Common use of Monetary Arrangements Clause in Contracts

Monetary Arrangements. ‌ (1) The board agrees to undertake the administrative expense of such deductions or deposits of salary as may be necessary at no expense to the Teachers. (2) A Teacher who participates in the plan or anticipates making application for a DSL of Absence, shall request that the board deduct any portion of the Teacher’s salary for any given number of years prior to the year of leave. These deductions shall be deposited in a trust fund designated by the board. (3) A Teacher may alter the amount of the salary deduction by giving the board 60 days' notice in writing. (4) Should a Teacher leave the employ of the board for any reason (including illness or death) while participating in the plan, any monies owed and interest accumulated shall be paid to the Teacher or the Teacher’s estate within 60 days. (5) A Teacher may withdraw from the plan at any time prior to the signing of the DSL of Absence contract, in which case monies owed and interest accumulated shall be paid to the Teacher or Teacher’s estate within 60 days. (6) A Teacher wishing to make contributions to the Teachers' Pension Plan must comply with the requirements of the Teachers' Pension Plan and must make such arrangements prior to the commencement of a leave. (7) Teachers wishing to retain the employee benefits coverage must assume the full cost of the premiums of the benefit plan during the DSL of Absence. Benefit premiums will be deducted from the Teacher’s bi-weekly payments.