Common use of Withdrawal from the Deferred Salary Leave Plan Clause in Contracts

Withdrawal from the Deferred Salary Leave Plan. (A) An Employee who ceases to be employed by the University or is laid off in accordance with the Collective Agreement during the period of the deferral shall withdraw from the Plan. (B) In extenuating circumstances such as, but not limited to, financial hardship or serious illness and with the approval of the Employer, an Employee may withdraw from the Plan not later than three (3) months prior to the date established for the Leave. Notwithstanding the three (3) month notice period, the University may, where operational requirements permit, accept a lesser notice period. Such approval shall not be unreasonably withheld. (C) If an Employee withdraws from the Plan, the Employee shall be paid a lump sum adjustment equal to any monies deferred plus 1.5% annual interest accrued. Repayment shall be made as soon as possible within sixty (60) days of withdrawal from the Plan. (D) Should an Employee die while participating in the Plan, any monies accumulated plus interest accrued at the time of death shall be paid to the beneficiary specified in the life insurance policy of health and welfare benefits or to the Employee’s estate within two (2) bi-weekly pay periods where possible.