Longevity Step. A. Faculty who have remained for one (1) year in lane ten (X), on step 20 of the salary schedule, shall receive an annual $1,500.00 employer contribution to their 403(b) or 457(b) or receive the same payment subject to federal and state taxes. B. Faculty who have remained for one (1) year in lanes one (I) through ten (X) in the final step of their designated lane on the salary schedule, shall receive an annual $1,000.00 employer contribution to their 403(b) or 457(b), or receive the same payment subject to federal and state taxes. Human resources will notify employees of their options annually. If an election is not made prior to the scheduled date on the notice, the employer contribution will default to the payment, subject to federal and state taxes.
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Sources: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement