Common use of Deferred Salary Leave Plan Clause in Contracts

Deferred Salary Leave Plan. a) In each year of the plan, preceding the period of leave, a Teacher will be paid a reduced percentage of their Total Salary. The remaining percentage of the annual salary will be deferred and this accumulated amount plus any interest earned shall be retained by the Board to be paid to the Teacher in the period of the leave. b) The calculation of interest under the terms of this plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each month for a True Savings Account, one (1) Year Term Deposit, a three (3) Year Term Deposit and a five (5) Year Term Deposit. The rates for each of the accounts identified will be those quoted by the financial institution with which the Board deals. c) In the period of the leave the Board shall pay to the Teacher the total money deferred plus all accrued interest in accordance with Article 24.12. d) During the year of the leave, interest shall be paid as follows: 1) A one-time calculation will be made on August 15 so that the interest recognition for the year will be applied prior to September's first pay. 2) The interest rate to be used will be calculated the same as in the deferred years as in b) above. 3) These rates will be applied to the average amount on deposit for the period of the leave and added to the accumulated balance at the end of August. e) The Board shall deduct from this amount any monies required for Income Tax, Employment Insurance, Canada Pension Plan. f) A Teacher's employee benefits will be maintained by the Board during the leave of absence; however, the premium costs of the benefits shall be paid by the Teacher.

Deferred Salary Leave Plan. a) In each year of the plan, preceding the period of leave, a Teacher an employee will be paid a reduced percentage of their Total Salary. The remaining percentage of the annual salary will be deferred and this accumulated amount plus any interest earned shall be retained by the Board to be paid to the Teacher employee in the period of the leave. b) The calculation of interest under the terms of this plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each month for a True Savings Account, one (1) Year Term Deposit, a three (3) Year Term Deposit and a five (5) Year Term Deposit. The rates for each of the accounts identified will be those quoted by the financial institution bank with which the Board deals. c) In the period of the leave the Board shall pay to the Teacher employee the total money deferred plus all accrued interest in accordance with Article 24.12Schedule "A". d) During the year of the leave, interest shall be paid as follows: 1i) A one-time calculation will be made on August 15 so that the interest recognition for the year will be applied prior to September's first pay. 2ii) The interest rate to be used will be calculated the same as in the deferred years as in b) above. 3iii) These rates will be applied to the average amount on deposit for the period of the leave and added to the accumulated balance at the end of August. e) The Board shall deduct from this amount any monies required for Income Tax, Employment Insurance, Canada Pension Plan, OMERS or Teachers’ Pension Plan. f) A TeacherAn employee's employee benefits will be maintained by the Board during the leave of absence; however, the premium costs of the benefits shall be paid by the Teacheremployee.