The Division shall pay to members of the Association interest on the net amount of any retroactive pay, which may be paid to such members, calculated to the date of actual payment. The interest shall be computed at the lesser of eight (8%) per annum of the average rate at which the Division borrows funds during the twelve (12) month period preceding the calculation date. If the Division has not borrowed funds during the preceding twelve (12) month period, then interest shall be paid at a rate equal to that paid by the Chartered Bank in Morris, on Bonus or Premium Savings Accounts.
Waiving interest on retroactive pay for the 2018-2022 agreement.