Common use of Lump Sum Payment in Lieu of Step for ASF Members at Top Step Clause in Contracts

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.

Lump Sum Payment in Lieu of Step for ASF Members at Top Step. An Effective beginning July 1, 2018, 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.