Common use of PLAN CREDITS AVAILABLE FOR PAYMENT OF BENEFITS Clause in Contracts

PLAN CREDITS AVAILABLE FOR PAYMENT OF BENEFITS. Payments shall only be made to eligible members from the Bank by the Board so long as the Bank has a credit balance. The balance available for payment to members shall be debited by all payments to members provided for hereunder and shall be credited during the initial assessment period as follows: at the end of each pay period following the Effective Date, a credit by the Board equal to of of the regular straight time hourly earnings (excluding overtime and other premium payments) of each member covered by this Agreement and enrolled in the Toronto Pension Plan or at the end of the month of its receipt from the Employment Insurance Commission, the full Board's share of the premium rebate and the member's share not otherwise utilized to provide in part the cost of orthodontic and improvement in the vision care which the Association on behalf of its members hereby agrees should be directed to the Board for the purpose of the Bank; and at the end of each calendar year the Board to credit interest on the average balance for the year of the portion of the Bank which is represented by the members' rebate contributions to the Bank, assuming that all payments from the Bank are made in the same proportion such members' contributions as those contributionsbear to the credits in the Bank. The interest rate shall be the average yield on 3-month Government of Canada Treasury Bills for the year. Neither the Board nor the Association nor any member shall be liable to make any further payments to the credit of the Bank and claims of members for payment shall be made only from the credits established xxxxxxxxx and shall be limited to the credit balance of the Bank at the time the member is entitled to be paid. It is understood and agreed that neither the Board as administrator of the Bank nor the City of Toronto is under any obligation to maintain a fund, representing the credit balance available for the payment of benefits under the Bank separate from its other monies and the Employment Insurance Commission rebates are for the sole use of the Board or the said City of Toronto and need not be maintained separately from other funds.

PLAN CREDITS AVAILABLE FOR PAYMENT OF BENEFITS. (1) Payments shall only be made to eligible members from the Bank by the Board so long as the Bank has a credit balance. The balance available for payment to members shall be debited by all payments to members provided for hereunder and shall be credited during the initial assessment period as follows: at the end of each pay period following the Effective Date, a credit by the Board equal to of of the regular straight time hourly earnings (excluding overtime and other premium payments) of each member covered by this Collective Agreement and enrolled in the Toronto Pension Plan Police Benefit Fund or This obligation shall be suspended and inoperative for the year at the end of the month of its receipt from the Employment Insurance Commission, the full Board's plus members' share of the premium rebate and the member's share not otherwise utilized to provide in part the cost of orthodontic and improvement in the vision care (which the Association on behalf of its members hereby agrees should be directed to the Board for the purpose of the Bank, in consideration of the benefit improvement resulting from this Bank); and at the end of each calendar year the Board to credit interest on the average balance for the year of the portion of the Bank which is represented by the members' rebate contributions to the Bankcontributions, assuming that all payments from the Bank are made in the same proportion from such members' contributions as those contributionsbear contributions bear to the credits in the Bank. The interest rate shall be the average yield on 3-month Government of Governmentof Canada Treasury Bills for the year. Neither the Board nor the Association nor any member shall be liable to make any further payments to the credit of the Bank and claims of members for payment shall be made only from the credits established xxxxxxxxx hereunder and shall be limited to the credit balance of the Bank at the time the member is entitled to be paid. It is understood and agreed that neither the Board as administrator of the Bank nor the City of Toronto is under any obligation to maintain a fund, representing the credit balance available for the payment of benefits under the Bank separate from its other monies and the Employment Insurance Commission rebates are for the sole use of the Board or the said City of Toronto and need not be maintained separately from other funds. The application of any credit balance remaining in the Bank at the end of the initial assessment period shall be determined by agreement between the parties or failing that, by the same procedure that is used to determine a Collective Agreement or award for the calendar year. The Board undertakes, however, to supply the Association with a full accounting of the Bank's operation no less frequently than quarterly, such accounting to begin months from "the Effective Date" and relate to the quarter immediatelypreceding the quarter then ended.

