Salary Deferral. (a) In each year of participation in the Plan preceding the period of leave, a Teacher shall be paid a reduced percentage of both the regular grid salary and any applicable allowances. The remaining percentage shall be deferred, and this accumulated amount plus interest earned shall be paid to the Teacher during the period of leave. (b) During the period of the leave, the Employer shall pay to the Teacher the total of the deferred income plus all accrued interest in instalments conforming to the regular pay periods as set forth in Section 10 of this Agreement or in one (1) or two (2) lump sums if requested by the Teacher prior to the commencement of the leave.
Appears in 4 contracts
Samples: Memorandum of Agreement, Memorandum of Agreement, Memorandum of Agreement
Salary Deferral. (a) In each year of participation in the Plan preceding the period of leave, a Teacher teacher shall be paid a reduced percentage of both the regular grid salary and any applicable allowances. The remaining percentage shall be deferred, and this accumulated amount plus interest earned shall be paid to the Teacher teacher during the period of leave.
(b) During the period of the leave, the Employer shall pay to the Teacher teacher the total of the deferred income plus all accrued interest in instalments conforming to the regular pay periods as set forth in Section 10 of this Agreement or in one (1) or two (2) lump sums if requested by the Teacher teacher prior to the commencement of the leave.
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Memorandum of Agreement, Memorandum of Agreement
Salary Deferral. (a) In each year of participation in the Plan preceding the period of leave, a Teacher teacher shall be paid a reduced percentage of both the regular grid salary and any applicable allowances. The remaining percentage shall be deferred, and this accumulated amount plus interest earned shall be paid to the Teacher teacher during the period of leave.
(b) During the period of the leave, the Employer shall pay to the Teacher teacher the total of the deferred income plus all accrued interest in instalments installments conforming to the regular pay periods as set forth in Section 10 of this Agreement or in one (1) or two (2) lump sums if requested by the Teacher teacher prior to the commencement of the leave.
Appears in 1 contract
Samples: Memorandum of Agreement
