Deferred Salary Leave Plan Sample Clauses
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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. 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. The School Division shall administer a Deferred Salary Leave Plan in accordance with the plan document.
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. Each Faculty Member with a continuing appointment, part or full-time, is eligible to participate in a Deferred Salary Leave Plan as set out in Appendix D.
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. 8.03.01.01 The Deferred Salary Leave Plan is a self-financing plan that has been developed to afford a Teacher the opportunity of taking a one-year leave of absence with pay by spreading the salary payments over a deferred period.
8.03.01.02 The payment of salary and timing of the Deferred Salary Leave Plan may be as follows: In the first four (4) years of the Plan a Teacher will be paid 80% of the annual salary normally paid under the collective agreement. The remaining 20% of the annual salary shall be withheld by the Board in each of the years leading up to the self- funded leave period. These amounts shall be held in trust by the Board and interest accumulated and paid at the Canada Savings Bond rate of the current year. The interest is to be added semi- annually at the end of December and at the end of June.
8.03.01.03 During the Leave period the Teacher shall receive the total deferred salary.
8.03.01.04 If the Teacher wishes to continue to participate in the current benefit plans during the self-funded leave year, the Teacher shall be allowed to do so. All premium costs shall be paid in full by the Teacher. On the first school day of the Leave year, the Teacher shall provide the Board with post-dated cheques to cover the monthly premium costs. On return, the Teacher shall be responsible for any increased costs that have been incurred as a result of premium increases.
8.03.01.05 With the approval of the Board, a Teacher may select some alternative method of deferring salary and of the timing of the one year leave of absence other than that specified in article 8.03.01.02.
8.03.01.06 Leave periods cannot be postponed beyond the maximum time limit of seven (7) years. Any money accumulated will continue to earn interest until the leave is taken.
8.03.01.07 A Teacher wishing to participate in a Deferred Leave Plan shall submit to the Director or Designate, through the Principal, an application not later than March 31 of the year previous to the school year in which the Deferred Plan shall begin.
8.03.01.08 The Director or Designate shall forward the application to the Board. The Director or Designate shall include a recommendation to grant or deny the Deferred Leave based on the following criteria:
a) The Teacher is a permanent employee, b) the Teacher has five (5) or more years of service with the Rainy River District School Board or its predecessors.
8.03.01.09 The applicant for Deferred Leave shall be advised in writing of the Board’s decision on or b...
Deferred Salary Leave Plan. The Employer will allow employees who have completed their probationary period with the Employer to take twelve (12) months leave of absence financed by the employee by deferral of salary. Employees must make written application to the Employer, copied to the Union, six (6) months before the deferral is to commence, requesting permission to participate in the plan. Written acceptance, or denial, of the employee’s request, with an explanation, will be forwarded to the employee and Union no later than one (1) month from the date of written application. Approval of individual requests to participate in the plan will rest solely with the Employer. The payments of salary, benefits, and the timing of the leave of absence will be as follows:
(a) In each year of the plan preceding the time of leave, an employee will be paid a reduced percentage of his/her applicable annual salary. The remaining percentage of annual salary will be deferred and this accumulated amount, plus interest earned, will be retained by the Employer and paid to the employee during his/her leave.
(b) While an employee is enrolled in the plan and not on leave, any benefits tied to salary level will be structured according to the salary the employee would have received had he/she not been enrolled in the plan.
(c) An employee’s benefits will be maintained during his/her leave of absence; however, the premium costs of all benefits will be paid by the employee during the leave, including Union dues. While on leave, any benefits tied to salary will be structured according to the salary the employee would have received in the year prior to taking the leave had he/she not been enrolled in the plan.
(d) ▇▇▇▇ leave credits will not accumulate, and cannot be used during the time spent on leave.
(e) Pension deductions will be continued during the time spent on leave. The time of leave will be pensionable service. Pension deductions will be made on the salary the employee would have received had he/she not entered the plan or gone on leave.
(f) Upon return of leave, the employee will be assigned to his/her same position prior to the leave, or if due to department downsizing the employee’s position no longer exists, the employee will be governed by the collective agreement.
(g) All employees wishing to participate in the plan will be required to sign an approved contract before final approval for participation is granted. Contract provisions including percentage of salary and time of leave may be amended b...
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.