Percentage of Salary Deferred Sample Clauses

Percentage of Salary Deferred. During the period of salary deferment, prior to the commencement of the leave, the participating nurse will be paid that portion of their salary, as agreed in writing in their personal leave plan, provided that this shall not be less than 66 2/3% and not more than 80% of the total gross salary. Funding Deposits and Interest: • The portion of the salary deferred shall be deposited into an interest bearing account in the bank normally used by the Region and retained for disbursement during the period of the leave. The Region will maintain a record of funds and interest for each nurse enrolled in the plan. • The total amount of accumulated salary deferral funds shall be paid to the nurse in bi- weekly payments as appropriate for the approved period of time. • Interest earned shall be paid to the nurse on an annual basis as required by Revenue Canada. During the period of salary deferment the payment of income tax on that portion of the salary deferred may be delayed until the year in which the leave occurs. Further Contributions: • Canada Pension Plan contributions and Income Tax deductions are deducted from the nurse’s pay during the period of deferment, based on a percentage of the salary paid (i.e. 66 2/3% to 80%), deductions of E.I.C., will be made on 100% of salary before the salary deferral is deducted. • During the period of leave, no deductions for E.I.C. are made. • OMERS contributions during the period of deferment are made based on 100% of the nurse’s gross earnings before any deferral amounts are withheld. No contributions are made during the period of the leave, by either the nurse or the Region, this period being considered a period of “broken service”. Following the leave, periods of broken service may be purchased by the nurse alone, subject to the regulations of OMERS. • Contributions to the Regionally sponsored Group RRSP during the period of deferment are taken from the gross earnings before any deferral amounts are withheld. During the leave period nurses will be able to make up the difference through a lump sum payment. • Union dues will be based on the full salary earned prior to the leave commencing, and will not be deducted from payments made to the nurse during the period on leave.
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Percentage of Salary Deferred.  During the period of salary deferment, prior to the commencement of the leave, the participating employee will be paid that portion of their salary, as agreed in writing in their Application for Approval (HR 36).
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Related to Percentage of Salary Deferred

  • Deferred Salary Leave Plan (1) The deferred salary leave plan enables Employees to take one (1) year of leave from the Public Service and to finance this leave through a deferral of Salary in previous years. (2) Under this plan, participating Employees agree to defer a portion of their Salary for four (4) consecutive Academic Years and the Employer agrees to grant the Employee leave in the fifth year, and to use the amounts deferred in the previous four (4) years to pay the Employee's Salary during the period of the leave. Participation in the plan is subject to operational requirements. (3) During the period of leave, Employees may engage in whatever activities they wish. (4) The individual plan for each participating Employee is a six (6) Academic Year period consisting of the following: (a) The first four consecutive years during which the Employee draws 80% of Salary earned in each of the four years and defers the remaining 20%; (b) The fifth consecutive year in which the Employee takes the leave, and is paid from the amounts deferred above plus any interest earned on the deferred funds; and (c) The sixth consecutive year in which the Employee returns to employment with the Public Service of Nunavut for a minimum of one year. (5) There is no maximum number of Employees allowed to enter the plan. (6) Executive Directors ensure that approved leaves do not impair the future operation of their School Operations. (7) Employees make written application to their Executive Director. Applications should state the proposed start of the Salary deferral and the proposed period of leave. (8) The Executive Director reviews the application and the requirements of the School Operations and notifies the Employee and the respective Department of Finance, Pay and Benefits Officer at least six (6) weeks prior to the start of Salary Deferral. (9) Each participant will sign an agreement covering the details of the plan. (10) In each year of the plan preceding the period of the leave, the Employee will be paid 80% of the applicable Salary. The remaining 20% of Salary will be deferred and this amount will be retained in trust by the Employer to finance payments during the period of leave. (11) The deferred Salary will be placed in a trust fund by the Government and any returns on the investment of the trust will be used to pay the participant during the period of leave. (a) The money held in trust will be pooled with other Government funds and the Employee will be credited with the average rate of return on those funds. (b) Investments will be restricted to those eligible under Section 57(1) of the Financial Administration Act. (c) A statement of the individual's account will be provided at each anniversary of the plan. (12) During the period of leave, the participant shall receive, if on a one (1) year leave, one twenty-sixth (1/26) of the amount deferred plus any trust fund returns in each pay period, less applicable deductions. No additional payments to the participant can be made such as loans, subsidies, Allowances or Salary. (13) Income tax will be deducted in accordance with the provisions of the Income Tax Act and its Regulations. (14) During the first four (4) years of the plan, the Employer shall provide Employee benefits at a level equivalent to 100% of Salary. Benefits and premium recoveries for the period of leave will be governed by the rules for leave without pay. All benefits cease except Health Care Plan, superannuation, supplementary death benefit, disability insurance, and dental coverage. Premiums for these plans are payable by the Employee. Arrangements can be made to have deductions from pay for some of these benefits. (15) Upon return from leave, the Department will place the Employee in the position held at the commencement of the leave. (16) Returning Employees will have their qualifications re-assessed and placed on the appropriate pay scale. (17) The Employer shall cancel participation in the plan and shall refund, within 60 days, the total of the deferred Salary plus earnings from the plan if the Employee dies or employment is otherwise terminated. (18) Where operational requirements would not be met if the Employee proceeded on leave in the fifth year, or where exceptional changes in personal circumstances make the leave unfeasible, the Employer will give the Employee the choice of the following: (a) withdrawing from the plan and taking a refund of the total in the deferred salary account; or (b) deferring the period of leave to either the sixth or the seventh academic consecutive year or to some other mutually agreeable time. (19) Upon withdrawal from the plan the total in the account will be repaid to the Employee within 60 days from the notification of withdrawal.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

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