Funding for Leave of Absence Clause Samples

Funding for Leave of Absence. Funding for the Leave of Absence shall be as follows: 3.1 During each year of the deferral period, the participant will receive his/her current compensation amount, less the percentage amount to be retained by the board which was specified by the participant in the Memorandum of Agreement and less statutory and other legal or contractual deductions. Such percentage amount may be varied, subject to clause 3.2, by giving written notice to the board at least one (1) month prior to the requested change. The board shall not be obligated to accommodate more than one request each school year for a change to the deferral amount. 3.2 The percentage of the annual current compensation amount deferred by the participant cannot exceed thirty-three and one third (33 1/3) per cent.

Funding for Leave of Absence. 17.2.1 During each year prior to the agreed upon leave of absence, the participant will receive, for a maximum of six (6) years, the applicable prevailing pay as determined for the particular year by the memorandum of agreement. 17.2.2 In no case shall the deferred amount be less than ten percent (10%) nor greater than thirty- three and one-third percent (33 1/3%) of the participant's normal gross pay in any calendar year. 17.2.3 The employer shall pay in cash all the interest accrued on the deferred amount during the calendar year to the participant: a) the last day of the calendar year during the deferral period; b) the last day of the leave of absence; and c) on the day that participation in the plan ceases due to withdrawal from the plan or upon the death of the participant;

Funding for Leave of Absence. 3.1 During each year prior to the Leave of Absence, the Participant, for a maximum of six years, will receive his/her Current Compensation Amount, less the amount the Participant has specified in the application for the year in question which is to be retained by the Federation. 3.2 While participating in the Plan, the amount of the Current Compensation Amount deferred by the Participant under this plan or any other such arrangement for services rendered by the employee to the employer cannot exceed 20 percent in any calendar year. 3.3 The Federation shall on the following dates pay to the Participant the accrued interest on his/her Deferred Compensation Amount; (a) the December 31st which occurs at the end of the Federation’s fiscal year in which the Employee becomes a Participant; (b) each December 31st occurring after the date specified in (a) above, while the Employee participates in the Plan; and (c) the last day of the Leave of Absence, or when the Federation makes a payment due to deferral or withdrawal from the plan or death of the Participant.

Funding for Leave of Absence. 18.7.2.1 During each year prior to the agreed upon Leave of Absence, the employee will receive, for a maximum of six (6) years, the applicable Prevailing Pay as determined for the particular year by the Memorandum of Agreement. 18.7.2.2 In no case shall the Deferred Amount be less than ten percent (10%) nor greater than 33 1/3% of the employees Normal Gross Pay in any calendar year. 18.7.2.3 The Institute shall pay all the interest accrued on the Deferred Amount during the calendar year to the employee on: a) The last day of the calendar year during the Deferral Period; and b) The last day of the Leave of Absence; or c) The day that participation in the Plan ceases due to withdrawal from the Plan or upon the death of the employee.

Funding for Leave of Absence. Funding for the Leave of Absence shall be as follows: 3.1. During each school year prior to the leave of absence, the Participant, for a maximum of five school years will receive their Current Compensation Amount, less the percentage amount which the Participant has specified in the Memorandum of Agreement for the school year in question which is to be retained by the Employer. Such percentage amount will be retained by the Employer and be invested in accordance with clause 3.3. Maximum Percentage Deferred 3.2. The percentage of the Current Compensation Amount deferred by the Participant cannot exceed the percentage amount obtained when 100 per cent is divided by the number of years the Participant states they will participate in the plan, including the Leave of Absence year. Notwithstanding the preceding, the maximum deferred in any one Taxation Year shall not exceed 33 1/3 per cent of the portion of the Current Compensation Amount received by the Participant in that Taxation Year. This formula applies even if the Leave of Absence is deferred under clauses 4.4 and 4.5.

Funding for Leave of Absence. During each year prior to the Leave of Absence, the Participant, for a maximum of six years, will receive their Current Compensation Amount, less the amount the Participant has specified in the application for the year in question which is to be retained by the Federation.

Funding for Leave of Absence. Funding for the Leave of Absence shall be as follows: 3.1 During each school year prior to the leave of absence, the Participant, for a maximum of five school years will receive their Current Compensation Amount, less the percentage amount which the Participant has specified in the Memorandum of Agreement for the school year in question which is to be retained by the Employer. Such percentage amount will be retained by the Employer and be invested in accordance with clause 3.3.

Funding for Leave of Absence. During each year prior to the agreed upon leave of absence [minimum one (1) year and maximum six (6) years], the participant shall receive the applicable prevailing pay as determined for the by the application form, employee certification and authorization form and participationagreement. In no case shall the deferred amount be less than nor greater than of the participant's normal gross pay in any calendar year. The shall pay all on the deferred amounts to the participant's account on the last day of each calendar year during the deferral period. This interest will be reported as taxable income for the participant in the year it was earned. Taking Leave Of Absence The leave of absence shall occur according to this memorandum and the participation agreement executed between the participant and the employer. Upon mutual consent between the employer and the participant the commencement of the leave of absence may be postponed, all subject to the limitations in the memorandum of agreement and the maximum deferral period allowed. Participation in the plan may be suspended if the participant accepts a permanent or temporary position in another department where the leave period creates a staffing vacancy due to insufficient time to fill the vacancy or because the position falls within the ‘hard to recruit’ category. One month prior to commencing the leave the participant will inform payroll in writing of the payout option chosen: Option : Option lump sum payout of all deferred amounts plus interest less all deductions as per Appendix A. deposits to the participant‘s account less all deductions as per Appendix A. The deductions and amount paid shall be proportionate to the monies retained by the employer and duration of the leave of absence. During the leave of absence the participant may not receive any additional remuneration from the employer or another Health Region or Affiliate in Saskatchewan other than the benefit entitlement defined in Appendix A. The leave of absence shall commence immediately following the deferral period, unless agreed to as per section Upon completion of the leave of absence the Income Tax Act requires the participant to return to the employer for a period not less than the period of absence. During the deferral period: Any applicable pension contributions and health and welfare benefits computed with reference to salary shall be structured according to Appendix A. The participant and employer will continue paying the regular share of...

Funding for Leave of Absence. Funding for the Leave of Absence shall be as follows: 3.1 During each year of the deferral period, the participant will receive his/her current compensation amount, less the percentage amount to be retained by the board which was specified by the participant in the Memorandum of Agreement and less statutory and other legal or contractual deductions. Such percentage amount may be varied, subject to clause 3.2, by giving written notice to the board at least one (1) month prior to the requested change. The board shall not be obligated to accommodate more than one request each school year for a change to the deferral amount.