Common use of Salary Deferral Plan Option Clause in Contracts

Salary Deferral Plan Option. The following Salary Deferral Plan is not available for 10 month positions that work a March to December calendar. (Migrant Calendar) Ten-month employees may choose to be paid over a 12-month period through a salary deferral plan. There will be twelve monthly payments beginning the last work day of September, and ending the last work day of August following the end of the fiscal year. The July and August payments will be based on a monthly payment for September through June. The employee will receive ½ of this deferment the last work day of July and the balance at the end of August. If participation in the summer pay process begins after the September payroll, correspondingly smaller payments will be received for July and August. Eleven-month employees may choose to be paid over a 12-month period through a salary deferral plan. There will be twelve monthly payments beginning the last work day in August and ending the last work day of July following the end of the fiscal year. The July payment will be based on a monthly summer pay deferment of 1/12th of an employee’s normal gross monthly payment for August through June. The employee will receive this deferment the last work day of July. If participation in the summer pay process begins after the August payroll, a correspondingly smaller payment will be received for July.

Salary Deferral Plan Option. The following Salary Deferral Plan is not available for 10 10-month positions that work a March to December calendar. (Migrant Calendar) Ten-month employees may choose to be paid over a 12-month period through a salary deferral plan. There will be twelve monthly payments beginning the last work day workday of September, September and ending the last work day workday of August following the end of the fiscal year. The July and August payments will be based on a monthly payment for September through June. The employee will receive ½ of this deferment the last work day workday of July and the balance at the end of August. If participation in the summer pay process begins after the September payroll, correspondingly smaller payments will be received for July and August. Eleven-month employees may choose to be paid over a 12-month period through a salary deferral plan. There will be twelve monthly payments beginning the last work day workday in August and ending the last work day workday of July following the end of the fiscal year. The July payment will be based on a monthly summer pay deferment of 1/12th of an employee’s normal gross monthly payment for August through June. The employee will receive this deferment the last work day workday of July. If participation in the summer pay process begins after the August payroll, a correspondingly smaller payment will be received for July.