Common use of WITHDRAWING FROM THE PLAN Clause in Contracts

WITHDRAWING FROM THE PLAN. 6.1 A Participant who ceases to be employed by the Board must withdraw from the Plan. Within thirty (30) days, the Board shall pay to the Participant the Deferred Salary. 6.2 In the case of unforeseen and extenuating circumstances, the Participant may withdraw from the Plan upon giving no less than three (3) months’ notice of intent to do so prior to the date established for the Deferred Salary Leave. Within thirty (30) days of such withdrawal, the Board shall pay to the Participant the Deferred Salary. 6.3 In the event of the death of a Participant, the Board shall pay the Deferred Salary to the Participant's estate, subject to the Board receiving the necessary clearances and proofs normally required for payments to estates. Payment is to be made within thirty (30) days upon receipt of such clearances and proofs. 6.4 An employee that withdraws on more than one occasion may only participate in subsequent salary deferral plans at the sole discretion of the CAO.