Implementation of the Plan. The financial arrangements for funding the year of leave shall be arranged by mutual agreement between the Teacher and the Board: a) Each Teacher in the Plan shall sign an agreement with the Board. The agreement shall specify the terms and conditions agreed to by the Teacher and the Board. b) A trust account will be established by the Board at a chartered bank for each participant in the Plan. The money to be deducted from each participant’s bi- weekly pay will be deposited to this account where it shall be retained and accumulate interest until the year of the leave or the dissolution of the agreement between the Board and the Teacher. c) In each year of the Plan, preceding the year of the leave, a Teacher will deposit a percentage of the appropriate grid salary and applicable allowances in accordance with the agreement. d) During the year of leave the accumulated funds in the Teacher’s account will be paid to the Teacher. Subject to the conditions of the insurance carrier, a Teacher may continue coverage of existing benefits in accordance with Article 12 for the year of the leave under this Plan by paying 100% of the premiums.
Appears in 5 contracts
Sources: Collective Agreement, Collective Agreement, Collective Agreement
Implementation of the Plan. The financial arrangements for funding the year of leave shall be arranged by mutual agreement between the Teacher and the Board:
a) Each Teacher in the Plan shall sign an agreement with the Board. The agreement shall specify the terms and conditions agreed to by the Teacher and the Board.
b) A trust An account will be established by with the Board at a chartered bank Ottawa-Carleton Education Credit Union for each participant in the Plan. The money to be deducted from each participant’s bi- bi-weekly pay will be deposited to this account where it shall be retained and accumulate interest until the year of the leave or the dissolution of the agreement between the Board and the Teacher.
c) In each year of the Plan, preceding the year of the leave, a Teacher will deposit a percentage of the appropriate grid salary and applicable allowances in accordance with the agreement.
d) During the year of leave leave, the Teacher shall withdraw accumulated funds in the Teacher’s account will be paid to the Teacheraccount. Subject to the conditions of the insurance carrier, a Teacher may continue coverage of existing benefits in accordance with Article 12 34, Benefits Provisions, for the year of the leave under this Plan by paying 100% of the premiums.
Appears in 1 contract
Sources: Collective Agreement