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.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
