Common use of Lump Sum Payment in Lieu of Step Clause in Contracts

Lump Sum Payment in Lieu of Step. Effective beginning July 1, 2018, faculty members who are at the top of the salary schedule and who otherwise would be eligible for the Career Step shall receive, at the of beginning the faculty member’s sixteenth (16th) consecutive year of service in the MSCF bargaining unit, a lump sum payment equivalent to one (1) step. The lump sum payment for part-time faculty shall be prorated according to the faculty member’s FTE in the preceding academic year (i.e., cumulative FTE for fall and spring semesters, truncated at 1.0).