Common use of Financed Leave Plans Clause in Contracts

Financed Leave Plans. 17.06.01 Teachers enrolled in self-financed leave plans with the predecessor Employer shall have those plans honoured by the Employer. 17.06.02 The period over which salary is to be deferred and accumulated, the amount deferred, and the year in which the leave is to be taken shall be one of the following: a) One (1) semester deferral of one-quarter of annual salary in the semester followed by one (1) semester of leave. b) One (1) year deferral of one-half of annual salary in the year followed by one (1) year of leave. c) Two (2) years deferral of one-third of annual salary in each year followed by one (1) year of leave. d) Three (3) years deferral of one-quarter of annual salary in each year followed by one (1) year of leave. e) Four (4) years deferral of one-fifth of annual salary in each year followed by one (1) year of leave. f) Five (5) years deferral of one-sixth of annual salary in each year followed by one (1) year of leave. The amount of the current compensation amount deferred by the teacher under the plan cannot exceed 33 1/3% in any calendar year in accordance with the Income Tax Act. Interest paid on trust fund accounts shall be the rate received by the Employer from its Chartered Bank and shall be calculated and credited in accordance with the chartered bank’s regular schedule. Interest to be paid by the teacher on money advanced by the Employer shall be calculated in the same manner. The year or semester (one-half) year leave may be taken in the second, third, fourth, or fifth year of the plan.

Financed Leave Plans. 17.06.01 Teachers enrolled in self-financed self‐financed leave plans with the predecessor Employer shall have those plans honoured by the Employer. 17.06.02 The period over which salary is to be deferred and accumulated, the amount deferred, and the year in which the leave is to be taken shall be one of the following: a) One (1) semester deferral of one-quarter one‐quarter of annual salary in the semester followed by one (1) semester of leave. b) Two (2) semester deferral of one‐third of annual salary in the year followed by one (1) semester of leave c) One (1) year deferral of one-half one‐half of annual salary in the year followed by one (1) year of leave. cd) Two (2) years deferral of one-third of annual salary in each year followed by one (1) year of leave. d) Three (3) years deferral of one-quarter one‐third of annual salary in each year followed by one (1) year of leave. e) Four Three (43) years deferral of one-fifth one‐quarter of annual salary in each year followed by one (1) year of leave. f) Four (4) years deferral of one‐fifth of annual salary in each year followed by one (1) year of leave g) Five (5) years deferral of one-sixth one‐sixth of annual salary in each year followed by one (1) year of leave. The amount of the current compensation amount deferred by the teacher under the plan cannot exceed 33 1/3% in any calendar year in accordance with the Income Tax Act. Interest paid on trust fund accounts shall be the rate received by the Employer from its Chartered Bank and shall be calculated and credited in accordance with the chartered charted bank’s regular schedule. Interest to be paid by the teacher on money advanced by the Employer shall be calculated in the same manner. The year or semester (one-halfone‐half) year leave may be taken in the second, third, fourth, or fifth year of the plan.