Common use of Salary Deferral Clause in Contracts

Salary Deferral. (a) In each year of Membership in the Plan preceding the year of leave, a Member will be paid a reduced percentage of both the regular grid salary and any applicable allowances. No more than 33-1/3% of the Member’s salary may be deferred in any one (1) calendar year up to a maximum of six (6) years. The remaining percentage will be retained by the Board and deposited at interest in an individual trust account for the Member, and will be paid to the Member in the year of leave. (b) The calculation of interest under the terms of this plan shall be done in accordance with the practice of the Financial Institutions with which the Board deals on a day-to-day basis. The trust account so established shall be at the optimum rate obtainable. The Member shall have access to the monies in the accrued interest account less any appropriate deductions for income tax purposes. (c) While a Member is enrolled in the Plan and not on leave, any benefit tied to salary level shall be structured according to the salary the Member would have received had the Member not been enrolled in the plan.

Salary Deferral. (a) In each year of Membership membership in the Plan preceding the year of leave, a Member DECE will be paid a reduced percentage of both the their regular grid salary and any applicable allowancessalary. No more than 33-1/3% of the MemberDECE’s salary may be deferred in any one one (1) calendar year up to a maximum of six (6) years. The remaining percentage will be retained by the Board and deposited at interest in an individual trust account for the MemberDECE, and will be paid to the Member DECE in the year of leave. (b) The calculation of interest under the terms of this plan shall be done in accordance with the practice of the Financial Institutions Institution with which the Board deals on a day-to-day basis. The trust account accounts so established shall be at the optimum rate obtainable. The Member DECE shall have access to the monies in the accrued interest account less any appropriate deductions for income tax purposes. (c) While a Member DECE is enrolled in the Plan and not on leave, any benefit tied to salary level shall be structured according to the salary the Member DECE would have received had the Member DECE not been enrolled in the planPlan.

Salary Deferral. (a) In each year of Membership membership in the Plan preceding the year year/semester of leave, a Member will be paid a reduced percentage of both the regular grid salary and any applicable allowances. No more than 33-33 1/3% of the Member’s salary may be deferred in any one (1) one calendar year up to a maximum of six (6) yearsyear. The remaining percentage will be retained by the Board and deposited at interest in an individual trust account for the Member, Member and all remaining monies will be paid to the Member in the year year/semester of leave. (b) The calculation of interest under the terms of this plan shall be done in accordance with the practice of the Financial Institutions financial institution with which the Board deals on a day-to-to- day basis. The trust account so established shall be at the optimum rate obtainable. The Member shall have access to the monies in the accrued interest account less any appropriate deductions for income tax purposes. (c) While a Member is enrolled in the Plan and not on leave, any benefit tied to salary level shall be structured according to the salary the Member would have received had the Member not been enrolled in the plan.