PART 1: PURPOSE

To establish a process for faculty compensation adjustments that address changes in cost of living, reward productivity and achievement, and correct market or equity disparities.

PART 2: CONTINGENCY

Salary increases are contingent upon the availability of funding. The availability of funds for salary increases is typically determined each year after the Board of Regents has approved the annual budget and the New Mexico legislature has appropriated funds for the operation of the university.  All budgetary matters are subject to review and approval by the Board of Regents.

PART 3: TYPES OF SALARY ADJUSTMENTS

(See ARP 7.32 – Faculty Salary Increase for Promotion)

Salary increases may be in the form of either a one-time nonrecurring payment, or an adjustment to the annual base salary.  Examples of the different types of salary adjustments include:  cost of living increase (COLA), promotion between ranks, merit, equity, or market competition and related factors.

PART 4: ELIGIBILITY FOR SALARY INCREASE

Faculty eligible for salary adjustments are the tenured, tenure track and college track faculty. Faculty hired after December 31 of an academic year will not be eligible for a COLA or merit based salary adjustment until the first applicable pay period in the second subsequent fiscal year.

PART 5: EFFECTIVE DATE OF SALARY INCREASE

Salary increases are awarded effective with the first applicable pay period in the next fiscal year, unless otherwise approved by the Vice President Administration and Finance and the Provost and Chief Academic Officer or President.

PART 6: DISCLOSURE OF INFORMATION RELATING TO FACULTY SALARY INCREASES

Each year upon request, the provost and chief academic officer will report to the faculty on how funds allocated for salary increases were distributed.