Common use of Withdrawal from the Plan Clause in Contracts

Withdrawal from the Plan. The Member may elect to withdraw from the Plan at any time by giving written notice to the Company. Within 30 calendar days from withdrawal from the Plan, the Member will receive a lump sum payment equal to the amount in the Member`s Account and any interest accrued thereon. The lump sum payment will be treated as taxable employment income in the year it is received and subject to required statutory deductions, including income tax. A Member must be on the active payroll during the Contribution Period or she/he will automatically be withdrawn from the Plan. This would occur in the event the Member becomes entitled to maternity leave, Wage Indemnity Plan (WIP) leave, workers' compensation leave and/or leaves specified under Article 10 of the Collective agreement only when such leaves exceed one block month. PAYMENT OF BENEFITS UNDER THE PLAN A Member becomes eligible for payments under the Plan upon taking a leave of absence. The following conditions must be present:

Appears in 4 contracts

Samples: Agreement, Agreement, Agreement

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