Common use of Surplus/Reserves Clause in Contracts

Surplus/Reserves. All eligible and available surpluses remaining in board-owned defined benefit and board-owned defined contribution plans as a result of the transfer of OCEW and Unifor benefit plans to the OECTA ELHT will be allocated between the school board and the employees. The employees’ share is to be transferred to the applicable Trust 90 days after all Central Employee Workers’ unions or council of unions, Teachers’ Federations, and other unions have signed their respective Agreement on Central Terms or other agreements with this process.

Surplus/Reserves. All eligible and available surpluses remaining in board-owned board‐owned defined benefit and board-owned board‐owned defined contribution plans as a result of the transfer of OCEW and Unifor benefit plans to the OECTA ELHT will be allocated between the school board and the employees. The employees’ share is to be transferred to the applicable Trust 90 days after all Central Employee Workers’ unions or council of unions, Teachers’ Federations, and other unions have signed their respective Agreement on Central Terms or other agreements with this process.