Deferred Salary Leave Plan. (1) The deferred salary leave plan enables Employees to take one (1) year of leave from the Public Service and to finance this leave through a deferral of Salary in previous years.
(2) Under this plan, participating Employees agree to defer a portion of their Salary for four (4) consecutive Academic Years and the Employer agrees to grant the Employee leave in the fifth year, and to use the amounts deferred in the previous four (4) years to pay the Employee's Salary during the period of the leave. Participation in the plan is subject to operational requirements.
(3) During the period of leave, Employees may engage in whatever activities they wish.
(4) The individual plan for each participating Employee is a six (6) Academic Year period consisting of the following:
(a) The first four consecutive years during which the Employee draws 80% of Salary earned in each of the four years and defers the remaining 20%;
(b) The fifth consecutive year in which the Employee takes the leave, and is paid from the amounts deferred above plus any interest earned on the deferred funds; and
(c) The sixth consecutive year in which the Employee returns to employment with the Public Service of Nunavut for a minimum of one year.
(5) There is no maximum number of Employees allowed to enter the plan.
(6) Executive Directors ensure that approved leaves do not impair the future operation of their School Operations.
(7) Employees make written application to their Executive Director. Applications should state the proposed start of the Salary deferral and the proposed period of leave.
(8) The Executive Director reviews the application and the requirements of the School Operations and notifies the Employee and the respective Department of Finance, Pay and Benefits Officer at least six (6) weeks prior to the start of Salary Deferral.
(9) Each participant will sign an agreement covering the details of the plan.
(10) In each year of the plan preceding the period of the leave, the Employee will be paid 80% of the applicable Salary. The remaining 20% of Salary will be deferred and this amount will be retained in trust by the Employer to finance payments during the period of leave.
(11) The deferred Salary will be placed in a trust fund by the Government and any returns on the investment of the trust will be used to pay the participant during the period of leave.
(a) The money held in trust will be pooled with other Government funds and the Employee will be credited with the average rate of retu...
Deferred Salary Leave Plan.
44.01 The deferred salary leave plan enables employees to take six months or one year of leave from the Public Service and to finance this leave through a deferral of salary in previous years.
44.02 Under this plan, participating employees agree to defer a portion of their salary for four or four and one half consecutive years and the Employer agrees to grant the employee leave in the fifth year or the last six months of the fifth year, and to use the amounts deferred in the previous four or four and one-half years to pay the employee's salary during the period of the leave. Participation in the plan is subject to operational requirements.
44.03 During the period of leave, employees may engage in whatever activities they wish.
44.04 The individual plan for each participating employee is a six year period consisting of the following:
(i) The first four consecutive years during which the employee draws 80% of salary earned in each of the four years and defers the remaining twenty percent 20%;
(ii) The fifth consecutive year in which the employee takes the leave, and is paid from the amounts deferred above plus any interest earned on the deferred funds; and
(iii) The sixth consecutive year in which the employee returns to employment with the Public Service of Nunavut for a minimum of one year; or,
(b) The first four consecutive years and six consecutive months during which the employee draws 90% of salary earned in each of the four years and six months and defers the remaining 10%;
(i) The last six consecutive months of the fifth consecutive year in which the employee takes the leave, and is paid from the amounts deferred above plus any interest earned on the deferred funds; and
(ii) The first six consecutive months of the sixth consecutive year in which the employee returns to employment with the Public Service of Nunavut for a minimum of six months.
44.05 Participation can begin at any time during the year.
44.06 There is no maximum number of employees allowed to enter the plan.
44.07 Deputy Heads ensure that approved leaves do not impair the future operation of their Department.
44.08 Employees make written application to their Deputy Head. Applications should state the proposed start of the salary deferral and the proposed period of leave.
44.09 The Deputy Head reviews the application and the requirements of the Department and notifies the employee and the respective Department of Finance, Pay and Benefits Officer at least six (6) weeks prior to the sta...
Deferred Salary Leave Plan. 31.01 The Self Funded Salary Leave Plan provides for employees of the Employer to self fund a paid leave of absence by deferral of salary on the basis of:
a) two over three years;
b) three over four years, or
c) four over five years. The plan is voluntary and is established in accordance with a defined formula of income adjustment and paid leave, but in any case shall not result in any increase in costs to the Employer.
