Payout of Unused Deferred Income. (a) On death, termination or retirement, any unused deferred salary shall be paid in lump sum to the employee or to the estate of the employee in the case of death. (b) If for any reason it is necessary to defer the actual year of the leave, the deferral shall not cause the year of leave to commence more than six (6) years from the beginning of the salary deferral. If the leave has not been utilized within the timeframe as outlined by the Canada Revenue Agency, the amount of deferral shall be paid to the employee in a lump sum.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
