Common use of Merit Pool Clause in Contracts

Merit Pool. (July 2003 – June 2005) Specifically excluding Academic Administrators’ faculty salaries, the merit pool for faculty will be set at 1.75% of the eligible faculty salary base as of July 1st of the year of awarding. However, in no event shall the calculation of the pool be less than $350,000 or greater than $400,000. Eligibility toward base calculation shall be defined as all tenure-track or tenured faculty holding a salary range and step, with at least one (1) year of service (as defined above) as of July 1st of the year of awarding (July 1, 2003 and July 1, 2004). (July 2005 – June 2007) Specifically excluding Academic Administrators’ faculty salaries, the merit pool for faculty will be set at 1.75% of the eligible faculty salary base as of the last full pay of the academic year preceding awarding. For pooling purposes, faculty salary base shall include all tenure-track or tenure faculty hired prior to January 1st of the pooling year but exclude: (a) those with employment agreements which precludes their eligibility to be placed on range and step by July 1st of the calendar year of award; and (b) those who are no longer employed as tenure or tenure track faculty as of the second full pay in September. The Association shall be provided a draft spreadsheet of the Faculty salary base no later than June 15th. No later than October 1st, Academic Departments and the Association shall each be provided with a final list in order to rank performance as set forth herein. Payment of awards will be made on or before the first full pay of December of the year of the award. A faculty member is not eligible for merit consideration unless he/she contributed to the merit pool.