means the number of years over which a portion of the Participant's salary is deferred.  The minimum deferral period is two (2) years, while the maximum deferral period is six (6) years.

means an amount paid to a participant under the Flexible Benefit Plan Policy.

means the period of time a Participant will be receiving the Deferred Amount.  The Leave of Absence shall not be less than three (3) consecutive months where the leave is for full-time attendance at a designated educational institution, within the meaning assigned by subsection 118.6(1) of the Income Tax Act.  If the Leave of Absence is for any other purpose, it cannot be less than six (6) consecutive months.  The maximum Leave of Absence is twelve (12) months.

means the salary the Participant would regularly be paid, including any applicable flexible stipend.

means the portion of Normal Gross Pay which is held "In Trust" on behalf of the Participant in each year in accordance with this Plan, but less all amounts paid out under the terms of this Plan.  The Deferred Amount cannot be less than ten percent (10%) nor more than thirty-three and one third percent (33-1/3%) of the participant's Normal Gross Pay in any calendar year.

Eligibility

Term Excluded Managers and Excluded Professionals can participate after having filled a term position for five (5) consecutive years.

An application to participate in the Plan must be made in writing to the employee's manager at least one month before the proposed start date of the deferral period.  The application must include the date that the deferral of salary is to start, the percentage of annual salary to be deferred and the start and end dates of the intended Leave of Absence.

A request to participate in the Plan must be approved by the employee's manager and the appropriate executive officer, to ensure operational requirements of the department can be met during the Leave of Absence.

If an employee moves to a new department during the deferral period, continued participation in the Plan is subject to the approval of the new manager and the appropriate executive officer.  If it is necessary for the Employer to cancel participation in the Plan or to delay the start date of the leave of absence, the employee will be provided with the reasons in writing.  A delay will not move the start date of the Leave of Absence beyond six (6) years from the date that the deferral of salary commenced.  In the case of cancellation, the amount of accumulated deferred salary less income tax and any interest not already paid will be paid to the employee.

During each plan year prior to the leave, the University deducts the deferred salary from the employee's earnings and pays such amount to the Trustee to be held and invested for the employee.

The Trustee establishes a separate account for each employee.  The Trustee holds and invests the deferred salary received in accordance with the provisions of the Trust Agreement.  Investments are made by the Trustee and bear interest at the applicable rate of interest for such accounts.

The Trustee provides each employee with an annual report showing the aggregate of deferred salary held in trust in the employee's account and the interest earned and payments made.