Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows:
(i) During the deferral period of the Plan, preceding the period of the leave, the employee will be paid a reduced percentage of their salary. The remaining percentage of salary will be deferred, and this accumulated amount plus the interest earned shall be retained for the employee by the Employer to finance the period of leave.
(ii) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and Canada Pension Plan at that time.
(iii) The calculation of interest under the terms of this Plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s account on the first day of the following calendar month.
(iv) A yearly statement of the amount standing in the employee’s credit will be sent to the employee by the Employer.
(v) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33-1/3% of salary. The maximum length of any contract under the Plan will be seven (7) years.
(vi) The employee may arrange for any length of deferral period in accordance with the provisions set out under (f) (v).
Payment Formula and Leave of Absence. (a) During the term of the plan a participating employee will be paid grid salary and allowances as follows: Salary and Allowances Paid During Four Years 75.0% 25.0% + interest Five Years 80.0% 20.0% + interest* Six Years 83.3% 16.7% + interest* *Note: Interest will be earned on the portion withheld and will be paid annually.
(i) During the leave year, the deposits made in 28:04(a) above, plus any additional interest earned, shall be paid to the employee.
(ii) The Leave of Absence shall be taken in the last year of the term selected.
(b) The employee agrees that the salary for the actual period of leave shall be the total of the deposits made in (a) above.
(c) The Employer's liability to the Employee in the leave year shall be limited to the funds deducted and held in trust on deposit for the Employee.
(d) The Employer agrees to pay the interest earned annually on the trust account at the end of each taxation year in accordance with current legislation.
(e) On or before January 31st in the first year of participation and each year thereafter until and including the year following the leave of absence of each participating employee, he/she shall receive, from the Employer, a statement of principal and interest standing to his or her credit, as recorded and reported by the Employer's bank.
(f) In the year of leave of absence, the employee may elect to receive payment of the accumulated deferred salary as follows:
i) By regular bi-weekly payments due on the same dates as provided for in the current collective agreement.
(g) While an employee is enrolled in the plan, and not on leave, any Group Insurance Plans tied to the salary level, shall, to the extent possible according to the insurance policies then in effect, be structured according to the salary the employee would have received had he/she not been enrolled in the plan.
(h) An employee's Group Insurance Plans will be maintained by the Employer during his/her leave of absence according to the terms and provisions of insurance policies then in effect; however, the premium costs for all Group Insurance Plans shall be paid in advance monthly by the employee during the year of the leave. Any increases in premiums during the year of the leave of absence will also be paid by the employee upon receipt of notice from the Employer. Any decrease in premiums during the year of the leave of absence will be refunded by the Employer.
(i) While on leave, any Group Insurance Plans tied to the salary level, shall, accord...
Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of leaves of absence shall be as follows:
(a) During the deferral period of the Plan, Employees will be paid up to ninety percent (90%) of their base salary and not less than sixty-six and two-third percent (66 2/3%) of their base salary. The remaining percentage of annual salary, based on a calendar year, will be accumulated and this amount shall be paid to the Employee during the period of absence.
(b) The monies retained by the Plan trustee (“Trustee”) for participants, shall be invested and reinvested by the Trustee Investment monies earned in the Plan on behalf of the participating Employee shall be paid at the beginning of each calendar year following a year in which income was deferred.
(c) The Employer and the Union shall not be liable to any participant for investments under the Plan.
(d) Employment insurance premiums will be based on the gross salary during the deferral period and will not be payable during the leave period. Canada Pension Plan (CPP) deductions will be based on net salary during both the deferral period and the leave period.
(e) The leave of absence may normally be taken only in the qualifying year of the Plan. Under special circumstances, exceptions may be granted; however, the deferral period must not exceed six (6) years in total from the date the salary deferrals commenced, and the leave of absence will commence at a mutually agreeable time. Agreement shall not be unreasonably withheld.
(f) A participant may alter the percentage amounts for the next and any subsequent years by giving written notice to the College at least one month prior to the anniversary date of participation in the Plan.
(g) A participating Employee may on one occasion while he/she is participating in the Plan give notice to the Employer stating that the Employee wishes to suspend his/her participation in the Plan for a period of up to twenty-four (24) months as of the anniversary date of enrolment in the Plan that immediately follows such notice, in which case the Employer shall pay the Employee his/her full compensation as if the Employee were not participating in the Plan. The amounts previously retained by Trustee shall be retained during the period of suspended participation. Investment monies accrued thus far will be paid at the beginning of the following calendar year, as if there had not been a suspension of participation in the Plan.
Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows:
Payment Formula and Leave of Absence. The payment of salary, and Benefit Plan premiums; and the timing of the one year leave of absence shall be as follows:
(a) In each year of the Plan, proceeding the year of the leave, a teacher shall be paid a reduced percentage of the teacher's proper grid salary and the applicable allowances. The remaining percentage of annual salary shall be deferred and this accumulated amount plus any interest earned shall be retained in trust for the teacher by the Board to finance the year of leave.
(b) The percentage of annual salary to be deferred in each of the "savings" years shall not be less than 15%, nor greater than 30% nor shall this percentage vary more than plus or minus five percent (5%) from that percentage calculated by dividing 100% by the total number of years in the Plan.
