Common use of Market Equity Increases Clause in Contracts

Market Equity Increases. (1) All regular bargaining unit employees who have three or more academic years of consecutive assignment at FAU as of May 1, 2013 shall be eligible. (2) The employee’s three year average overall evaluation must be Satisfactory or higher. (3) For employees whose three year overall evaluations are Above Satisfactory or higher, the employee’s September 13, 2013 salary must be below 100% of the mean salary (parity level) for comparable departments and comparable ranks in the most recent Oklahoma State University Salary survey (or equivalent). For employees whose three year overall annual evaluations are Satisfactory, the employee’s September 13, 2013 salary must be below 80% of the mean salary (parity level) for comparable departments and comparable ranks in the most recent Oklahoma State University Salary survey (or equivalent). (4) The University shall provide a pool of funds to each college equal to approximately 2.0% of the total base salary rate of eligible bargaining unit employees on September 13, 2013. This amount is defined as the Available Market Equity for the unit. (5) The Available Market Equity shall be distributed to all eligible employees as defined above based on a formula set by the ▇▇▇▇ of each college, and the formula must increase the distribution amount as the disparity from the adjusted parity level (based on evaluation as described above) increases. The formula shall not disqualify employees based on rank. The formula used to distribute funds shall be made available to faculty at least two weeks before the funds are distributed. (6) These increases shall be effective upon ratification by the UFF.