Common use of Payment Formula and Retention of Deferred Salary Clause in Contracts

Payment Formula and Retention of Deferred Salary. a) In each year of the DSLP preceding the year of leave, a teacher shall be paid a reduced percentage of salary. b) The remaining percentage of annual salary (maximum 33 1/3 % of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the teacher and the Board. c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The teacher shall receive twice-yearly statements showing the total deferred salary plus accumulated interest. d) The deferred salary shall be paid to the teacher in the year of leave, in the same manner as his/her salary would be or in a manner mutually agreeable to the teacher and the Board. Interest accrued prior to the leave shall be paid in a lump sum. e) Interest accrued during the year of leave shall be paid to the teacher in the year it is earned.

Payment Formula and Retention of Deferred Salary. a) In each year of the DSLP preceding the year of leave, a teacher shall be paid a reduced percentage of salary. b) The remaining percentage of annual salary (maximum 33 1/3 % of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the teacher and the Board. c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The teacher shall receive twice-twice- yearly statements showing the total deferred salary plus accumulated interest. d) The deferred salary shall be paid to the teacher in the year of leave, in the same manner as his/her salary would be or in a manner mutually agreeable to the teacher and the Board. Interest accrued prior to the leave shall be paid in a lump sum. e) Interest accrued during the year of leave shall be paid to the teacher in the year it is earned.

Payment Formula and Retention of Deferred Salary. a) In each year of the DSLP preceding the year of leave, a teacher Teacher shall be paid a reduced percentage of salary. b) The remaining percentage of annual salary (maximum 33 1/3 1/3% of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the teacher Teacher and the Board. c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The teacher Teacher shall receive twice-twice- yearly statements showing the total deferred salary plus accumulated interest. d) The deferred salary shall be paid to the teacher Teacher in the year of leave, in the same manner as his/her salary would be or in a manner mutually agreeable to the teacher Teacher and the Board. Interest accrued prior to the leave shall be paid in a lump sum. e) Interest accrued during the year of leave shall be paid to the teacher Teacher in the year it is earned.

Payment Formula and Retention of Deferred Salary. a) In each year of the DSLP preceding the semester or year of leave, a teacher shall be paid a reduced percentage of salary. b) The remaining percentage of annual salary (maximum 33 1/3 % of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the teacher and the Board. c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The teacher shall receive twice-twice- yearly statements showing the total deferred salary plus accumulated interest. d) The deferred salary shall be paid to the teacher in the year of leave, in the same manner as his/her salary would be or in a manner mutually agreeable to the teacher and the Board. Interest accrued prior to the leave shall be paid in a lump sum. e) Interest accrued during the year of leave shall be paid to the teacher in the year it is earned.