FY21 Retroactive 2% Salary Payment
May 25, 2021
Dear Faculty and Staff:
I shared with you our proposal for the FY22 Compensation Plan recommendation for the Board of Trustees meeting next week.
In addition to the pay increases we will be implementing on July 1, 2021, we will also be making a one-time retroactive payment in next month's June payroll, equivalent to 1% of the annual salary of faculty and staff. This will be a one-time payment in the last payroll for the current fiscal year. It will be equivalent to a 2% salary increase for 6 months.
As with all compensation, the State will be providing only about 60% of the cost of this retroactive payment. The University is funding the remaining portion with internal resources in the amount of $743K.
Despite significant challenges presented by the pandemic, we have had another successful academic year due to your hard work, dedication and service to our community. In a small way, this will recognize the importance of your efforts as we close this fiscal year, well positioned for the 2021-2022 academic year.
Thank you for helping make our campus and community a better place, one that plays a vital role in the lives of so many.
Dr. M. David Rudd, President