Board of Visitors minutes March 31, 1989 | ||
RECOMMENDED APPROACH TO OFFSET DECREASE IN RETIREMENT
CONTRIBUTIONS:
(Applicable to individuals whose decrease in retirement contributions is $100 or greater)
A special one-time adjustment to the contractual salary will be made to offset the decrease in retirement contributions. For twelve (12) month faculty, the adjustment will be made on July 1 and for nine (9) month faculty, the adjustment will be made on September 1. The adjustments to salary will be calculated by taking the total decrease in retirement contributions ($207,856) minus the retirement contributions generated by the salary increase ($25,892 = 12-1/2% of $207,856).
Board of Visitors minutes March 31, 1989 | ||