Percentage of Salary Deferred Sample Clauses

Percentage of Salary Deferred. ▪ During the period of salary deferment, prior to the commencement of the leave, the participating employee will be paid that portion of their salary, as agreed in writing in their personal leave plan, provided that this shall not be less than 66 2/3% and not more than 80% of the total gross salary. Funding Deposits and Interest: ▪ The portion of the salary deferred shall be deposited into an interest bearing account in the bank normally used by the Region and retained for disbursement during the period of the leave. The Region will maintain a record of funds and interest for each employee enrolled in the plan. ▪ The total amount of accumulated salary deferral funds shall be paid to the employee in bi-weekly payments as appropriate for the approved period of time. ▪ Interest earned shall be paid to the employee on an annual basis as required by Revenue Canada. During the period of salary deferment the payment of income tax on that portion of the salary deferred may be delayed until the year in which the leave occurs. Further Contributions: ▪ Canada Pension Plan contributions and Income Tax deductions are deducted from the employee’s pay during the period of deferment, based on a percentage of the salary paid (i.e. 66 2/3% to 80%), deductions of E.I.C. will be made on 100% of salary before the salary deferral is deducted. ▪ During the period of leave, no deductions for E.I.C. are made. ▪ OMERS contributions during the period of deferment are made based on 100% of the employee’s gross earnings before any deferral amounts are withheld. No contributions are made during the period of the leave, by either the employee or the Region, this period being considered a period of “broken service”. Following the leave, periods of broken service may be purchased by the employee alone, subject to the regulations of OMERS. ▪ Contributions to the Regionally sponsored Group RRSP during the period of deferment are taken from the gross earnings before any deferral amounts are withheld. During the leave period employees will be able to make up the difference through a lump sum payment. ▪ Union dues will be based on the full salary earned prior to the leave commencing, and will not be deducted from payments made to the employee during the period on leave.
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Percentage of Salary Deferred.  During the period of salary deferment, prior to the commencement of the leave, the participating employee will be paid that portion of their salary, as agreed in writing in their Application for Approval (HR 36).
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Related to Percentage of Salary Deferred

  • Deferred Salary Leave Each employer ratifying this Agreement will establish or, as necessary, review and update a deferred salary leave plan consistent with Regulations issued by Canada Revenue Agency under the Income Tax Act. The parties may use the Application, Agreement, and Approval Form as a template (see Appendix H) for the deferred salary leave plan.

  • Deferred Salary Leave Plan 1. The Board shall administer a Deferred Salary Leave Plan as determined by a separate agreement.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Salary Deductions Salaried employees (E-level classifications) who are permanently assigned to full-time job classifications are paid on a bi-weekly salary basis. Salaried employees are paid a bi-weekly salary based on a minimum of two (2) forty (40) hour workweeks. The bi-weekly salary received by salaried employees will not be reduced regardless of the number of hours the salaried employee actually works in any week in which the salaried employee performs any work except for the following deductions:

  • Deferral Account 3.1 Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Share Class Annual Compensation Rate Class R-1 1.00% Class R-2 0.75% Class R-2E 0.60% Class R-3 0.50% Class R-4 0.25% Class R-5 No compensation paid Class R-5E No compensation paid Class R-6 No compensation paid

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

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