Common use of Payment Formula Clause in Contracts

Payment Formula. a) In each year of the Plan preceding the period of leave a teacher will be paid a reduced percentage of salary. This shall be a fixed percentage for the duration of the Plan. The remaining percentage which shall not exceed 33.3% of the teacher's salary will be deferred and shall be retained by the Board to finance the period of leave. While participating in the DSL Plan the amount of salary deferred by a teacher under the DSL Plan cannot exceed 33.3% in any calendar year. b) The Board shall deposit the retained percentage of the teacher's annual salary in an interest bearing account in the name of the teacher. c) Deposits shall be made on or before the last banking day of the month for which the salary cheque has been issued. As soon as there are sufficient funds on deposit, the Bank shall be instructed to convert the funds into a thirty (30) day renewable term deposit at the highest rate of interest available and according to standard banking practice. d) On December 31st of each year of the Plan the Board shall pay any interest earned in that year on the deferred salary to the teacher subject to the usual withholdings and remittances. The income earned on the deferred amounts is income from employment and will be reported on a T4. e) While a teacher is participating in the deferral period any benefits tied to salary level shall be based on the salary the teacher would have received had the teacher not been participating in the Plan. f) During the teacher's leave of absence the Board shall continue to pay its share of the premium costs for any benefits which the teacher elects to maintain provided the teacher's share of applicable premium costs are paid to the Board by means of salary deduction. g) During the teacher's leave of absence the teacher shall be paid in monthly installments commencing one month after the start of the leave of absence and being approximately equal to one-twelfth of the monies held by the Board for the teacher.

Payment Formula. a) In each year of the Plan preceding the period of leave leave, a teacher will be paid a reduced percentage of salary. This shall be a fixed percentage for the duration of the Plan. The remaining percentage which shall not exceed 33.3% of the teacher's ’s salary will be deferred and shall be retained by the Board to finance the period of leave. While participating in the DSL Plan the amount of salary deferred by a teacher under the DSL Plan cannot exceed 33.3% in any calendar year. b) The Board shall will deposit the retained percentage of the teacher's ’s annual salary in an interest bearing account in the name of the teacher. c) Deposits shall be made on or before the last banking day of the month for which the salary cheque has been issued. As soon as there are sufficient funds on deposit, the Bank shall be instructed to convert the funds into a thirty (30) day renewable term deposit at the highest rate of interest available and according to standard banking practice. d) On December 31st 31 of each year of the Plan Plan, the Board shall pay any interest earned in that year on the deferred salary to the teacher subject to the usual withholdings and remittances. The income earned on the deferred amounts is income from employment and will be reported on a T4teacher. e) While a teacher is participating in the deferral period any benefits tied to salary level shall be based on the salary the teacher would have received had the teacher not been participating in the Plan. f) During the teacher's ’s leave of absence the Board shall continue to pay its share of the premium costs for any benefits which the teacher elects to maintain provided the teacher's ’s share of applicable premium costs are paid to the Board by means of salary deduction. g) During the teacher's leave of absence the teacher shall be paid in monthly installments commencing one month after the start of the leave of absence and being approximately equal to one-twelfth of the monies held by the Board for the teacher.