Policy Library

20.7  Compensation and Benefits

(Promulgated by the Administration as Policy or Procedure; some sub-sections negotiated between the Faculty and Administration.)

20.7.1  Pay Policy and Procedures  Base Annual Salary

Each member of the faculty shall receive a base annual salary for carrying out his professional responsibilities, as more fully described in Section 3.1 of this Handbook, throughout the academic year commencing on or about September 1 and ending May 31 of the following year.  Salary Year

Salary payments of the base annual salary of each faculty member cover the period starting January 15 and ending January 14 of the following year.  Payment Schedule

Faculty members are paid once a month. The checks are issued on the last working day of the month except in those instances where the last day of the month falls on a Saturday, Sunday, or Holiday, in which case payment is made on the preceding scheduled work day. A statement of earnings for the pay period showing the gross earnings, itemized deductions and the net sum of the check is also provided. [The last negotiated agreement between faculty and administration specified that payment should be made on the 23rd of the month.  Nine-month or Twelve-month Pay Option

Faculty members may elect either a nine or twelve-month pay option. Faculty members choosing to receive their salaries over a nine-month period will have their fringe benefits for the Summer months deducted from the May paycheck. Faculty members wishing to change from one option to the other may do so by notifying the Dean of Faculty on or before July 1 of the proceeding academic year in which the change is to take place.  Merit Increases

Upon the recommendation of the Department Head and with the approval of the Dean of Faculty, salary increases will be granted effective January 15 for the period of January 15 to January 14 of the following year to those faculty members found meritorious for such increases.  Salary Adjustments

The Institute may, at its discretion, make upward salary adjustments for those members of the faculty whose salaries differ substantially from the mean salaries of other members of the same rank with the same ' professional competence, length of service, and extent of commitment to the Institute.

20.7.2 Other Benefits

For full up-to-date information on the following topics, please refer to the information package issued by the office of Personnel Relations:

A) TIAA/CREF annuity program, and related options

B) Basic life insurance coverage, and related options

C) Sick leave policy

D) Family leave policy.The same as ....

E) Prolonged disability benefits

F) Health insurance

G) Educational benefits

H) Benefits in retirement

I) Early retirement program

J) other benefits and services include:

1. Academic regalia services

2. Check cashing and bank-deposit service

3. Counseling services

4. Faculty club

5. Parking

6. Use of Institute facilities

7. Travel reimbursement        

1. Credit Union        

2. Second-mortgage loans