Resolution 07-02 Proposed Compensation Package for FY08
RESOLUTION ENDORSING A PROPOSED FACULTY COMPENSATION PACKAGE FOR FY08
BE IT RESOLVED that the Faculty Senate hereby endorses the following proposal for faculty compensation, as recommended by the Faculty Senate Compensation Committee, and
BE IT FURTHER RESOLVED that the Faculty Senate hereby authorizes the Committee to engage in negotiations during the remainder of the Budget Review process.
Proposed Compensation Package for FY08:
1. Base Merit 3% $932,328
2. Final installment of 3-year increase to Chairs Summer Stipend
37 chairs X $500 each $ 18,500
3. Equity adjustments
Plan A (one year)
Post-Professorial Merit Equity adjustments* $156,000
Position Equity adjustments $ 32,608
Equation Equity adjustments $ 18,677
TOTAL EQUITY ADJUSTMENTS $207,285
Plan B (two years)
Year One
Post-Professorial Merit Equity adjustments** $ 78,000
Position Equity adjustments $ 23,485
Equation Equity adjustments $ 11,607
TOTAL Year One EQUITY ADJUSTMENTS $113,092
Year Two
Post-Professional Merit Equity adjustments $ 78,000
Position Equity adjustments $ 9,123
Equation Equity adjustments $ 7,070
TOTAL Year Two EQUITY ADJUSTMENTS $ 94,193
4. Increase Post-Professorial Merit Award by $1,000 $ 10,000
Total Plan A $1,168,113
OR
Total Plan B Year One $1,073,920
_______________________________________________________________________
*This applies to persons who received Post-Professorial Merit in the first four years only, and is to be distributed as follows:
|
Year earned |
Number of recipients |
Total dollar amount adjustment per person |
|
2004 |
30 |
$4,000 |
|
2005 |
8 |
$3,000 |
|
2006 |
3 |
$2,000 |
|
2007 |
6 |
$1,000 |
**Total dollar amounts are to be divided into two equal installments and paid out over 2 years.