Board of Visitors minutes March 31, 1989 | ||
IMPACT OF 12-1/2% FORMULA ON RETIREMENT CONTRIBUTIONS:
- (Assuming all faculty receive a 7% salary increase next fiscal year)
155 faculty in the regular formula would receive less in retirement contributions next fiscal year than in the current fiscal year: | $167,600 |
370 faculty in the step formula would receive less in retirement contributions next fiscal year than in the current fiscal year (186 of the 370 faculty have a projected decrease in their retirement contributions of less than $100): | 40,256 |
TOTAL | 207,856 |
Board of Visitors minutes March 31, 1989 | ||