Common use of Deferred Salary Clause in Contracts

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. 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 her/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.