Lump Sum Payment in Lieu of Step for ASF Members at Top Step Sample Clauses

This clause establishes that ASF members who have reached the highest pay step in their salary schedule are eligible to receive a lump sum payment instead of further step increases. In practice, when an employee cannot advance further due to being at the top step, they are compensated with a one-time payment, typically calculated as a percentage of their base salary or a fixed amount. The core function of this clause is to provide continued financial recognition and reward for long-serving employees who have otherwise maxed out their step-based salary progression, thereby maintaining morale and incentivizing retention.
Lump Sum Payment in Lieu of Step for ASF Members at Top Step. An ASF Member who is at the top step of the salary schedule but who otherwise would be eligible for the Career Step shall receive, in the first full pay period of the fiscal year that follows the ASF Member’s completion of 17 continuous years of service at the university, a one-time lump sum payment equivalent to three percent (3%) of the ASF Member’s base salary in that fiscal year. The lump sum payment for an ASF Member working less than full time (1.0 FTE) in that fiscal year shall be prorated according to the ASF Member’s FTE in the preceding fiscal year.
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