Common use of Deferred Salary Clause in Contracts

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. 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 employee during the entire deferral period. In no case is the deferred salary to exceed 33 1/3% of the earnings. The percentage amount achieved by multiplying the deferral period by the percentage withheld is not to exceed 100%. 2.02 The trustee will establish Trustee shall establish, and maintain on its books for the fund Fund, a separate account for each participant. He will The Trustee shall hold and invest the deferred salary received received, and invest same, in accordance with the provisions of the trust agreementTrust Agreement. Investments will be are made in at the trustee's Trustee’s place of business (type of investment) and will bear interest at the applicable prevailing rate for such an accountaccounts of this type. 2.03 Before the end of each calendar year, the Trustee shall pay the participant participating employee the interest earned on the total amount of deferred salary which the Trustee is holding in the Fund for the participantemployee. 2.04 The Trustee shall remit an annual statement to each participantparticipating employee, 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. 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.