Salary Prior to the Year of Leave. (i) During the years of the plan prior to taking the leave, an employee will be paid 80% of his/her proper hourly wage calculated weekly. The remaining 20% of hourly wage calculated weekly and applicable allowances will be accumulated and invested by the Board in an individual leave plan account. This account will also accumulate interest.
Salary Prior to the Year of Leave. (i) During the years of the plan prior to taking the leave, a teacher will be paid X over Y of his/her proper grid salary and applicable allowances including COLA. The remaining 1 over Y of annual salary and applicable allowances will be accumulated and invested by the Board in an individual leave plan account. This account will also accumulate interest.
Salary Prior to the Year of Leave. During the years of the plan prior to taking the leave, a teacher will be paid X over of proper grid salary and applicable allowances including COLA. The remaining over Y of annual salary and applicable allowances will be accumulated and invested by the Board in an individual leave plan account. This account will also accumulate interest. The calculation of interest for the leave plan account shall be done monthly (not in advance), at the highest savings account rate of the bank with which the Board deals. A teacher will be provided with an annual statement of leave plan account each September; however, a teacher does not have access to or a right to the funds in the leave plan account until the year of leave or withdrawal from the leave plan.