PLAN CREDITS AVAILABLE FOR PAYMENT OF BENEFITS. (1) Payments shall only be made to eligible members from the Bank by the Board so long as the Bank has a credit balance. The balance available for payment to members shall be debited by all payments to members provided for hereunder and shall be credited during the initial assessment period as follows: at the end of each pay period following the Effective Date, a credit by the Board equal to of of the regular straight time hourly earnings (excluding overtime and other premium payments) of each member covered by this Agreement and enrolled in the Toronto Pension Plan or at the end of the month of its receipt from the Employment Insurance Commission, the full Board's share of the premium rebate and the member's share not otherwise utilized to provide in part the cost of orthodontic and improvement in the vision care which the Association on behalf of its ifs members hereby agrees should be directed to the Board for the purpose of the Bank; and at the end of each calendar year the Board to credit interest on the average balance for the year of the portion of the Bank which is represented by the members' rebate contributions to the Bank, assuming that all payments from the Bank are made in the same proportion from such members' contributions as those contributionsbear contributions bear to the credits in the Bank. The interest rate shall be the average yield on 3-month Government of Canada Treasury Bills for the year. Neither the Board nor the Association nor any member shall be liable to make any further payments to the credit of the Bank and claims of members for payment shall be made only from the credits established xxxxxxxxx hereunder and shall be limited to the credit balance of the Bank at the time the member is entitled to be paid. It is understood and agreed that neither the Board as administrator of the Bank nor the City of Toronto is under any obligation to maintain a fund, representing the credit balance available for the payment of benefits under the Bank separate from its other monies and the Employment Insurance Commission rebates are for the sole use of the Board or the said City of Toronto and need not be maintained separately from other funds.

PLAN CREDITS AVAILABLE FOR PAYMENT OF BENEFITS. Payments shall only be made to eligible members from the Bank by the Board so long as the Bank has a credit balance. The balance available for payment to members shall be debited by all payments to members provided for hereunder and shall be credited during the initial assessment period as follows: at the end of each pay period following the Effective Date, a credit by the Board equal to of of the regular straight time hourly earnings (excluding overtime over- time and other premium payments) of each member covered by this Agreement and enrolled in the Metropolitan Toronto Pension Plan Police Benefit Fund or at the end of the month of its receipt from the Employment Unemployment Insurance Commission, the full Board's Boards plus members' share of the premium rebate and the member's share not otherwise utilized to provide in part the cost of orthodontic and improvement in the vision care (which the Association on behalf of its members hereby agrees should be directed to the Board for the purpose of the Bank, in consideration of the benefit improvement resulting from this Bank); and at the end of each calendar year the Board to credit interest on the average balance for the year of the portion of the Bank which is represented by the membersmem- bers' rebate contributions to the Bankcontributions, assuming that all payments pay- ments from the Bank are made in the same proportion from such members' contributions as those contributionsbear contribu- tions bear to the credits in the Bank. The interest rate shall be the average yield on 3-month Government of Canada Treasury Bills for the year. Neither the Board nor the Association nor any member shall be liable to make any further payments to the credit of the Bank and claims of members for payment shall be made only from the credits established xxxxxxxxx and shall be limited to the credit balance of the Bank at the time the member is entitled to be paid. It is understood and agreed that neither the Board as administrator of the Bank nor the City Corporation of the Municipality of Metropolitan Toronto is under any obligation to maintain a fund, representing the credit balance available for the payment of benefits under the Bank separate separ- ate from its other monies and the Employment Unemployment Insurance Commission rebates are for the sole use of the Board or the said City of Toronto Metropolitan Corporation and need not be maintained separately from other funds. The application of any credit balance remaining in the Bank at the end of the initial assessment period shall be deter- mined by agreement between the parties or failing that, by the same procedure is used to determine a collective agreement or award for the calendar year. The Board undertakes, however, to supply the Association with a full accounting of the Bank's operation no less frequently than quarterly, such accounting to begin months from " the Effective Date" and relate to the quarter immedi- ately preceding the quarter then ended. TRANSITIONAL: To be eligible for any payment from the Bank the member must either: become disabled after the Effective Date, or be disabled before the Effective Date and be absent from work because of such disability on the Effective Date. A member absent from duty because of disability resulting from other employment not with duties as a member of the Force not receive benefits under Article I2 for such absence to the extent these are received from the Workers' compensation Board or other insurance plans at such place of employment.