Common use of Plan Withdrawal Clause in Contracts

Plan Withdrawal. (a) A Member may apply to withdraw from the plan, as deemed acceptable under the governing legislation, before April 1st of the year prior to the September in which the leave is scheduled to commence. Such request is subject to the approval of the Director or designate and shall not be unreasonably denied. In exceptional circumstances and with the approval of the Director or designate, a Member may withdraw from the plan after April 1st. (b) Payment of deferred income plus accumulated interest, as applicable, shall be made to a Member withdrawing, within thirty (30) days of the approved request. (c) In the event of withdrawal from the plan under 37.05 (a), or in the event the Member is laid off, resigns or retires prior to the year of leave, the accumulated amount of deductions, plus accrued interest, will be paid to the Member in one lump sum within thirty (30) calendar days of notice of withdrawal, or the effective date of resignation, retirement, or redundancy. (d) If the Member is placed on long term disability or dies prior to receiving the full amount of deferred income, any funds remaining in the account and accrued interest less required deductions, shall, upon receipt of the required legal consents and releases, be released to the Member or the executors or administrators of the Member’s estate in one lump sum within thirty (30) days of the Board receiving official notice of the above.