DEFERRAL OF SALARY. 4.1. Employees may defer up to a maximum of thirty-three and a third per cent (33.3%) of their annual salary including allowances for one to five (5) years. 4.2. For each year during the period chosen, the participant shall receive regular salary less the percentage to be deferred as specified in the Agreement. 4.3. The monies withheld shall be retained by the School Division. The School Division shall credit to the account of the participant, in alignment with the Canada Revenue Agency guidelines. 4.4. The Secretary Treasurer shall make an annual report to the participant under this plan as to the amount of deferred salary accrued to that date. The annual report shall be made no later than September 30 of any given year under the plan. 4.5. The salary to be paid to a participant during the leave of absence shall be based on the monies retained by the School Division in accordance with clauses 4.1 to 4.4 less any deductions made by the School Division under clause 7.1 and any amounts required by law to be paid by the School Division for or on behalf of any employee. 4.6. The manner of payment to the participant during the leave of absence shall be in twelve monthly instalments. In no event shall payments be more frequent than monthly.
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Sources: Collective Agreement, Collective Agreement, Collective Agreement