PROGRAMME ELECTIONS. The period over which salary is saved and accumulated, the amount thereof, the period for which leave is granted, and the payment of the plan savings and interest, shall be as follows: (i) Four (4) years savings of up to one fifth (1/5) of net annual salary in each year followed by one (1) year of leave, and not less than six (6) months leave. (ii) Payment of accumulated savings, plus accrued interest, shall be made in full at the commencement of the leave period, or biweekly throughout the leave period, at the employee's discretion. If the employee chooses to have biweekly payment periods, then interest shall be paid on the balance withheld. All monies saved, including accrued interest, must be paid out by the end of the leave period, less any premiums for the benefits as noted.
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Sources: Collective Agreement, Collective Agreement, Collective Agreement