Common use of Funding for Leave of Absence Clause in Contracts

Funding for Leave of Absence. 17.2.1 During each year prior to the agreed upon leave of absence, the participant will receive, for a maximum of six (6) years, the applicable prevailing pay as determined for the particular year by the memorandum of agreement. 17.2.2 In no case shall the deferred amount be less than ten percent (10%) nor greater than thirty- three and one-third percent (33 1/3%) of the participant's normal gross pay in any calendar year. 17.2.3 The employer shall pay in cash all the interest accrued on the deferred amount during the calendar year to the participant: a) the last day of the calendar year during the deferral period; b) the last day of the leave of absence; and c) on the day that participation in the plan ceases due to withdrawal from the plan or upon the death of the participant;

Funding for Leave of Absence. 17.2.1 During each year prior to the agreed upon leave of absence, the participant will receive, for a maximum of six (6) years, the applicable prevailing pay as determined for the particular year by the memorandum of agreement. 17.2.2 In no case shall the deferred amount be less than ten percent (10%) nor greater than thirty- three and one-third percent (33 1/3%) of the participant's normal gross pay in any calendar year. 17.2.3 The employer shall pay in cash all the interest accrued on the deferred amount during the calendar year to the participant: a) the last day of the calendar year during the deferral period; b) the last day of the leave of absence; and c) on the day that participation in the plan ceases due to withdrawal from the plan or upon the death of the participant;; and such interest shall be included in the taxable income of the participant.

Funding for Leave of Absence. 17.2.1 During each year prior to the agreed upon leave of absence, the participant Participant will receive, for a maximum of six (6) years, the applicable prevailing pay Prevailing Pay as determined for the particular year by the memorandum Memorandum of agreementAgreement. 17.2.2 In no case shall the deferred amount Deferred Amount be less than ten percent (10%) nor greater than thirty- thirty-three and one-third percent (33 1/3%l/3) of the participant's normal gross pay Participant’s Normal Gross Pay in any calendar year. 17.2.3 The employer Employer shall pay in cash all the interest accrued on the deferred amount during the calendar year to the participantParticipant: a) the last day of the calendar year during the deferral period; b) the last day of the leave of absence; and c) on the day that participation in the plan Plan ceases due to withdrawal from the plan Plan or upon the death of the participantParticipant;