Implementation of the Plan. The financial arrangements for funding the year of leave shall be arranged by mutual agreement between the employee and the Board: a) Each employee in the Plan shall sign an agreement with the Board. The agreement shall specify the terms and conditions agreed to by the employee and the Board. b) An account will be established with Your Credit Union 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 dissolution of the agreement between the Board and the employee. c) During the year of leave, the employee shall withdraw accumulated funds in the employee’s account. Subject to the conditions of the insurance carrier, an employee may continue coverage of existing benefits in accordance with Article 24 for the year of leave under this Plan by paying 100% of the premiums.
Appears in 2 contracts
Sources: Collective Agreement, Collective Agreement