Prepaid Leave Plan - Full Sample Clauses
Prepaid Leave Plan - Full. Time Employees, Only
(a) The plan is available to employees wishing to spend four (4) years' salary over a five (5) year period, in accordance with Part LXVIII of the Income Tax Regulations, Section 6801, to enable them to take a one (1) year leave of absence following the four (4) years of salary deferral.
(b) The employee must make written application to the appropriate General Manager or designate at least six (6) months prior to the intended commencement date of the program (i.e. the salary deferral portion), stating the intended purpose of the leave.
(c) The year for the purposes of the program shall be September 1st of one year to August 31st of the following year or such other twelve (12) month period as may be agreed upon by the employee and the Employer. There shall be a maximum of three (3) employees off at any one time and there cannot be more than one (1) employee per Department off at any give time.
(d) Written applications will be reviewed by the appropriate General Manager or designate for leaves requested and will be considered on the basis of seniority.
(e) During the four (4) years of salary deferral, twenty percent (20%) of the employee's gross annual earnings will be deducted and held for the employee and will not be accessible to the employee until the year of the leave or upon withdrawal from the plan.
(f) The manner in which the deferred salary is held shall be at the discretion of the Employer.
(g) All deferred salary, plus accrued interest, if any, shall be paid to the employee at the commencement of the leave or in accordance with such other payment schedule as may be agreed upon between the Employer and the employee.
(h) All benefits shall be kept whole during the four (4) years of salary deferral. During the year of the leave, seniority will not accumulate. Service for the purpose of vacation and salary progression and other benefits will be retained but will not accumulate during the period of the leave. The employee shall become responsible for the full payment of premiums for any health and welfare benefits in which he/she is participating. Contributions to the Ontario Municipal Employees Retirement System will be in accordance with the plan. The employee will not be able to participate in the disability income plan during the year of the leave.
(i) An employee may withdraw from the plan at any time during the deferral portion provided three (3) months' notice is given to the appropriate General Manager. Deferred salary, plus...