Withdrawal from the Plan. (a) A Teacher may withdraw from the Plan any time prior to April 15 of the calendar year prior to the period in which the leave is to be taken. Upon withdrawal, all the deferred salary plus accumulated interest shall be paid to the Teacher within sixty (60) days of notification of withdrawal from the Plan. (b) In the event that a suitable replacement cannot be obtained for a Teacher who has been granted leave, the Employer may defer the period of leave. In this instance, a Teacher may choose to remain in the Plan or he/she may withdraw and receive all the deferred salary plus accumulated interest to the date of withdrawal. Repayment shall be made within sixty (60) days of the date of withdrawal from the Plan. (c) Should a Teacher die while participating in the Plan, all the deferred salary plus accumulated interest at the time of death shall be paid to the Teacher’s estate. (d) A Teacher who has had his/her contract terminated under the Education Act shall be required to withdraw and shall be paid all deferred salary plus accumulated interest to the date of withdrawal. Repayment shall be made within sixty (60) days of the date of withdrawal from the Plan.
Appears in 4 contracts
Samples: Memorandum of Agreement, Memorandum of Agreement, Memorandum of Agreement
