SUMMARY OF CHANGES EFFECTIVE IN FY23
Based on the budget approved by the UA Board of Trustees, the university is able to provide several key benefits to faculty and staff effective July 1, 2022:
- Units will receive a 3% salary pool to fund base salary increases for eligible faculty and non-classified staff based on merit and satisfactory performance.
- Eligible faculty and non-classified staff will also receive a 2% lump sum merit payment.
- Despite increasing costs and insurance premiums, 94% of plan participants will see no increase in premiums thanks to the university increasing its employer contribution to the health plan premiums to absorb these increases.
- Current classified employees will receive a 2% Cost of Living Adjustment (COLA) to base salary1 while those eligible who were hired on or before July 1, 2021, will also receive a 1% increase to base salary and a 2% lump sum payment.
- Units will receive a 3% salary pool to fund base salary increases for eligible employees based on merit and satisfactory performance.
- Eligible employees will also receive a 2% lump sum merit payment.
COST OF LIVING ADJUSTMENT (COLA)
- Current classified employees will receive a 2% COLA to base salary.2
- Classified employees hired on or before July 1, 20213, with a Satisfactory or above 2021 Performance Review Rating, with no written reprimand, will receive:
- 1% base salary increase4
- 2% lump sum merit payment
Nearly all health plan participants (94%) will see no increase in premiums.
- Generally, due to rising costs for healthcare, health plan premiums will increase for the Classic, Health Savings and Premier Plan options, with the Premier Plan receiving a greater increase than the other two plans. This is the case this year.
- However, the university is increasing its employer contribution to the health plan premiums to absorb the increase for almost all health plan participants.
- So, 94% of health plan participants will see no increase in premiums.
- Please see a summary of Semi-monthly Insurance Premiums going into effect as of 7/1/2022.
- Current Premier Plan subscribers may elect a change in enrollment to the Classic plan or drop enrollment(s) due to the premium increase for the plan.
- Current subscribers in the Classic and Health Savings Plans have no enrollment change options associated with the premium increase.
- No increases to co-payments, deductibles, or plan design.
- No changes to Dental, Life and Disability Insurance premiums or coverages.
This is a good time of year for a reminder about a policy that the university typically receives questions about during the summer months.
- Fayetteville Policies and Procedures 732.0 (Workplace: Presence of Children, Other Family Member, or Friends) and Faculty Handbook 2.27 (Children, Other Family Members or Friends in the Workplace): Employees should not have family members, including children, or friends as a regular presence in their workplace. Exceptions should only be made for special circumstances for short periods of time and must be approved by the employee’s supervisor.
If you have any questions regarding any of these updates, please contact:
|Salary Increases:||Melinda Allen
|Policy Reminder:||Lisa Milam
1A classified employee compensated at the highest pay level rate authorized for their classification will receive the COLA and any applicable merit payment as lump sum payments consistent with state law.
2See above footnote
3Twelve-month continuous employment eligibility established by the Arkansas Division of Higher Education consistent with Ark. Code Ann. § 21-5-1417
4See above footnote. A classified employee compensated at the highest pay level rate authorized for their classification will receive the COLA and any applicable merit payment as lump sum payments consistent with state law.