Payment Formula. a) In each year of the plan preceding the year of the leave, a teacher shall be paid a reduced percentage of his/her proper grid salary and the applicable allowances. The remaining percentage of annual salary and allowance which shall not exceed 33.3% shall be deferred and this accumulated amount shall be retained for the teacher by the Board to finance the year of leave. b) The deferred salary shall be deposited in an individual trust account to be administered by the Board in consultation with the teacher. This trust account shall be established in a certified Canadian Bank regularly used by the Board and will be restricted to savings accounts and/or term deposits. c) Deposits shall be made on end of month pay dates as defined in Clause 5.06 for total monthly pay. d) The Board shall be entitled to withdraw annually four per cent (4%) of the interest earned on money deposited in that year, in nominal recognition of administrative expenses. e) On December 31st of each year of the Plan, the Board shall pay any net interest earned in that year on the deferred salary to the teacher. The net income earned on the deferred amounts is income from employment and will be reported on a T4. f) While a teacher is enrolled in the plan and not on leave, any benefits tied to salary level shall be structured according to the salary, the teacher would have received had she/he not been enrolled in the plan.
Appears in 3 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
Payment Formula. (a) In each year of the plan preceding the year of the leave, a teacher shall be paid a reduced percentage of his/her proper grid salary and the applicable allowances. The remaining percentage of annual salary and allowance which shall not exceed 33.3% shall be deferred and this accumulated amount shall be retained for the teacher by the Board to finance the year of leave.
(b) The deferred salary shall be deposited in an individual trust account to be administered by the Board in consultation with the teacher. This trust account shall be established in a certified Canadian Bank regularly used by the Board and will be restricted to savings accounts and/or term deposits.
(c) Deposits shall be made on end of month pay dates as defined in Clause 5.06 6.01 for total monthly pay.
(d) The Board shall be entitled to withdraw annually four per cent (4%) of the interest earned on money deposited in that year, in nominal recognition of administrative expenses.
e) On December 31st of each year of the Plan, Plan the Board shall pay any net interest earned in that year on the deferred salary to the teacher. The net income earned on the deferred amounts is income from employment and will be reported on a T4.
f(e) While a teacher is enrolled in the plan and not on leave, any benefits tied to salary level shall be structured according to the salary, salary the teacher would have received had she/he not been enrolled in the plan.
Appears in 2 contracts
Samples: Collective Agreement, Collective Agreement
