The Board of Trustees has approved a $3 million salary pool for discretionary merit-based increases for 2017-18.
“Our faculty and staff are at the heart of our mission to serve students and provide a transformational education,” President Michael R. Lovell said. “Every day, we see their dedication and drive as we push forward with our ambitious plans to understand and respond to the changing landscape of higher education.”
Merit-based salary increases are given to high-performing employees and vary by individual and position, according to President Lovell. He said deans and vice presidents have discretion in allocating their respective salary pools by unit, based on annual performance reviews and market and equity adjustments.
In addition to the salary pool, the university makes contributions to fringe benefits, including health, dental and vision insurance, and retirement contributions. Chuck Lamb, vice president for finance, noted that the university pays 80 percent of health insurance premiums and contributes 8 percent of salary to a TIAA-CREF 403(b) retirement account for qualified employees who voluntarily contribute 5 percent of their gross salary to the account.