Payment Formulas and Retention of Deferred Salary Sample Clauses

Payment Formulas and Retention of Deferred Salary. L28.06.01 In each year of the DSLP preceding the leave, a Member/Employee will be paid a reduced percentage of salary.
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Payment Formulas and Retention of Deferred Salary. In each year of the preceding the leave, a will be paid a reduced percentage of salary. The remaining percentage of annual salary (maximum percent) shall be placed in an individual trust account in an investment mutually agreeable to the and the Board. The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The shall receive twice-yearly statements showing the total deferred salary plus accumulated interest. The deferred salary shall be paid to the in the year of leave, in the same manner as salary would be or in a manner mutually agreeable to the and the Board. Interest accrued prior to the leave shall be paid in a lump sum. Interest accrued during the year of the leave shall be paid to the in the year it is earned. Subject to article the shall be entitled to the same benefits; allowances, vacation, working experience credit and seniority as when not enrolled in the plan. During the period of leave, seniority will continue to accrue. Long term disability coverage shall be based on the salary the would have received had there not been a leave. Allowances shall not be paid and sick leave credits shall not be credited to the account during the year of leave.

Related to Payment Formulas and Retention of Deferred Salary

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