Common use of Year of Leave Clause in Contracts

Year of Leave. The leave of absence shall be for no less than six consecutive months and shall commence no later than six years from the first salary deferral. The maximum salary deferral that is permitted is 33 1/3 % of annual salary received during the deferral period. While on leave, an employee may not receive salary and/or (Employer paid) benefits from the Lakehead District School Board, either directly or indirectly, other than that amount accrued in his/her deferral account plus any interest earned. Interest earned from the deferral salary shall be paid to the employee in the year it is earned. Upon return from leave, the employee must remain in the employ of the Lakehead Board for a period of time at least equal to the time spent on leave. All salary accrued plus interest earned must be paid to the employee no later than the end of the first taxation year following the end of the deferral period.

Year of Leave. The leave of absence shall be for no less than six consecutive months and shall commence no later than six years from the first salary deferral. The maximum salary deferral that is permitted is 33 1/3 33% of annual salary received during the deferral period. While on leave, an employee may not receive salary and/or (Employer paid) benefits from the Lakehead District School Board, either directly or indirectly, other than that amount accrued in his/her deferral account plus any interest earned. Interest earned from the deferral salary shall be paid to the employee in the year it is earned. Upon return from leave, the employee must remain in the employ of the Lakehead District School Board for a period of time at least equal to the time spent on leave. All salary accrued plus interest earned must be paid to the employee no later than the end of the first taxation year following the end of the deferral period.