A general pay raise is offered each year across the board and averages between 3 to 4 percent, Vice Chancellor for Finance and Business Carol Campbell said. Every year when you do the budget you're trying to balance all kinds of things. Three percent was all we could do this year with all of the other increases we made. Salaries were so low a few years ago that we were losing people all the time. In furthering that goal and as a result of the board meeting, retirement pay rates for non-exempt faculty were also raised, she said.
Retirement is funded based on a percentage of a salary.
When Chancellor Michael Ferrari came to the university in 1998, non-exempt staff were paid 6 percent of their salary upon retirement. Faculty and exempt staff received 11 percent, Ferrari said. The rate was raised to 8.5 percent last year and again to 9.5 percent this year.