Common use of OPTIONAL TWELVE-MONTH PAY PLAN Clause in Contracts

OPTIONAL TWELVE-MONTH PAY PLAN. a. The Board and Association agree to the establishment of an optional twelve month pay plan, hereinafter called the Plan. b. Employees on continuing appointment, or employees on a temporary appointment of at least six months, ending on June 30, may participate in the Plan, subject to meeting the deadline in item 3 below. c. Each year, employees who wish to participate in the Plan must complete a form for that purpose. Forms should be received by Payroll on or before September 22 in order to be included in the payroll for September. Forms received after the September payroll has been processed will not be accepted. d. In September, employees may withdraw from the Plan or change their deduction amount using the same form. e. Employees contribute to the Plan by payroll deductions. Amounts are deducted from net pay each month and paid back to participating employees the following summer. f. During the second week of July, participating employees will be mailed four cheques dated July 15, July 31, August 15 and August 31. Each cheque will equal one quarter of the employee’s contributions for the year plus interest. Effective in the summer of 2009, payments will be made by Electronic Funds Transfer, with email notification. g. Interest is based on contributions to-date and the interest rate will be the Bank of Canada prime rate less 2.5%, compounded monthly from October 1 to June 30.

OPTIONAL TWELVE-MONTH PAY PLAN. a. The Board and Association agree to the establishment of an optional twelve month pay plan, hereinafter called the Plan. b. Employees on continuing appointment, or employees on a temporary appointment of at least six months, ending on June 30, may participate in the Plan, subject to meeting the deadline in item 3 below. c. Each year, employees who wish to participate in the Plan must complete a form for that purpose. Forms should be received by Payroll on or before September 22 in order to be included in the payroll for September. Forms received after the September payroll has been processed will not be accepted. d. In September, employees may withdraw from the Plan or change their deduction amount using the same form. e. Employees contribute to the Plan by payroll deductions. Amounts are deducted from net pay each month and paid back to participating employees the following summer. f. During the second week of July, participating employees will be mailed four cheques dated July 15, July 31, August 15 and August 31. Each cheque will equal one quarter of the employee’s employee‘s contributions for the year plus interest. Effective in the summer of 2009, payments will be made by Electronic Funds Transfer, with email notification. g. Interest is based on contributions to-date and the interest rate will be the Bank of Canada prime rate less 2.5%, compounded monthly from October 1 to June 30.