31.02 It is understood that the leave year will commence at a time mutually convenient to the parties subject to the operating needs of the Employer. In all cases, the leave year will be the final year of the plan.
31.03 Permanent employees with three (3) years service with the Employer are eligible to participate in the plan. An employee is limited to one self-funded leave within any ten (10) year period. Participation in the plan is limited to one employee per team being away at any given time.
31.04 Written application for enrolment in the plan must be made to the Human Resources manager at least three (3) months in advance of commencement of the first year of the plan. The decision to accept or deny enrolment in the program rests exclusively with the employer and in any event written acceptance, or denial of the employee’s request, will be forwarded to the employee within 60 days of the request. The service and needs of the Employer will take priority in all cases, but where the considerations are equal, preference will be given to applicants on the basis of seniority.
31.05 The interest rate shall be the current rate for the current account at the bank used by the Employer, compounded monthly. A statement of the employee’s account will be available upon request by the employee.
31.06 An employee participating in the plan shall be eligible for any increase in salary and benefits that would have been received had she not been in the plan, including full credit for seniority and increment during participation years prior to the leave, however, an employee is not eligible to receive an increment during the leave period. The employee’s anniversary date shall remain the same.
31.07 Vacation credits shall not accumulate during the year spent on leave. The periods of leave may not be increased or extended by accumulated vacation credits.
31.08 Income tax will be deducted on the actual monies received by the employee during each of the years of the plan, subject to the provisions of the Income Tax Act and Regulations as amended from time to tim...
Deferred Salary Leave Plan. Employees may apply to the employing authority to elect to defer salary to be paid during a period of leave of absence, in accordance with the provisions outlined in the Deferred Salary Leave Plan.
Deferred Salary Leave Plan.
D13.01 Employees are eligible to apply for leave in accordance with the Deferred Salary Leave Plan copies of which shall be made available to employees, upon request, through the Employer’s Human Resources Department.
Deferred Salary Leave Plan. The parties agree that members of the bargaining unit have access to any Deferred Salary Leave Plan the College makes available to other employees.
Deferred Salary Leave Plan. 46.1 Employees on regular appointments who have been continuously employed at OC for a minimum of five years are eligible to participate in the Deferred Salary Leave Plan. The terms and conditions of the Plan are contained in OC policy and a copy of the policy may be obtained from the Payroll Department.
Deferred Salary Leave Plan a) In each year of the plan, preceding the period of leave, a Teacher will be paid a reduced percentage of their Total Salary. The remaining percentage of the annual salary will be deferred and this accumulated amount plus any interest earned shall be retained by the Board to be paid to the Teacher in the period of the leave.
b) The calculation of interest under the terms of this plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each month for a True Savings Account, one (1) Year Term Deposit, a three (3) Year Term Deposit and a five (5) Year Term Deposit. The rates for each of the accounts identified will be those quoted by the financial institution with which the Board deals.
c) In the period of the leave the Board shall pay to the Teacher the total money deferred plus all accrued interest in accordance with Article 24.12.
d) During the year of the leave, interest shall be paid as follows:
1) A one-time calculation will be made on August 15 so that the interest recognition for the year will be applied prior to September's first pay.
2) The interest rate to be used will be calculated the same as in the deferred years as in b) above.
3) These rates will be applied to the average amount on deposit for the period of the leave and added to the accumulated balance at the end of August.
e) The Board shall deduct from this amount any monies required for Income Tax, Employment Insurance, Canada Pension Plan.
f) A Teacher's employee benefits will be maintained by the Board during the leave of absence; however, the premium costs of the benefits shall be paid by the Teacher.
Deferred Salary Leave Plan. 44.01 In accordance with the terms of the plan, employees are eligible to apply for the Deferred Salary Leave Plan. Copies of the plan may be obtained from the Human Resource Services Branch, Department of Education. The Department of Education will make available six (6) openings in the Deferred Salary Leave Plan each year.
Deferred Salary Leave Plan. All full-time and part-time regular employees at the Justice Institute of British Columbia may apply for leave under this clause. The Employer's policy on the Deferred Salary Leave Plan shall be made available to all employees.
