Common use of Funding for Leave of Absence Clause in Contracts

Funding for Leave of Absence. 18.7.2.1 During each year prior to the agreed upon Leave of Absence, the employee will receive, for a maximum of six (6) years, the applicable Prevailing Pay as determined for the particular year by the Memorandum of Agreement. 18.7.2.2 In no case shall the Deferred Amount be less than ten percent (10%) nor greater than 33 1/3% of the employees Normal Gross Pay in any calendar year. 18.7.2.3 The Institute shall pay all the interest accrued on the Deferred Amount during the calendar year to the employee on: a) The last day of the calendar year during the Deferral Period; and b) The last day of the Leave of Absence; or c) The day that participation in the Plan ceases due to withdrawal from the Plan or upon the death of the employee.