Common use of Percentage of Salary Deferred Clause in Contracts

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.

Percentage of Salary Deferred.  During the period of salary deferment, prior to the commencement of the leave, the participating nurse employee 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 salaryApplication for Approval (HR 36). 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 employee enrolled in the plan. •  The total amount of accumulated salary deferral funds shall be paid to the nurse employee in bi- bi-weekly payments as appropriate for the approved period of time. • Interest earned  The total amount of accumulated salary deferral funds plus interest shall be paid to the nurse on an annual basis employee in bi-weekly payments as required by Revenue Canada. During appropriate for the approved 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 occursleave. Further Contributions: •  Canada Pension Plan contributions and Income Tax deductions are deducted from the nurseemployee’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., Employment Insurance will be made on 100% of salary before the salary deferral is deducted. •  During the period of leave, no deductions for E.I.C. Employment Insurance are made. •  OMERS contributions during the period of deferment are made based on 100% of the nurseemployee’s gross earnings before b efore any deferral amounts are withheld. No contributions are made during the period of the leave, by either the nurse employee 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 employee alone, subject to the regulations of OMERS. •  During the leave period employees will be able to make regular contributions, should they choose.  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 employees 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 employee during the period on leave.

Percentage of Salary Deferred. ▪ During the period of salary deferment, prior to the commencement of the leave, the participating nurse employee 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 employee enrolled in the plan. • ▪ The total amount of accumulated salary deferral funds shall be paid to the nurse employee in bi- bi-weekly payments as appropriate for the approved period of time. • ▪ Interest earned shall be paid to the nurse employee 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 nurseemployee’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., 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 nurseemployee’s gross earnings before any deferral amounts are withheld. No contributions are made during the period of the leave, by either the nurse employee 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 employee 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 employees 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 employee during the period on leave.

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 contributionsduring the period of deferment are made based on 100% of the nurse’s gross Benefits: a2 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. Benefits may be maintained by the nurse during the leave period, with the nurse paying of the Nurses must indicate when applying for the leave, if they wish benefits to be continued. Payment arrangements with the Human Resources Department must be made prior to the commencement of the leave. If not, all benefits will be immediately cancelled and the nurse will have to make application for .benefits in the usual manner and subject to the insurance carrier’s regulations, immediately upon returning to duties following cessation of the leave period: Major Medical a3 Dental Plan Life Insurance and Long Term Disability (however, should a nurse become disabled during the leave, the Long Term Disability benefitwill not commence being calculated in the normal manner until the nurse’s scheduled return to work date)** These benefits will be based on the nurse’s full salary prior to the leave commencing, and not the lesser salary. Payment of the Employer Health Tax will be based on the lesser salary for the period of the leave. During the period of the leave, the nurse shall not be entitled to use sick leave credits. Upon returning from the leave, the nurse shall be entitled to any unused sick leave credits accumulated prior to the beginning of the leave. For benefit purposes (vacation, seniority, sick leave etc.) the period of the leave will be considered “broken service” and no benefits or credits shall be accumulated during this period. Withdrawal From the Plan: Once the salary deferral has commenced, nurses can only withdraw from the plan under exceptional circumstances, such as severe financial hardship, etc. The nurse must make a request in writing to their Department Head, giving appropriate reasons, at least four (4) months prior to the scheduled start date of the leave. The Department Head will send the request to Human Resourceswith any additional comments attached. Once the leave commences, the nurse is expected to follow the leave process through to its conclusion. The nurse withdrawing from the plan shall be paid a lump sum adjustment equal to any monies deferred plus interest accrued to the date of withdrawal from the plan. If a nurse is laid off during the salary deferral period, the nurse will be required to immediately withdraw from the plan and accrued salary plus interest will be paid in a lump sum to the nurse. If a nurse enrolled in the plan is terminated by the Region, the funds accumulated in the nurse’s account (deferred salary plus interest) shall be paid out to the nurse upon termination. In the event of the death of any nurse participating in the plan, monies accumulated plus interest accrued shall be paid to the nurse’s estate. See Also: Benefits LETTER OF UNDERSTANDING Between: THE REGIONAL MUNICIPALITY OF WATERLOO and: ONTARIO NURSES' ASSOCIATION