B.C. PUBLIC SCHOOL EMPLOYERS’ ASSOCIATION (“BCPSEA”)
SCHOOL DISTRICT NO. 72 (CAMPBELL RIVER)
BRITISH COLUMBIA TEACHER’S FEDERATION (“BCTF”)
CAMPBELL RIVER DISTRICT TEACHERS’ ASSOCIATION (“CRDTA”)
Re: Payroll Savings Plan
The parties agree that the following will be the Payroll Savings Plan for teachers in School District No. 72 (Campbell River).
1) The board will provide teachers the option of participating in a Payroll Savings Plan. To be eligible for the Payroll Savings Plan teachers shall:
2) Those employees electing to participate in the Payroll Savings Plan shall receive their annual salary as follows:
b) For July and August:
i. The amount held in each teacher’s account with the Royal Bank of Canada’s Trusteed Deposit Services, including all interest earned to June 30 will be paid by the Bank in four equal payments, to the employee’s primary bank account on file in the Payroll Department records. The four equal payments will occur on July 15th and 31st, and August 15th and 31st. If any of these four days are non-banking days, the payment will be made on the last banking day preceding these dates.
ii. The interest earned in July and August will be retained by the Board to cover administrative costs.
3) Employees electing to participate in the Payroll Saving Plan may not withdraw or suspend deductions unless they have resigned from the District, been granted a leave of absence for the remainder of the school year or been terminated. Other withdrawals from the plan would be in accordance with 1(c).
4) The board will make teachers aware of the Payroll Savings Plan option when they sign their contract at the Central Administration office on the date of their hire.
THIS LETTER SHALL BE IN EFFECT FROM JULY 1, 2006 TO JUNE 30, 2011 AT WHICH TIME IT WILL EXPIRE UNLESS RENEWED BY MUTUAL AGREEMENT OF ALL PARTIES CONCERNED.
FOR THE BOARD OF EDUCATION OF SCHOOL DISTRICT NO. 72 (CAMPBELL RIVER)
FOR THE CAMPBELL RIVER DISTRICT TEACHERS’ ASSOCIATION
FOR BRITISH COLUMBIA TEACHERS’ FEDERATION
FOR B.C. PUBLIC SCHOOL EMPLOYERS’ ASSOCIATION