(c) The teacher shall accumulate credit for the amounts withheld by the Board along with accrued interest. The interest rate credited to the teacher's account shall be the current rate for the savings account used at the Board's official bank and compounded and credited monthly.
(d) On September 1st and December 31st, or as soon thereafter as feasible, in each year a participating teacher is to receive from the Board a statement of principal and interest standing to the teacher's credit.
(e) While a teacher is enroled in the Plan, and not on leave, any benefits related to salary level shall be structured according to the salary the teacher would have received had the teacher not been enroled in the Plan.
(f) Subject to the terms of the Benefit Plans in effect, a teacher's benefits will be maintained by the Board during the teacher's leave of absence. A teacher will be eligible to participate in the Benefit Plans available to other teachers employed with the Board at the same rate payable by the teacher and on the same terms as apply to those teachers continuing in regular duties.
(g) While on leave, any benefits tied to salary level shall be structured according to the salary the teacher would have received in the year prior to taking the leave had the teacher not been enroled in the Plan.
(h) In the absence of any mutual agreement between the Board and the teacher, the sum accumulated to the credit of the participating teacher, including interest therein, will be paid out to the participant using the pay schedule agreed upon for teachers not on leave of absence. Payment will be forwarded to an address designated by the teacher. Additional interest accumulated during the year of lea...
Payment Formula and Leave of Absence. The payment of salary, fringe benefits and the timing of one (1) year leave of absence shall be as follows:
1. In the first four (4) years of the Plan, an employee will be paid eighty (80) percent of salary and applicable allowances. The remaining twenty
Payment Formula and Leave of Absence. The payment of salary, fringe benefits and the timing of the one (1) year leave of absence shall be as follows:
(1) In the first two (2) years, the first three (3) years or the first four (4) years of the Plan, the employee will be paid sixty-six and two-thirds percent (66 2/3%), seventy-five percent (75%) or eighty percent (80%), respectively, of the employee’s proper salary range. The remaining thirty-three and one-third percent (33 1/3%), twenty-five percent (25%) or twenty percent (20%) of annual salary shall accumulate and this amount plus any interest earned shall be paid to the employee during the year of leave.
(2) The calculation of interest under the terms of this Plan shall be calculated as follows: the sum of the Bank of Canada rate, as determined on the last business day of the month, and the Province's Canada Pension Plan borrowing rate divided by two and rounded to the nearest one-quarter of a percent minus one percent.
(b) Employees' fringe benefits will be maintained by the Employer during their leave of absence. Any benefits tied to salary level shall be structured according to actual salary paid.
(c) The leave of absence may be taken only in the last year of the Deferred Salary Plan arrangement made under section 1. Under special circumstances the Employing Authority may permit the commencement of the leave of absence after the end of the Deferred Salary Plan, where permitted by the Income Tax Act (Canada).
(d) With the approval of the Employing Authority, an employee may select some alternative method of deferring salary other than that specified in section 4(a).
Payment Formula and Leave of Absence. 1. The leave period shall be not less than:
a) Three consecutive months if the employee enrolls in full time attendance at an education institution, otherwise
b) six consecutive months.
2. The leave period may be funded over a maximum period of six years.
3. The amount of annual deferred salary shall not exceed 33 1/3% of annual salary.
4. All deferred salary shall be forwarded to the bank of the PSAC. These funds shall be deposited in a special account and the interest earned on these funds during the funding period shall be paid to employees during the funding period on their regular pay cheques.
5. The leave period must be taken immediately after the deferral period.
6. The amount of deferred salary shall be paid in equal bi-weekly payments during the leave period to employees. The leave period must terminate by the end of the first taxation year that commences after the deferral period. Therefore, the leave period cannot exceed 23 months.
7. During the leave period, all interest earned on the deferred salary shall also be included in the bi-weekly payments made to the employees.
Payment Formula and Leave of Absence. In each year of the Plan preceding the year of the leave, the employee shall be paid an equally reduced percentage of his/her proper grid salary and applicable allowances. The remaining percentage of annual salary, not to exceed one third of their earnings in accordance with the Income Tax Act (Canada), shall be deferred and this accumulated amount plus any interest earned shall be retained for the employee by the Board to finance the year of the leave.
Payment Formula and Leave of Absence i) In the first four (4) years, a nurse will be paid eighty percent (80%) of her regular salary. The remaining twenty percent (20%) of salary will be deposited in a bank account. The total amount of that bank account, excluding interest, shall be paid to the nurse during the year of leave. Payment will be made through the payroll of the Employer, who will be reimbursed by the bank on a bi-weekly basis.
ii) Nurses’ benefits will be maintained from the date of enrolment and during the leave of absence. Benefits tied to earnings including Long-Term Disability and Life Insurance will be reduced by 20% during the program. Nurses will have reduced benefits with respect to OMERS, life insurance, accidental death and dismemberment, vacation entitlement and any other extended benefits that are geared to salary. For those benefits not tied to earnings, the nurse will contribute 20% of the County’s fixed rate premium in each of the five (5) years. Paid vacation will not accrue during the leave period.
iii) The leave of absence shall be taken only in the fifth year of the plan. The nurse shall accumulate seniority during leave of absence under this plan.
