Plan Withdrawal. (a) An employee may apply to withdraw from the plan up to 1 March of the year prior to the September in which the leave is scheduled to commence. Subsequent applications for withdrawal in the year preceding the leave may be granted in urgent or extenuating circumstances. If the placement of the employee in the system effective 1 September requires another employee to be declared on layoff, the employee may be required to take the leave as previously agreed.
(b) In the event of withdrawal from the plan in accordance with (a) above, or in the event the employee is laid off or resigns or retires prior to the year of leave, the accumulated amount of deductions, plus accrued interest, will be paid to the member in one lump sum within sixty (60) calendar days of notice of withdrawal.
Plan Withdrawal. (a) A teacher may apply to withdraw from the plan up to 1 March of the year prior to the September in which the leave is scheduled to commence.
(b) In the event of withdrawal from the plan, or in the event the teacher is declared redundant or resigns or retires prior to the year of leave, the accumulated amount of deductions, plus accrued interest, less statutory deductions, will be paid to the teacher in one lump sum within sixty (60) calendar days of notice of withdrawal, or the effective date of resignation, retirement, or redundancy.
(c) Where it can be demonstrated to the Employer by a teacher who is a participant in the plan that a financial emergency exists, the 1 March deadline shall be waived and the accumulated funds shall be released to the teacher within sixty (60) days.
Plan Withdrawal. Deferral 30.13.01 A Teacher may withdraw from the Plan any time prior to taking the Leave of Absence. Upon withdrawal any monies accumulated, plus interest owed (see 30.05), will be repaid to the Teacher within sixty (60) days of notification of a desire to leave the Plan.
Plan Withdrawal. A Member may apply to withdraw from the plan, as deemed acceptable under the governing legislation, before April 1st of the year prior to the September in which the leave is scheduled to commence. Such request is subject to the approval of the Director or designate and shall not be unreasonably denied. In exceptional circumstances and with the approval of the Director or designate, a Member may withdraw from the plan after April 1st.
Plan Withdrawal. (a) A Member may apply to withdraw from the plan, as deemed acceptable under the governing legislation, before April 1st of the year prior to the September in which the leave is scheduled to commence. Such request is subject to the approval of the Director or designate and shall not be unreasonably denied. In exceptional circumstances and with the approval of the Director or designate, a Member may withdraw from the plan after April 1st.
(b) Payment of deferred income plus accumulated interest, as applicable, shall be made to a Member withdrawing, within thirty (30) days of the approved request.
(c) In the event of withdrawal from the plan under 37.05 (a), or in the event the Member is laid off, resigns or retires prior to the year of leave, the accumulated amount of deductions, plus accrued interest, will be paid to the Member in one lump sum within thirty (30) calendar days of notice of withdrawal, or the effective date of resignation, retirement, or redundancy.
(d) If the Member is placed on long term disability or dies prior to receiving the full amount of deferred income, any funds remaining in the account and accrued interest less required deductions, shall, upon receipt of the required legal consents and releases, be released to the Member or the executors or administrators of the Member’s estate in one lump sum within thirty (30) days of the Board receiving official notice of the above.
Plan Withdrawal. (a) An employee may apply to withdraw from the plan up to 1 March of the year prior to the September in which the leave is scheduled to commence.
(b) In the event of withdrawal from the plan, or in the event the employee is declared redundant or resigns or retires prior to the year of leave, the accumulated amount of deductions, plus accrued interest, less statutory deductions, will be paid to the employee in one lump sum within sixty (60) calendar days of notice of withdrawal, or the effective date of resignation, retirement, or redundancy.
(c) Where it can be demonstrated to the Employer by a employee who is a participant in the plan that a financial emergency exists, the 1 March deadline shall be waived and the accumulated funds shall be released to the employee within sixty (60) days.
Plan Withdrawal. An employee may apply to withdraw from the plan up to March of the year prior to the September in which the leave is scheduled to commence. Subsequentapplications for withdrawal in the year preceding the leave may be granted in urgent or extenuating circumstances. If the placement of the employee in the system effective September requires another employeeto be declared on layoff, the employee may be required to take the leave as previously agreed. In the event of withdrawal from the plan in accordance with (a) above, or in the event the employee is laid off or resigns or retires prior to the year of leave, the accumulated amount of deductions, plus accrued interest, will be paid to the member in one lump sum within sixty (60) calendar days of notice of withdrawal. An employee may defer the year of leave for one (1) year, with written notice to the Employer by March preceding the year of leave. Only one such request for deferral shall be granted. The Employer must approve applications for deferral of the leave year.
Plan Withdrawal. Deficit Recovery a) In the event the SGEU LTD Plan is in an actuarial deficit, a participating bargaining unit that opts out of the SGEU LTD Plan or is voluntarily decertified shall pay a deficit recovery amount, calculated as follows:
Step 1 The SGEU LTD Plan shall determine the total membership in the SGEU LTD Plan, the membership of the participating bargaining unit that is withdrawing, the length of time each of the participating bargaining units have been in the SGEU LTD Plan, and deficit at time of withdrawal.
Step 2 The SGEU LTD Plan shall divide the actuarial deficit at the end of the fiscal year, following the withdrawal date, by the sum of the product of the length of time that each of the participating bargaining units has received long-term disability coverage times the membership of the participating bargaining unit. (This will give the deficit/member/time of coverage.)
Step 3 The SGEU LTD Plan shall multiply the number from Step 2 by the length of time the withdrawing participating bargaining unit received LTD coverage times the membership of the withdrawing bargaining unit. (This will give the total amount of the deficit that the withdrawing participating bargaining unit is responsible to repay.)
Step 4 The SGEU LTD Plan shall divide Step 3 by the number of members in the withdrawing bargaining unit to determine the deficit recovery for each withdrawing member.
Plan Withdrawal. Vandenberg may withdraw an approved Plan if any of the following occur.
a) The District is redesignated as a "serious" nonattainment area for the federal standard and Vandenberg becomes subject to the permitting requirements of Regulation XIII due to such redesignation.
