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CON Supplemental Compensation Plan: Difference between revisions
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CON Supplemental Compensation Plan (view source)
Revision as of 13:37, July 18, 2022
, July 18, 2022→Section 6. Benefits.
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====Section 6. Benefits.==== | ====Section 6. Benefits.==== | ||
<p style="margin-bottom:15px; max-width:70em !important;"><strong>6.1 General.</strong> Benefits to be provided to participating staff members under this supplemental compensation plan shall be limited to salary supplements and supplemental retirement benefits. Other supplemental compensation benefits described in the Regents' policy authorizing this plan are not included and will not be paid to participating staff members.</p> | <p style="margin-bottom:15px; max-width:70em !important;"><strong>6.1 General.</strong> Benefits to be provided to participating staff members under this supplemental compensation plan shall be limited to salary supplements and supplemental retirement benefits. Other supplemental compensation benefits described in the Regents' policy authorizing this plan are not included and will not be paid to participating staff members.</p> | ||
<p style="margin-bottom:15px; max-width:70em !important;"><strong>6.2 Supplemental Retirement Benefits and Contributions.</strong> Subject to the availability of funds in the appropriate departmental/division subaccount, supplemental retirement benefits will be provided to participating staff members in accordance with Section 3.12.4.7 of the | <p style="margin-bottom:15px; max-width:70em !important;"><strong>6.2 Supplemental Retirement Benefits and Contributions.</strong> Subject to the availability of funds in the appropriate departmental/division subaccount, supplemental retirement benefits will be provided to participating staff members in accordance with Section 3.12.4.7 of the Bylaws of the Board of Regents through payments made from the appropriate account of the Plan, departmental/division subaccount of the Plan not to exceed an amount determined by applying the prevailing percentage of employer (University) contribution paid on account of the participating staff member's base University salary to the total supplementary salary paid to the participating staff member. For example, if the prevailing percentage of the employer (University) contribution is 7% of the participating staff member's base University salary and the total supplemental salary paid is $7,000.00, then the maximum supplemental retirement benefit is $490.00. Further, each participating staff member shall contribute a portion of his or her supplemental salary to his or her retirement account in accordance with the rate established by the Board of Regents pursuant to Section 3.12.4.7 of the Bylaws of the Board of Regents.</p> | ||
<p style="margin-bottom:15px; max-width:70em !important;"><strong>6.3 Other Supplemental Benefits.</strong> Other supplemental benefits which may be provided to participating staff members under a supplemental compensation plan are as follows: | <p style="margin-bottom:15px; max-width:70em !important;"><strong>6.3 Other Supplemental Benefits.</strong> Other supplemental benefits which may be provided to participating staff members under a supplemental compensation plan are as follows: | ||
<ol style="list-style-type: lower-alpha;margin-bottom:15px; max-width:70em !important;"> | <ol style="list-style-type: lower-alpha;margin-bottom:15px; max-width:70em !important;"> | ||
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<li>Other professional expenses as allowed within University guidelines.</li> | <li>Other professional expenses as allowed within University guidelines.</li> | ||
</ol></p> | </ol></p> | ||
<p style="margin-bottom:15px;">APPROVED:</p> | <!-- <p style="margin-bottom:15px;">APPROVED:</p> --> | ||