Common use of Budget Shortfall Mitigation (BSM) Bonus Program Clause in Contracts

Budget Shortfall Mitigation (BSM) Bonus Program. In each fiscal year of this Agreement, all active or on-leave bargaining unit employees with a time base as of May 1 of the applicable fiscal year shall receive a Budget Shortfall Mitigation Bonus. The amount of the BSM Bonus shall be the same amount for each full-time employee and a pro-rated amount, based on time base, for each part-time employee. The amount of each year’s bonus will be determined by dividing the remaining bonus/stipend funds by the number of eligible full-time equivalent bargaining unit employees. The remaining funds are the funds in the pool of $1,112,709, inclusive of benefits (established pursuant to the parties’ 2000-2003 Agreement) less the funds paid for that fiscal year’s Long-Term Service Bonuses and Educational Achievement Stipends. Should the BSM Bonus be less than $100.00 per full-time equivalent bargaining unit employee, the bonus will not be paid and the pool available for the BSM Bonus will be rolled over to the next fiscal year’s funds available for BSM Bonuses. BSM Bonuses for 2003/04 will be paid no later than December 1, 2005. BSM Bonuses for 2004/05 will be paid no later than February 1, 2006. If the BSM Bonus for 2004/05 can be paid by December 1, 2005, the parties may agree to consolidate the bonuses for 2003/04 and 2004/05. BSM Bonuses for subsequent fiscal years will be paid no later than November 1 immediately following each fiscal year.

Budget Shortfall Mitigation (BSM) Bonus Program. In each fiscal year of this Agreement, all active or on-leave bargaining unit employees with a time base as of May 1 of the applicable fiscal year shall receive a Budget Shortfall Mitigation Bonus. The amount of the BSM Bonus shall be the same amount for each full-time employee and a pro-rated amount, based on time base, for each part-time employee. The amount of each year’s bonus will be determined by dividing the remaining bonus/stipend funds by the number of eligible full-time equivalent bargaining unit employees. The remaining funds are the funds in the pool of $1,112,709, inclusive of benefits (established pursuant to the parties’ 2000-2003 -2003 Agreement) less the funds paid for that fiscal year’s Long-Term -Term Service Bonuses and Educational Achievement Stipends. Should the BSM Bonus be less than $100.00 per full-time equivalent bargaining unit employee, the bonus will not be paid and the pool available for the BSM Bonus will be rolled over to the next fiscal year’s funds available for BSM Bonuses. BSM Bonuses for 2003/04 will be paid no later than December 1, 2005. BSM Bonuses for 2004/05 will be paid no later than February 1, 2006. If the BSM Bonus for 2004/05 can be paid by December 1, 2005, the parties may agree to consolidate the bonuses for 2003/04 and 2004/05. BSM Bonuses for subsequent fiscal years will be paid no later than November 1 immediately following each fiscal year.