Common use of Payment Formula and Retention of Deferred Salary Clause in Contracts

Payment Formula and Retention of Deferred Salary. a) In each year of the DSLP preceding the year of leave, a Member shall be paid a reduced percentage of salary. b) The remaining percentage of annual salary (maximum 33 1/3 of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the Member and the Board. c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The Member shall receive twice- yearly statements showing the total deferred salary plus accumulated interest d) The deferred salary shall be paid to the Member in the year of leave, in the same manner as her/his salary would be or in a manner mutually agreeable to the Member and the Board. Interest accrued prior to the leave shall be paid in a lump sum. e) Interest accrued during the year of leave shall be paid to the Member in the year it is earned.

Payment Formula and Retention of Deferred Salary. a) In each year of the DSLP preceding the year of leave, a Member shall be paid a reduced percentage of salary. b) The remaining percentage of annual salary (maximum 33 1/3 of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the Member and the Board. c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The Member shall receive twice- twice-yearly statements showing the total deferred salary plus accumulated interest d) The deferred salary shall be paid to the Member in the year of leave, in the same manner as her/his salary would be or in a manner mutually agreeable to the Member and the Board. Interest accrued prior to the leave shall be paid in a lump sum. e) Interest accrued during the year of leave shall be paid to the Member in the year it is earned.

Payment Formula and Retention of Deferred Salary. a) In each year of the DSLP preceding the year of leave, a Member shall be paid a reduced percentage of salary. b) The remaining percentage of annual salary (maximum 33 1/3 of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the Member and the Board. c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The Member shall receive twice- twice-yearly statements showing the total deferred salary plus accumulated interest. d) The deferred salary shall be paid to the Member in the year of leave, in the same manner as her/his salary would be or in a manner mutually agreeable to the Member and the Board. Interest accrued prior to the leave shall be paid in a lump sum. e) Interest accrued during the year of leave shall be paid to the Member in the year it is earned.