one (1) month prior to the anniversary date of his/her participation in the plan.
11.11.3 The Employer will administer the plan in accordance with the required legislation pertaining to salary deferral plans, and will bear the administrative expenses of the plan.
11.11.4 The monies retained by the Employer for participants, including interest thereon, shall be invested and reinvested by the Employer in investments offered from time to time by an investor mutually agreeable to the Employer and the Employee. All investments shall be deposited only in an institution covered by the Canada Deposit Insurance Corporation (CDIC). The Employer and the Union shall not be liable to any participant for investments made under this clause.
11.11.5 Interest accruing to the employee shall be paid out annually.
11.11.6 The Employer shall make an annual report to each participant as to the amount of deferred salary together with interest accrued to that date. The annual report shall be made not later than Dec. 31st. of any given year.
