Common use of Salary Deferral Clause in Contracts

Salary Deferral. (a) In each year of participation in the Plan preceding the year of leave or portion thereof, an employee shall be paid a reduced percentage of regular salary. The remaining percentage shall be deferred and this accumulated amount plus interest earned shall be paid to the employee during the year of leave or portion thereof. (b) The salary deferred shall be deposited with the Employer in trust. The Employer shall pay a reasonable rate of interest on such monies having regard to the prevailing interest available to the Employer on a deposit account. (c) In the year of the leave or portion thereof the Employer shall pay to the employee the total of the deferred income plus all accrued interest in instalments conforming to the regular pay periods.

Salary Deferral. (a) In each year of participation in the Plan preceding the year of leave or portion thereof, an employee shall be paid a reduced percentage of regular salary. The remaining percentage shall be deferred and this accumulated amount plus interest earned shall be paid to the employee during the year of leave or portion thereof. (b) The salary deferred shall be deposited in a deposit account in trust for each employee. The terms and conditions related to the deposit account at the Bank with which the Employer in trust. The Employer deals shall pay a reasonable rate of interest on such monies having regard to the prevailing interest available to the Employer on a deposit accountapply. (c) In the year of the leave or portion thereof the Employer shall pay to the employee the total of the deferred income plus all accrued interest in instalments conforming to the regular pay periods.

Salary Deferral. (a) In each year of participation in the Plan preceding the year of leave or portion thereofleave, an employee Employee shall be paid a reduced percentage of regular salary. The remaining percentage shall be deferred and this accumulated amount plus interest earned shall be paid to the employee Employee during the year of leave or portion thereofleave. (b) The salary deferred shall be deposited in a deposit account in trust for each Employee. The terms and conditions related to the deposit account at the Bank with which the Employer in trust. The Employer deals shall pay a reasonable rate of interest on such monies having regard to the prevailing interest available to the Employer on a deposit accountapply. (c) In the year of the leave or portion thereof the Employer shall pay to the employee Employee the total of the deferred income plus all accrued interest in instalments installments conforming to the regular pay periods.