Parity Incentive Compensation Clause Samples
The Parity Incentive Compensation clause establishes a framework for aligning compensation or bonuses among participants based on achieving equivalent performance or results. Typically, this clause ensures that if one party receives an incentive or bonus due to meeting certain benchmarks, other similarly situated parties are entitled to comparable compensation under the same conditions. For example, if multiple executives are eligible for performance-based bonuses, this clause guarantees that all are treated equally if they meet the criteria. Its core function is to promote fairness and consistency in incentive distribution, preventing disparities and potential disputes over compensation among peers.
Parity Incentive Compensation. The added cost of the highest step on the part-time hourly and overload faculty salary schedule shall be paid with state parity Funds. Parity Funds not expended shall be carried over and banked. In the event that State Parity Funding is eliminated or insufficient to pay for this Step, the available funding, if any, shall be pro-rated. In the event that State Parity Funding is paid in a manner different from the way it was paid in the 2003-2004 academic year, the parties shall meet and negotiate in good faith to implement the intent of this provision.
Parity Incentive Compensation. The added cost of the highest step on the part-time hourly and overload faculty salary schedule shall be paid with state parity Funds. Parity Funds not expended shall be carried over and banked. In the event that State Parity Funding is eliminated or insufficient to pay for this Step, the available funding, if any, shall be pro-rated. In the event that State Parity Funding is paid in a manner different from the way it was paid in the 2003-2004 academic year, the parties shall meet and negotiate in good faith to implement the intent of this provision. The Board of Trustees and UFO continue to be committed to improving the total compensation for our part-time faculty members. Part-time faculty office hours have been formally instituted and the District and the UFO have agreed on working together towards defining parity. The parties value the service and commitment of our new and long-term faculty and will continue to work together during the 2022-23 negotiations to address parity. The district and the UFO agree that 70 percent of full-time salary is the minimum starting point for a definition of parity for part-time faculty pay. The hourly definition of parity with this starting point is 70 percent of full-time salary divided by 30 further divided by 18 for lecture assignments or 21 for lab assignments. The parity definition is a guide to measure if the District is moving towards or has achieved parity. This definition is not a commitment on the part of the district to achieve parity in a given time frame nor does it quantify service obligations for faculty beyond teaching duties.