Withdrawal from the Plan. (i) A participant may withdraw from the plan in unusual or extenuating circumstances; (e.g. financial hardship or serious illness). Request for withdrawal must be submitted in writing to the executive director, detailing the reason(s), as soon as possible prior to the withdrawal from the plan. (ii) When a request for withdrawal is approved, or in termination of employment, the employer shall pay to the employee a lump sum equal to monies deferred plus interest accrued to the date of payment. Payment shall be as soon as possible and must be made within thirty (30) days of approval of withdrawal from the plan, or of termination of employment, as applicable.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
