DEFERRED COMPENSATION LEAVE Sample Clauses

DEFERRED COMPENSATION LEAVE. This letter will confirm our commitment made to you during negotiations that the Employer will, upon the written request of a bargaining unit employee, establish an unfunded deferred compensation leave arrangement. Such arrangement shall be within the confines of the law and it is understood that no more than two (2) employees in any classification, or a total of four (4) employees in the bargaining unit, may be off on such leave at any one time. There will be no loss of seniority as accrued to the beginning of such leaves. Employer and employee benefit contributions will continue throughout the period of the arrangement as if the employee was working for the whole period and will be based on the salary paid to the employee throughout the period of the arrangement. Exceptions to the benefits arrangement will be pension and LTD, in which case the employee and Employer contributions and benefit will be based on such employee’s unadjusted regular salary. Time off for such leaves will not be counted as time worked for the purposes of vacation pay and it will be prorated accordingly. The Employer will pay any administrative costs associated with the arrangement. Part-time employees who work on average three (3) shifts a week or more during the six (6) month period prior to the written request are eligible for deferred compensation leave. Temporary employees are not eligible for deferred compensation leave.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
DEFERRED COMPENSATION LEAVE. Any employee may apply for and obtain a deferred compensation leave pursuant to the terms and conditions stated in Letter of Agreement no. Article Statutory holidays The following statutory holidays are not worked and are paid at the rate of one
Sample 1
DEFERRED COMPENSATION LEAVE. (1010) Employees shall be entitled to participate in a deferred compensation leave plan in accordance with the supplemental agreement, which is attached to and forms part of this agreement. Union Leaves
Sample 1
DEFERRED COMPENSATION LEAVE. Pursuant to Clause (1 107) of the Agreement, employees who have completed a minimum of twelve (1 2) months’ continuous active employment shall be entitled to participate in a self-funded voluntary leave plan. Employees who wish to participate shall execute any documents required to provide for the initiation of the Plan or to give effect to its terms. Conditions of the leave plan are as follows: The Plan shall meet all the requirements of the Income Tax Act. Employees shall be responsible for the tax consequences of their participation in the Plan and of any failure to comply with the requirements of the legislation or the Plan. The leave must be for a minimum of six (6) months and no longer than twelve (12) months. The contributions shall be no more than of earnings and no less than of earnings. An employee who participates in the Deferred Compensation Leave Plan must take his or her leave not later than six (6) years following the commencement of his or her participation in the Plan. The funds being deferred shall be held in a trust account with a financial institution arranged by the Employer. Interest on the account (net of any charges levied by the financial institution in connection with the establishment and maintenance of the trust account) shall be paid to the employee annually. Funds from the trust account will be paid to the employee on a monthly or lump sum basis during the leave. In the event of the death or termination of the employee prior to payments being made to exhaust the funds in the trust account for that employee, the balance shall be paid to the employee or at the employee's direction. During the leave, benefits will continue provided that the employee pays the full premium cost of such benefits, except that, there shall be no Short or Long Term Disability coverage during the leave period. In the event that, the employee is not fit to return to work at the end of the leave period, as defined in Article Short Term Disability benefits shall commence on the date on which the employee was scheduled to return to work. Seniority accumulation for employees on leave shall be as set out in Clause (1705) in the Agreement.
Sample 1

Related to DEFERRED COMPENSATION LEAVE

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Program ‌ Unit members shall continue to be eligible to join the County’s Deferred Compensation Plan. Said employees will be bound by the same Plan, rules and participation agreements as are generally applicable to other County employees. DSA acknowledges that County retains the right to alter, amend, or repeal the current plan, rules, and participation agreements, at any time. The County shall not charge an administrative fee to participating employees.

  • Deferred Compensation Upon the consummation of the Initial Business Combination, the Company will cause the Trustee to pay to the Representative, on behalf of the Underwriters, the Deferred Discount. Payment of the Deferred Discount will be made out of the proceeds of the Offering held in the Trust Account. The Underwriters shall have no claim to payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Discount. If the Company fails to consummate its Initial Business Combination within the time period prescribed in the Amended and Restated Certificate of Incorporation, the Deferred Discount will not be paid to the Representative and will, instead, be included in the liquidation distribution of the proceeds held in the Trust Account made to the Public Stockholders. In connection with any such liquidation distribution, the Underwriters will forfeit any rights or claims to the Deferred Discount.

  • ’ Compensation Leave If such determination cannot readily be made and all healthcare leave or annual leave subject to 100% payoff has been applied to the absence, the employee shall be placed on Official Leave until a final determination is made.

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

  • 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.

  • ' COMPENSATION BENEFITS In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Employees' Compensation The Consultant shall be solely responsible for the following:

Time is Money Join Law Insider Premium to draft better contracts faster.