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Teacher Funded Leave

The deferred salary leave plan is an excellent opportunity available to many educators throughout Ontario for personal development and/or rejuvenation. Those with this option have the opportunity to take one school year leave of absence through deferral of salary, to finance the leave.

Ontario Educational fully supports this option available to you and believes it a beneficial tool for your personal development. When establishing your plan, request your employer direct your funds to your designated “TFL” account at Ontario Educational. We offer you the greatest flexibility with your funds and we are committed to providing you with an exceptional rate of return on those funds.

Upon authorization from your employer (when your leave begins) you are eligible to dispose of your funds as you choose. We recommend that you withdraw your TFL funds as required in smaller lump sums, thereby continuing to reap the advantage of the high rate of return paid to the balance within your TFL account. You are in control of your funds at all times. Should you require more one month than the next, you adjust it. Should you require your entire balance, your TFL account is fully redeemable.

We are committed to paying an interest rate equal to Prime Rate minus 1.5%. For example, if the Prime Rate is equal to 7.5% OECU will pay 6.0% interest to your TFL account (7.5-1.5 = 6.0%).

Highlights of the Teacher Funded Leave (TFL) are:

  • Non-Chequing

  • Deposits only accepted through direct deposit from employer

  • Interest is calculated on daily minimum balance

  • Interest is paid quarterly

  • Release of funds required from employer

  • Fully redeemable, post employer authorization

  • Statement Account

 

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Suite 1, 6435 Edwards Blvd. | Mississauga, Ontario Canada L5T 2P7 | Tel: (905) 795-1637