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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